While coming late to the game, mass timber frames in the U.S. are on an upswing. Thanks in part to the sustainable material being renewable and recent changes in building codes. According to WoodWorks, a nonprofit technical group that promotes the use of wood in nonresidential and multifamily building, there are 445 engineered wood projects completed or under construction in the U.S. and 534 more in the design process.
Wood Markets News
Housing Starts Up in October but Completions Were Down and Building Permits Unchanged from September
The U.S. Census Bureau has reported that privately‐owned housing starts in October were at a seasonally adjusted annual rate (SAAR) of 1.530,000. This is 4.9% above the revised September estimate of 1,459,000 and is 14.2% above the October 2019 rate.
Following September’s Pause, Canadian Housing Starts Trend Higher in October
According to the latest report from the Canada Mortgage and Housing Corporation (CMHC) the trend in October housing starts was recorded at 222,734 units, up from September’s 214,372 units. The trend measures a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.
Mortgage Applications Decrease -0.3% in Week Ending November 13th, 2020
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending November 13th, 2020, the Market Composite Index, a measure of mortgage loan application volume, decreased -0.3% on a seasonally adjusted basis from one week earlier.
Work on 12-Story, 245-unit, Large Mass Timber Condo in Victoria Island B.C. Underway
Groundbreaking has taken place on a two-phase, 245-unit condominium “Tresah” in Victoria B.C. When completed it will be the largest mass timber condominium project in area.
Fire Damages Chip Bin at West Fraser’s Williams Lake B.C., Soda Creek Road Lumber Mill
Fire fighters from the Williams Lake Fire Department (WLFD) were called the scene of a structure fire early on Monday morning in a hopper (chip bin) that feeds the woodchipper at the West Fraser mill on Soda Creek Road in Williams Lake. B.C.
Canadian Home Sales Slow in October but Home Prices Continue to Rise
The Canadian Real Estate Association (CREA) is reporting that home sales in Canada dropped -0.7%, on a seasonally adjusted basis in October. This after reaching a new monthly sales record in September.
The Share of Mortgage Loans in Forbearance Decline to 5.47% in Weekending November 8th, 2020
The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports the total number of loans now in forbearance decreased for the 11th straight week in a row from 5.67% of servicers’ portfolio volume in the prior week to 5.47% as of November 8, 2020 – a 20-basis-point improvement.
Builder Confidence in Newly-Built Single-Family Homes Sets Another Record at 90 in November
The National Association of Home Builders (NAHB) /Wells Fargo Housing Market Index (HMI) indicates that builder confidence in the market for newly-built single-family homes advanced 5-points in November, to set another new all-time high reading of 90.
Mortgage Credit Availability Improves in October but Still Remains at Constrained Levels Last Scene in 2014
According to the Mortgage Bankers Association (MBA) Mortgage Credit Availability Index (MCAI) mortgage credit availability eased in October. The MCAI analyzes data from Ellie Mae’s AllRegs® Market Clarity® business information tool.