Slowdown in do-it-yourself home projects weakens lumber markets

A slowdown in home repair and remodelling projects has weakened lumber markets, the latest setback for Canadian sawmills struggling financially with depressed lumber prices.On the supply side, lumber producers in British Columbia that have coped for years with decreased access to timber in the province will be facing even tighter constraints.

Last month, Teal-Jones filed for bankruptcy protection under the Companies’ Creditors Arrangement Act. Mortgage rates that began rising in March of 2022 have crimped the discretionary income that homeowners have available for renovation work. West Fraser’s share price has slipped 8 per cent over the past two years, while the stock prices of Canfor Corp. and Interfor have each tumbled 45 per cent. West Fraser and Canfor are based in Vancouver, while Interfor’s head office is in Burnaby, B.C.

Canfor has been “working toward a smaller but stronger presence in British Columbia,” Canfor chief executive officer Don Kayne said during a conference call last week with industry analysts. That Louisiana sawmill is scheduled to open in July, but Teal-Jones recently placed its 57-per-cent stake in the plant up for sale.

Lumber production across Canada fell 6 per cent last year, according to a study by Global Consulting Alliance, whose members include a Vancouver-based consulting firm headed by Russ Taylor. In B.C., lumber output dropped 12.6 per cent last year.

Lumber Canada Canfor United States Company Interfor Week U.S. South Burnaby Surrey

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