Wood Markets News


MTI Researchers to Seek Answer: Can Ontario’s Wood Supply Keep up with Growing Mass Timber Usage?

The up-and-coming new material for sustainable building is mass timber. Mass timber could be part of the climate change solution and become the cornerstone of the Province of Ontario’s economic and environmental future. The question now is can supply keep up with the rising demand? Researchers at the University of Toronto’s Daniels Faculty’s Mass Timber Institute (MTI) are about to go in search of that answer.

Mortgage Applications Drop -2.4% in the Week Ending August 27, 2021

According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending August 27, 2021, the Market Composite Index, a measure of mortgage loan application volume, decreased -2.4% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased -3% compared with the previous week.

Rayonier Advance Materials Inc. Completes Sale of its Lumber and Newsprint Assets to GreenFirst Forest Products Inc.

On Monday, August 20, 2021, Rayonier Advanced Materials Inc. reported that it has completed its previously announced sale of its lumber and newsprint assets (the “Purchased Assets”) to GreenFirst Forest Products Inc. (“GreenFirst”), a Canadian lumber company, for a total purchase price of approximately US$235 million, subject to final adjustments.

Idaho Forest Group Announces Plans to “Indefinitely” Suspend Operations at their St. Regis, Montana Sawmill

Idaho Forest Group (IFG), a private company based in Coeur d’ Alene, Idaho, announced on Monday, August 30, 2021 that it intends to indefinitely suspend operations at its St. Regis, Montana operation by late November. The St. Regis mill employs 99 people and has contracts with loggers and haulers, some of whom may continue delivering logs to other IFG mills in Northern Idaho.

Canadian Real GDP Declines in Q2 2021, Ending Three Consecutive Quarters of Growth

Statistics Canada (StatsCan) reported on Tuesday (8-31-21) that a substantial decline in home resale activity and exports pushed the real gross domestic product (GDP) in Canada down -0.3% in Q2 2021. This marks the end of three consecutive quarterly increases that followed the sharp decline of -11.3% caused by pandemic-related business shutdowns and travel restriction in Q2 of 2020.

Mortgages in Forbearance Numbers Unchanged in the Week Ending August 22, 2021

The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance remained unchanged relative to the prior week at 3.25% as of August 22, 2021. According to MBA’s estimate, 1.6 million homeowners are in forbearance plans. The share of Fannie Mae and Freddie Mac loans in forbearance remained the same relative to the prior week at 1.66%.