According to Canada Mortgage and Housing Corporation’s monthly Starts and Completion Survey for May 2020, the trend in housing starts was 196,750 units in May 2020, down from 198,644 units in April 2020.
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Multifamily Construction Continues to Grow Faster in Lower Density Population Areas
In a deeper dive into the latest analysis of the NAHB Geography Index, single-family construction was shown to be growing at a faster pace in regions with lower population density.
Unemployment Rate Declines in May Just as Nonfarm Employment Rises Sharply
According to the Bureau of Labor Statistics (BLS) total nonfarm payroll in May rose by 2.5 million and the unemployment rate declined to 13.3%.
FEA’s Weekly Order Survey Reports Slower Paced Sales to Start June
Many dealers are reporting that better than anticipated sales for April and May, have given way to a somewhat slower pace to start June.
Weekly Jobless Claims Rise Another 1.877 Million for Week Ending May 30th
The U.S. Department of Labor is reporting that an additional 1.877 million Americans made their initial filing for unemployment benefits during the week ending on Saturday, May 30th.
Mortgage Rates Tick Up Slightly
Freddie Mac has released its Primary Mortgage Market Survey for the week ending June 4th, 2020. The PMMS shows that 30-year fixed-mortgage rate averaged 3.18% with an average 0.7 point.
Home Prices Rise Nationally 5.4% Annually in April
According to CoreLogic home prices rose nationally 5.4% annually in April, a sharp increase from the 4.5% annual increase in March.
Mortgage Applications Decrease in Week Ending May 29th 2020
According to data from the MBA Weekly Mortgage Application Survey, for the week ending May 29th, 2020, the Market Composite Index decreased -3.9% on a seasonally adjusted basis from one week earlier.
Residential Construction Expanding Rapidly in Lower Density Markets
According to the latest NAHB Home Building Geography Index, residential construction activity is expanding at a more rapid pace in lower density markets, such as smaller cities and rural areas.
Canadian Economists Predict Bank of Canada Will Hold Rates at 0.25% Until End of 2021
In a poll conducted on May 26-28, by Reuters, 23 out of the 24 Canadian economists polled said they expected the Bank of Canada will hold interest rates at a record low of 0.25% until at least the end of 2021.