News in end use

According to the ESR Group, the increase in mortgage rates in February has driven a modest downgrade to expectations for total home sales and mortgage originations in 2024.

Mortgage applications for new home purchases increased 1.0% month-over-month and 15.7% year-over-year in February, the MBA reported.

The Canadian Consumer Price Index (CPI) increased 2.8% year-over-year in February, down marginally from a 2.9% gain in January.

New listing of existing homes increased 3.8% month-over-month on a seasonally adjusted basis in February, Redfin reported.

Investment in building construction declined 0.9% to $19.7 billion (CAD) in January, with the residential component 1.4% lower at $13.6 billion.

The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) increased 3 points to a reading of 51 in March.

The price of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI) increased 0.7% on a monthly basis in February.

Home sales recorded over Canadian MLS® Systems posted a 3.1% decline between January and February, CREA reported.

Housing starts for all areas in Canada increased 14% month-over-month to a SAAR of 253,468 units in February, the CMHC reported.

The level of commercial and multifamily mortgage debt outstanding at the end of 2023 was 2.8% higher than at the end of 2022, the MBA reported.