Citing potential safety concerns, the Canadian government is moving to push back the start of a possible strike by railway workers at CN and CPKC, which could start as early as May 22nd, Reuters reported.
Wood Markets News
Canadian Wildfire Season Off a to Slower Start Than 2023, but Risk From Drought Remains High
The start of wildfire season in Canada has been far less intense than it was last year, but the risk of hot, dry weather and severe fires remains high, The Canadian Press reported.
Canadian Employment Increases 0.4% in April; Unemployment Steady at 6.1%
Employment in Canada rose by 0.4%, or 90,000 jobs, in April, following little change in March.
University of Michigan Reports Preliminary Results of Its Consumer Sentiment Index for May
The University of Michigan Index of Consumer Sentiment declined to a reading of 67.4 in May. This is a month-over-month decline of 12.7% but up 14.2% year-over-year.
Houston Texas to Get Its First Mass Timber Office Building
Howard Hughes Holdings is building greater Houston’s first mass timber office building, One Bridgeland Green, Connect CRE reported.
Canfor Announces Permanent Closure of Polar Sawmill and Suspension of Planned Reinvestment in Houston, BC
The decision comes after an analysis of the persistent shortage of economically available timber and challenging operating conditions in northern BC, the company said.
Canfor Pulp to Indefinitely Curtail One Production Line at Northwood Facility in Prince George, BC
Canfor Pulp will indefinitely curtail one production line at its Northwood facility in Prince George, BC, due to the decline in availability of economic fiber in the northern BC region.
Fixed-Rate Mortgages Decline for the First Time in Five Weeks
The 30-year fixed-rate mortgage averaged 7.09%, down from last week when it averaged 7.22%, Freddie Mac reported.
US Median Monthly Housing Payments and Home Prices Both Hit All-Time High
During the four-week period ending May 5th, the US median monthly housing payment hit an all-time high of $2,894, Redfin reported.
Confidence in the US Market for New Multifamily Declines Year-Over-Year in Q1
The National Association of Home Builders Multifamily Market Survey shows confidence in the market for new multifamily housing declined year-over-year in Q1.