Congratulations to the St. Thomas Aquinas High School Graduating Class of 2018!

To see advice from the valedictorians to younger students

click here >

The demand for Canadian lumber continues to climb, as the housing market in the United States is seeing a projected 6 per cent increase.

Moody's Investors Service recently produced a report which says that Canadian lumber exporters have been implementing higher lumber prices in 2018 to help cover the extra costs of newly introduced softwood lumber duties.

"The continuation of tight lumber markets will allow the estimated $1.2 billion of duties to be collected in 2018 to be passed on to the US consumer via elevated lumber prices," says Ed Sustar, a Moody's Senior Vice President. "This is credit positive for our rated Canadian and US lumber producers, as high prices will outweigh the cost of the duty," he said.

Moody’s noted that lumber prices have increased roughly 25 per cent in the past year, and are expected to remain high due to demand. The housing market in America is seeing a projected 6 per cent increase, due to several hurricane repair and rebuilding efforts.

Canadian lumber producers are now facing the implementation of new softwood lumber duties. The duties are now in effect, after failed negotiations between Canada and the United States. The majority of Canadian lumber exporters pay an average of 21 per cent in duties for lumber shipped to America. The duties were announced in November.

In 2016, Canada's softwood lumber imports were valued at over $5.6 billion.

For more information:
Lumber prices high, report
Moody's: High lumber prices

More Local News

Major fine for New Gold mine

New Gold Incorporated and their Rainy River project site is facing a $100,000 fine for an offence under the Lakes and Rivers Improvement Act of Ontario. Court heard that in 2015, the Ministry of…

Arena project defeated

Kenora City Council has voted to shoot down the arena twinning design plan project, by a vote of 5 to 1. Councillor Rory McMillian was the lone councillor in support of the city spending $250,000 to…

Council will replace dangerous wood chips

Kenora City Council has voted to replace the reportedly-dangerous wood chips at Garrow Park with artificial turf, after concerns from parents and families came forward. The cost to replace the wood…

Gas prices drop across Ontario

Residents across most of the province should be waking up to lower gas prices this morning. At midnight, the price of gas went down an average of four cents across Ontario. Although the price drop…

Rickford cuts contracts, brings hydro bills down

Minister of Energy, Northern Development and Mines, Indigenous Affairs and Kenora Rainy-River MPP Greg Rickford has cancelled 758 renewable energy contracts across the province, in an effort to lower…

Splash Park construction begins

The Kenora Rotary Club, their partners, and community agencies all celebrated the beginning of construction of the Rotary Club Splash Park yesterday, with a celebratory barbecue and sod-turning…

Help from the west for regional fire

Kenora, Minaki, Redditt and surrounding areas may still find a lot of smoke in the air this morning. This is due to a forest fire approximately 30 kilometers north of Wabaseemong First Nation…

Councillors voting to study arena twinning

Kenora City Councillors are expected to vote on and approve a $250,000 amendment to the 2018 Budget today, to fund the creation of detailed design drawings and tender preparations for twinning the…

Smoke near Redditt, Minaki

Kenora residents are warned of smoke drifts in the Minaki, Redditt, Coker and Peterson Road areas. The Ministry of Natural Resources and Forestry has confirmed that the smoke drifts are from an…

Council revisiting Garrow Park concerns

Kenora City Council will be revisiting the safety concerns at Garrow Park tomorrow. Last week, Shauna DeGagne made a deputation to city council on behalf of concerned families, saying that the new…

KenoraOnline.com is Kenora's only source for community news and information such as weather and classifieds.

Search the Biz Guide

Login