Thank you for the question.
There is a little difference between the price of conventional lumber right now and the mass timber market. Where we see the real advantages with mass timber are where it can replace some of the other, more emission-intensive building materials, such as concrete and steel. It's really proving to have many advantages as far as its carbon footprint is concerned—there is less carbon footprint. It's prefabricated, in many cases, so construction can happen more quickly. There is a lot of benefit even just in the beauty of the product and the way the inhabitants feel when they're in it. There are lots of different value propositions there.
It's also something that can be made out of some of the waste material of other lumber manufacturing processes. It's a value-added product, which is great to see. It can also be a longer-lived wood product, so there is the ability to store that carbon for longer periods of time instead of it going back into the atmosphere or being landfilled, which is really exciting.
It's something that really was initiated in Europe, but we're seeing it in North America and primarily here in Canada recently. It's just great to see this new adoption of technology.
One of the challenges is having the architecture and construction professions become more familiar with this building product. Lots of great work is going on right now to educate and do demonstration projects.
Then, of course, there are the building codes. Right now we're at mid-rise tall wood buildings, but if those building codes increase, we can have taller wood buildings into the future.