According to Ontario Construction News and the Royal Bank of Canada, the cost of building a home in Canada has never been higher. Since the start of the COVID-19 pandemic in Canada, costs are up 51%.
News in end use
Construction Employment Increases in June; Unemployment Ticks Up Slightly but Remains Near Record Low
Construction industry employment increased by 23,000 jobs in June. Year-over-year, employment has risen by 198,000, or 2.6%, to 7.947 million.
Fannie Mae’s Home Purchase Sentiment Index Increases Slightly in June
The Fannie Mae Home Purchase Sentiment Index® increased by 0.4 points to a reading of 66.0 in June, as challenging supply and affordability conditions continue to weigh on the housing market.
Construction Sector Employment Increases in May
The construction labor market experienced an increase in job openings in May, following a downward revision to April’s estimate.
US Nonfarm Payroll Increases by 209,000 in June; Unemployment Declines to 3.6%
Total nonfarm payroll employment increased by 209,000 in June. The unemployment rate changed little at 3.6%, and the number of unemployed persons was mostly flat at 6.0 million.
Canadian Employment Increases but So Does Unemployment in June
Employment in Canada in June increased by 60,000, or 0.3%, following little change in May. The increase was the largest since January. Employment growth had moderated from February to May.
Sale-to-List Price Ratio for US Homes Surpasses 100% for First Time in Nearly a Year
Redfin reported that the average US sale-to-list price ratio surpassed 100% for the first time in nearly a year during four-week period ending July 2nd.
Mortgage Applications Decline for First Time in a Month in the Week Ending June 30th
According to the Mortgage Bankers Association, mortgage loan application volume fell 4.4% on a seasonally adjusted basis from one week earlier. The results include an adjustment for the Juneteenth holiday.
Fixed Mortgage Rates Climb Higher in the Week Ending July 6th
The 30-year fixed-rate mortgage averaged 6.81%, up from last week when it averaged 6.71%. A year ago at this time, the 30-year rate averaged 5.30%.
ADP® Reports Increased Private Sector Employment Gains but Reduced Compensation Growth in June
According to the ADP® National Employment Report™, nonfarm private sector employment increased by 497,000 jobs in June and annual pay was up 6.4% year-over-year.