News in end use

Mortgage loan application volume declined 1.6% on a seasonally adjusted basis from one week earlier, the MBA reported.

The Redfin Home Price Index showed that US home prices climbed 0.6% month-over month in February, on par with the average gain in the years leading up to the pandemic.

In 2023Q4, job vacancies in Canada fell by 3.6%, or 25,400, to 678,500. The job vacancy rate decreased 0.1 percentage point to 3.8%.

Privately‐owned housing starts in February were at a SAAR of 1,521,000, 10.7% above the revised January estimate of 1,374,000.

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.