National Hardwood Magazine - October 2022

QUEBEC Continued
Demand for the regionally important Hard Maple is
slow from end users and wholesalers, which appears to
be a result of elevated customer inventories rather than a
decline in consumption. This is impacting kiln-dried sales
volumes, and is affecting prices downward for certain
grades and thicknesses.
Soft Maple markets contracted since the first half of the
year. Sawmill production reported as ramping up in the
second quarter, with supplies going from scarce to ample
in a short timeframe. Green and kiln-dried prices went
down from their record highs. Prices are now reported
as steady for Sap and Better and Unselected products.
Poplar is in great demand from moulding, furniture,
millwork and other product manufacturers and is seeing
good quantities shipped to export markets. Domestic
market demand is even with production levels. Prices are
going down for green lumber and for kiln-dried stocks.
Sawmillers and wholesalers of Hickory are finding it
more challenging to make a sale than earlier in the year.
The demand from flooring manufacturers has gone down
as the housing sector has slowed down. Most have sufficient
supplies on hand to meet their needs, while they
are also dealing with sluggish sales on the finished goods
side. The same is seen in the moulding and millwork and
cabinet manufacturing sectors.
Contacts said sales of Red Oak have dropped in the
U.S. and to overseas markets. Flooring manufacturers
are controlling purchases at this time. Others who also
usually purchase kiln-dried Red Oak are taking a cautious
approach to buying No. 2A and Better as demand
and pricing for kiln-dried Red Oak are off and falling.
Some reported that prices had been decent for this species
the first half of the year but lost traction by summer’s
end, especially to China, and also quiet on the domestic
front.
Like other species, White Oak also saw a rise in sales
through the first quarter of the year, with a slowdown
starting in June through August. Prices have been affected
for most grades and thicknesses, with the concern of
paying too much for green White Oak.
Demand for Walnut has lagged compared to production
and is reported as having slowed down in domestic
markets, as it has for exports to China, resulting in lower
prices for this species.
According to a survey released this summer from
HomeStars, Canadian homeowners spent significantly
more on renovations in the past year than in years past.
On average, those who completed indoor renovations in
the last 12 months spent $13,000—up from $8,300 in
the preceding 12-month period (March 2020 to March
2021). Although more Canadians indicated they intend-
ed to pause home renovations into 2023, even with rising
material and labor costs it is estimated that homeowners,
on average, will double their total home reno spending.
With 80 percent of respondents reporting to have cash
on hand for planned home renovations, there was an average
increase of 57 percent in total spending for indoor
renovations. HomeStars also saw the continued trend
that Canadians want to stay put. Three-in-four (76 percent)
of those surveyed reported that they are not considering
moving in the next 12 months, while 14 percent
are currently undecided.
Though most of Canada has eased out of many pandemic
restrictions, the pandemic continued to motivate
Canadian homeowners to renovate their homes. In fact,
two in five (40 percent) homeowners say the presence
of COVID-19 restrictions influenced their decision to renovate.
Spending more time at home and having extra
cash on hand as a result of the pandemic encouraged
even more homeowners to renovate—resulting in an 8
percent increase from 2021.
HomeStars also surveyed 985 homeowners from its
database this summer to get a sense of whether intentions
for renovations for 2023 had changed following increases
in mortgage rates. Despite more homeowners
holding back renovations, HomeStars found intent to
renovate remained high. n
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percent, with over 40 percent indicating that they are
passing on the increases to clients. Others said they are
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MORE DETAILS EMERGE FROM
“INFLATION REDUCTION ACT”
Recently, President Biden signed the “Inflation Reduction
Act” into law, initiating programs of interest to the
Hardwood industry. According to the Hardwood Federation,
here are some highlights, including dollar amounts
authorized for specific grant programs and other federal
initiatives that will impact markets for Hardwood products:
• $2.15 billion to acquire and install low-embodied carbon
materials and products for use in the construction or
alteration of buildings under the jurisdiction of the General
Services Administration.
• $1.8 billion for hazardous fuel reduction projects on
federal forest lands.
• $100 million for the Wood Innovation Grant program
over the next 10 fiscal years.
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46 OCTOBER 2022 n NATIONAL HARDWOOD MAGAZINE www.RealAmericanHardwood.org
www.RealAmericanHardwood.org
OCTOBER 2022 n NATIONAL HARDWOOD MAGAZINE 47