Wildfires continue to rage through Canada, and the western provinces have been particularly hard hit. On Tuesday afternoon, Canfor reacted to the wildfires by announcing that effective Monday, July 26, 2021, they would cut back output at their mills in British Columbia because of hundreds of blazes that have broken out.
Wood Markets News
Existing Homes Sales Increase 1.4% in June
The National Association of Realtors® (NAR) reported that total existing home sales — completed transactions for single-family homes, townhomes, condominiums, and co-ops — increased 1.4% from May to a seasonally adjusted rate at 5.86 million homes in June. Year-over-year sales are up 22.9% (4.77 million June 2020).
Americans Continue to Want to be Homeowners
According to the latest National Association of Home Builders (NAHB) Housing Trend Report (HTR) for Q2 of 2021, 17% of American adults polled indicated that they are considering the purchase of a home within a year. The share (now seasonally adjusted) has increased for five quarters in a row.
Mortgage Rates Drop for Fourth Consecutive Week in the Week Ending July 22, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending July 22, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.78% with an average 0.7 point, down from last week when it averaged 2.88%. A year ago, at this time, the 30-year FRM averaged 3.01%.
Statistics Canada Announces New Weights for Goods and Services in the Consumer Price Index
On Wednesday (7-21-21), Statistics Canada (StatsCan) revealed new weights for the basket of goods and services in the Canadian Consumer Price Index (CPI), with shifts including a higher weighting for the shelter component as housing prices soar. The previous basket update was based on 2017 purchasing patterns.
Weekly Jobless Claims Increase in the Week Ending July 17, 2021
The U.S. Department of Labor is reporting that an additional 419,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, July 17, 2021 — an increase of 51,000 from the previous week’s revised level.
Canfor Announces Q3 Curtailments at their Canadian Sawmills
Citing significant supply chain challenges and transportation backlogs in Western Canada, the result of extreme wildfire conditions, Canfor Corporation announced on Tuesday (7-20-21) afternoon that it will be curtailing approximately 115 million board feet of production capacity at its Canadian sawmills during Q3.
Loggers Relief Act to Provide $200 Million to Maine Logging and Trucking Businesses
The Loggers Relief Act, which was co-authored by Republican U.S. Senator Susan Collins of Maine and Democratic U.S. Representative Jared Golden, also of Maine, is making $200 million available for logging businesses that have suffered losses to due to the COVID-19 pandemic.
Canadian Home Prices Increase 16% Year-Over-Year in June — Largest 12-month Gain on Record
According to the Teranet National Bank’s Canadian Home Composite Price Index (HCPI), Canadian home prices increased in June, marking the largest 12-month gain on record as prices climbed in all 11 markets. The HCPI was up 16% year-over-year, beating the 14.2% rise of June 2017.
Uruguay Receives Investment for Innovation in its Timber Industry
Acquiring 100% ownership of Frutifor Lumber Company (FLC), a sawmill located in Tacuarembó, US businessmen Mark Crandall, founder of PostScriptum, a private equity firm specializing in renewable energy and Matías Abergo of Uruguay, the CEO and co-founder of Enkel Group, a company dedicated to the development and construction of architectural projects, covering different scales and technologies, confirm the arrival of Arboreal.