News in end use

There were approximately 23,000 SFBFR starts during Q2, almost 10% higher than 2023Q2, the Census Bureau and NAHB reported. Over the last four quarters, 83,000 such homes began construction.

The CPI increased 2.5% year-over-year in July. The increase was at the slowest pace since March 2021 and was down from a 2.7% gain in June.

Investment in building construction grew 2.8% to $21.4 billion (CAD) in June, following a modest increase of 0.8% in May.

The Conference Board Leading Economic Index® fell by 0.6% in July to a reading of 100.4 (2016=100), following a decline of 0.2% in June.

Single-family attached starts totaled 42,000 in Q2, 8% higher than 2023Q2, the Census Bureau and NAHB reported.

Housing starts in July were at a seasonally adjusted annual rate of 1,238,000, 6.8% below the revised June rate.

The total monthly seasonally adjusted annual rate of housing starts for all areas in Canada increased 16% in July to 279,509 units, MBA reported.

The delinquency rate for mortgage loans on one-to-four-unit residential properties increased to a seasonally adjusted rate of 3.97% of all loans outstanding at the end of Q2, MBA reported.

The University of Michigan Index of Consumer Sentiment rose to a reading of 67.8 in August, up from 66.4 in July. This is a month-over-month increase of 2.1% but down 2.3% year-over-year.

The NAHB/Wells Fargo Housing Market Index showed that builder sentiment in the market for newly built single-family homes fell 2 points to a reading of 39 in August.