Lumber prices fell sharply in July
Statistics Canada today released its July Industrial Product Price Index report. The biggest influence on the IPPI in July was the decline in the price of lumber and other wood products (down 23 per cent), primarily driven by a 37.7-per-cent drop in prices for softwood lumber, the biggest monthly decline on record for the product group. Despite uncertainty due to extreme heat and forest fires in timber-producing regions, prices fell for the second month in a row. The decrease was partially attributable to lower demand: Housing starts in the U.S., the primary purchaser of Canadian softwood, were down seven per cent on a monthly basis in July.
Crane removal closes Toronto street
A crane crew will be busy in Toronto this weekend, with the City of Toronto reporting the closure of Broadway Avenue from Redpath Avenue to Yonge Street starting at 6 p.m. today to remove a tower crane. Broadway will reopen for traffic starting Monday (Aug. 30) at noon.
Leaders on the go on day 13
The Canadian Press reports that Liberal Leader Justin Trudeau and NDP Leader Jagmeet Singh will be at opposite ends of Ontario today during day 13 of the federal election campaign while Conservative Leader Erin O’Toole will be in Atlantic Canada. Trudeau will make an announcement in Mississauga in the morning and meets with supporters in Bolton in the afternoon. Singh is in Thunder Bay to make a healthcare announcement, meet with First Nations leaders, visit a Persian bakery and attend a campaign office kickoff. O’Toole makes an announcement in Corner Brook, N.L. and travels to Sydney, N.S. for an event with supporters.
ULI to hold fall meeting in Chicago
The Urban Land Institute has announced details of its fall meeting, to be held Oct. 11 to 14 in Chicago. The event will be held both in person and virtually. Highlights include the release of the annual 2022 Emerging Trends in Real Estate report and a keynote address by economist Austan Goolsbee, who served as chair of the Council of Economic Advisers under President Obama.