Wood Markets News


Nova Scotia Forestry Innovation Transition Trust Investing $9.8 Million in the Family Forest Network

Established following the closure of the Northern Pulp Mill in New Glasgow, Nova Scotia in January 2020, the Nova Scotia Forestry Innovation Transition Trust recently announced that it is investing $9.8 million (CAD) in the Family Forest Network (FFN) for a five-year pilot project. It will focus on ecologically sensitive forest treatments on 200 small private wood lots in the province.

Housing Market Continues to Cool as the Year Winds Down

According to the latest U.S. Zillow Home Value Index (ZHVI) report, the quieting that started in housing market in late summer has rolled over into the early fall. Prospective buyers are finding slightly more selection, an increase in price cuts, and a bit more time to evaluate a home before it goes under contract.

Canadian Consumer Price Index Increases in September

Statistics Canada (StatsCan) reported today (10-20-21) that the Canadian Consumer Price Index (CPI) increased 4.4% year-over-year in September. The September increase was at the fastest pace since February 2003. Prices rose year-over-year in every major component.

Mortgage Applications Dip in the Week Ending October 15, 2021

According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending October 15, 2021, the Market Composite Index, a measure of mortgage loan application volume, decreased -6.3% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased -6% compared with the previous week.

U.S. Housing Starts, Permits, and Completions All Move Lower in September

On Tuesday, the U.S. Census Bureau reported that privately‐owned housing starts in September were at a seasonally adjusted annual rate (SAAR) of 1,555,000. This is -1.6% below the revised August rate of 1,580,000 but is 7.4% above the September 2020 rate of 1,448,000. Single-family housing starts in September were at a rate of 1,080,000, virtually unchanged from the revised August figure.

The Westervelt Company and Caisse de dépôt et placement du Québec Announce New Strategic Partnership for Sustainable Forest Management with Acquisition of 76,000 Acres of Pine Timberland in Georgia

In a joint announcement on Monday (10-18-21), The Westervelt Company and Caisse de dépôt et placement du Québec (CDPQ), a global investment group, announced the acquisition of more than 76,000 acres (307 km2) of high-quality pine timberland and the creation of a new strategic partnership that will focus on sustainable timberland management.

Supply Chain Issues Open Door for Mass Timber Projects in Canada

According to Patrick Crabbe, who oversees everything from pre-construction to execution for all of Bird Construction’s mass timber projects in Canada, supply chain difficulties have led to extended lead times on commodities such as steel I-joist and pre-engineered building components. These difficulties are creating new opportunities for mass timber products in the construction of low-rise commercial buildings in Canada.