British Columbia’s Wildfire Service resources are being stretched to the max, as more than 300 wildfires burning across the province. As a result, the Wildfire Service said it is prioritizing fires that threaten lives and property, while at the same time prioritizing the safety of its crews.
Wood Markets News
Carbotech Group Acquires Autolog
Carbotech Group, a company that specializes in operational efficiency for the sawmill industry, with an emphasis on log and lumber handling, has announced that it has acquired Autolog, a company that specializes in wood process optimization and automation.
Oregon Wildfires Destroy Homes and Businesses and Force Hundreds to Evacuate
Drought-parched timber and brush lands, the result of record-breaking temperatures and dry and windy weather in south-central Oregon, have been the fuel source for a swiftly spreading wildfire that on Wednesday was in its ninth day. Only 5% around the perimeter is contained. The so-called Bootleg fire has burnt through more than 212,000 acres and has destroyed 21 homes and 54 other structures.
Canadian Home Prices in June Continued to Fall from March’s Record-Setting Level
Data released on Thursday (7-15-21) by the Canadian Real Estate Association (CREA) reports that home sales have fallen for three consecutive months, after setting an all-time record high in March 2021. The price of the average Canadian home that sold in June was $679,000, an increase of 25% in the past year.
University of Michigan’s Consumer Sentiment Index Drops to 5-month Low in July’s Preliminary Report
The University of Michigan today (Friday 7-16-21) released its preliminary Consumer Sentiment Index (CSI) for July. Concerns about rising prices has led to a sharp drop in buying conditions for ‘big-ticket’ items and resulted in the decline. The CSI fell to a five-month low to a reading of 80.8 from 85.5 in June. Consumers expect inflation to rise 4.8% over the next year, the highest since August 2008.
Canadian Homes Sales Decline for Third Consecutive Month in June
Data released today (7-15-21) by the Canadian Real Estate Association (CREA) reports that Canadian national home sale decreased -8.4% between May and June 2021. This marks the third straight monthly decline since activity hit an all-time record in March 2021. While sales are now down a cumulative -25% from their peak, and below every other month in the last year, June transactions still managed to set a record for that month.
Setra Group Announces Investment in New Saw Line for Small Diameter Logs at their Skinnskatteberg Mill
Setra Group, one of Sweden’s largest wood products companies with eight sawmills and three processing plants, announced on Tuesday (7-13-21) that they were investing in a new saw line for small diameter logs at their facility in Skinnskatteberg. The investment will provide major efficiency improvement and increase resource utilization.
Remodeler Confidence Continued to Grow in Q2 2021
The National Association of Home Builders (NAHB) today (7-15-21) released their Remodeling Market Index (RMI) for Q2 2021. The RMI posted a reading of 87, up 14 points from Q2 of 2020 and a sign of remodelers increasing confidence in their markets, for all size projects.
Integrated Mass Timber Elements Part of the New Royal BC Museum’s Collection and Research Building
Infrastructure BC has initiated the procurement process for a major building project on Vancouver Island. The new facility will cover approximately 167,000 sq. ft. (15,500 square-meters) and integrate mass timber elements while meeting CleanBC energy efficiency standards.
Mortgage Rates Drop for Third Consecutive Week in the Week Ending July 15, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending July 15, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.88% with an average 0.7 point, down from last week when it averaged 2.90%. A year ago, at this time, the 30-year FRM averaged 2.98%.