News in end use

Total existing-home sales declined 2.5% in August to a seasonally adjusted annual rate of 3.86 million, NAR reported.

The 30-year fixed-rate mortgage averaged 6.09%, down from last week when it averaged 6.20%, Freddie Mac reported.

The Conference Board Leading Economic Index® fell 0.2% in August to a reading of 100.2 (2016=100), following an unrevised decline of 0.6% in July.

The advance figure for seasonally adjusted initial unemployment claims was 219,000, a decrease of 12,000 from the previous week’s revised level.

The number of Canadians receiving regular Employment Insurance benefits totaled 489,000 in July, up 2.2%, or 11,000, from a month earlier.

Housing starts in August were at a seasonally adjusted annual rate of 1,356,000. This is 9.6% above the revised July estimate and 3.9% above the August 2023 rate.

In light of the progress on inflation and the balance of risks, the Committee decided to lower the target range for the federal funds rate by 0.50% to 4.75–5.00%.

Investment in Canadian building construction declined 1.7% to $20.9 billion (CAD) in July, following an increase of 2.7% in June.

Mortgage loan application volume increased 14.2% on a seasonally adjusted basis from one week earlier, MBA reported.

The total monthly SAAR of housing starts decreased 22% to 217,405 units in August, down from 279,804 units in July, CMHC reported.