Investment in Canadian building construction declined 1.7% to $20.9 billion (CAD) in July, following an increase of 2.7% in June.
News in end use
Mortgage Applications Rise in the Week Ending September 13th—Fourth Consecutive Increase
Mortgage loan application volume increased 14.2% on a seasonally adjusted basis from one week earlier, MBA reported.
Canadian Housing Starts Decrease 22% in August
The total monthly SAAR of housing starts decreased 22% to 217,405 units in August, down from 279,804 units in July, CMHC reported.
US Home Prices Increase 6.7% Year-Over-Year in August
US home prices grew 0.5% in August on a seasonally adjusted basis, the largest month-over-month increase since April, Redfin reported.
Mortgage Applications for New-Home Purchases Unchanged in August
Mortgage applications for new-home purchases were unchanged month-over-month but were up 4.4% year-over-year in August, MBA reported.
US Builder Confidence Inches Higher in September as Mortgage Rates Decline
The NAHB/Wells Fargo Housing Market Index increased 2 points to a reading of 42 in September.
Canadian Consumer Price Index Increases 2.0% Year-Over-Year in August
The Canadian Consumer Price Index (CPI) increased 2.0% year-over-year in August. This the slowest pace since February 2021.
Canadian Home Sales Trend Higher in August
Home sales increased 1.3% month-over-month in August to the highest level since January and the second highest level in over a year, CREA reported.
Average Time to Complete a Multifamily Building in 2023 Increased to 19.9 Months
The average length of time to complete construction of a multifamily building after obtaining authorization was 19.9 months in 2023, the Census Bureau and NAHB reported.
Lower Mortgage Rates and Increasing Inventory Give Would Be Home Buyers a Window of Opportunity
Lower mortgage rates and rising inventory are giving home buyers a window of opportunity at an unusual time of year, Zillow reported.