Canada's worst-ever spring wildfire season has forced its forestry industry to shutter sawmills, driving up lumber prices and setting production back for months just as housing construction has slowed due to higher costs and a tight labour market.
Canada has the world's third-largest forest area and is the second-largest softwood lumber producer, according to Canadian government estimates, making it a key supplier of a critical housing material.
The fires have also forced thousands of people to evacuate their homes and blanketed cities with smoke as far away as Toronto, New York and Washington. Resolute Forest Products has temporarily shut four Quebec sawmills due to nearby fires and a related log shortage, Resolute Vice President Seth Kursman said. Workers were digging trenches near the facilities to suppress the fires.
Wildfires can temporarily boost lumber prices as supplies are constrained and buyers increase inventories, although prices tend to revert later in the year, RBC Capital Markets analyst Paul Quinn said in a note. Nighbor said as Canada's wildfires worsen, federal and provincial governments should allow for expanded tree harvesting, especially of older trees, to reduce fire risk.
Forests can become more fire-resilient by thinning them of dying trees, prescribed burning and retaining tree species that are fire-resistant, said Michelle Ward, vice president at CanforThe government will continue to protect natural lands, but responsible forestry practices can also support fire resilience, said Keean Nembhard, a spokesperson for the Canadian natural resources department.
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