According to the Canadian Real Estate Association (CREA), Canadian national home sales set another all-time record in March 2021 as an increased supply of homes became available. CREA is reporting that national homes sales increased month-over-month basis by 5.2%.
Wood Markets News
Builders Confidence Edges Higher in April
The National Association of Home Builders (NAHB) / Wells Fargo Housing Market Index (HMI) reports that strong buyer demand pushed builder confidence in the market for newly built single-family homes up 1-point to a reading of 83.
30-Year Mortgage Rate Dips for Second Week in a Row in the Week Ending April 15, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending April 15, 2021. The PMMS reports that the 30-year fixed-rate mortgage averaged 3.04% with an average 0.7 point, down from last week when it averaged 3.13%.
Weekly Jobless Claims Decline in the Week Ending April 10, 2021
The U.S. Department of Labor is reporting that an additional 576,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday April 10, 2021 — a decrease of 193,000 from the previous week’s revised level.
New Zealand Sawmills Plan Expansion to Meet Increasing Product Demand
Increased demand for lumber products in New Zealand has led to a national supply shortage. As such, both Kiwi Lumber sawmill and WET Gisborne Ltd., are experiencing greater demand for their finished products. In response to that demand, both companies are taking proactive steps to increase their production.
British Energy Company Drax Completes Purchase of Pinnacle Renewable Energy
British energy company Drax, which owns the world’s largest biomass power station, located in the United Kingdom and wood pellet mills in the southern United States, has announced that purchase of wood pellet producer Pinnacle Renewable Energy, originally announced in late February 2021, has been officially completed.
Element 5’s St. Thomas Ontario Plant Receives International Production Certificate
Element 5, Ontario’s only cross-laminated timber (CLT) manufacturer has announced that its new factory in St. Thomas, Ont., has achieved international recognition as a certified CLT manufacturer. A recent statement from Element 5 explained that the plant has received certification from PFS TECO of Cottage Grove, Wis. for the production of CLT under the ANSI/APA PRG 320-2019 Standard for Performance-Rated Cross-Laminated Timber.
Mortgage Applications Decline for Sixth Consecutive Week in the Week Ending April 9, 2021
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending April 9, 2021, the Market Composite Index, a measure of mortgage loan application volume, decreased -3.7% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased -3% compared with the previous week.
The Province of British Columbia to Fund 12 Mass Timber Demonstration and Research Projects
The Province of British Columbia has announced that it is funding 12 mass timber demonstration and research projects and has established a new advisory council to accelerate the adoption of mass timber building systems, as part of the Province’s economic recovery.
Mass Timber Construction and Technology to Merge in New Mass-Timber Office Building in Vancouver, BC
Texas-based Hines, a privately owned global real estate investment firm founded in 1957 with a
presence in 25 countries, has linked with PC Urban of Vancouver to build the largest and tallest mass-timber office building in Western Canada.