Combined housing starts in Canada’s 6 largest cities increased 4% to 68,639 new units, the second highest level since 1990, CMHC reported.
News in end use
US 30-Year Mortgage Rate Hits Lowest Level in Two Years
The 30-year fixed-rate mortgage averaged 6.08%, down from last week when it averaged 6.09%, Freddie Mac reported.
Asking Rents for Newly Constructed US Apartments Declined as Availability Rose in Q2
Asking rents for newly constructed apartments fell to $1,746 in Q2, down 6.2% from a year earlier and the lowest level in more than two years, Redfin reported.
US Weekly Initial Jobless Claims Trend Lower in the Week Ending September 21st
The advance figure for seasonally adjusted initial unemployment claims was 218,000, a decrease of 4,000 from the previous week.
Canadian Employment Posts Modest Gain in July
The number of employees receiving pay and benefits from their employer increased 0.2% in July, following a decline of 0.1% in June.
New US Residential Single-Family Home Sales Decline 4.7% in August
New residential single-family home sales in August were at a seasonally adjusted annual rate of 716,000, down 4.7% from July.
Nearly Half of All US Existing-Home Listings Are Considered Stale, or Over 60 Days on the Market
48% of all US listings have lingered on the market for at least 60 days, the highest share for any August since 2019, Redfin reported.
Mortgage Applications Rise in the Week Ending September 20th—Fifth Consecutive Increase
Mortgage loan application volume increased 11.0% on a seasonally adjusted basis from one week earlier, MBA reported.
US Home Affordability Improves For the First Since June 2020, Redfin Says
US homebuyers need an annual income of $115,454 to afford the median priced home, down 1.4% year-over-year and the first annual decline since June 2020, Redfin reported.
FHFA House Price Index Increases 4.5% Year-Over-Year in July
US house prices, seasonally adjusted, increased 0.1% in July. Year-over-year, house prices rose 4.5%.