Ottawa is adding $2 billion (CAD) in financing to the BC Build initiative aimed at fast-tracking the construction of middle-income rental housing, The Canadian Press News reported.
News in end use
US Existing-Home Sales Increase Month-Over-Month but Decline Year-Over-Year in January
US existing-home sales recorded a 3.7% month-over-month increase in January to a seasonally adjusted rate of 4.00 million homes, NAR reported.
Fixed-Rate Mortgages Trek Higher in the Week Ending February 22nd
The 30-year fixed-rate mortgage averaged 6.90%, up from last week when it averaged 6.77%, Freddie Mac reported.
US Weekly Jobless Claims Move Lower in the Week Ending February 17th
The advance figure for seasonally adjusted initial unemployment claims was 201,000, a decrease of 12,000 from the previous week.
The Size of New US Single-Family Homes Continues to Shrink
The median single-family square floor area came in at 2,156 square feet in 2023Q4, the lowest level since the beginning of 2010, the Census Bureau and NAHB reported.
US Existing-Home Prices Continue to Edge Higher in January
The Redfin Home Price Index climbed 0.5% month-over-month in January, replicating the 0.5% gain in both December and November.
Canadian New-Home Price Index Inches Lower in January
StatCan reported that the New-Home Price Index declined 0.1% lower month-over-month in January.
Mortgage Applications Decline in Week Ending February 16th
Mortgage loan application volume decreased 10.6% on a seasonally adjusted basis from one week earlier, the MBA reported.
Shares of Mortgage Loans in Forbearance Decline Further in January
The total number of loans in forbearance as of January 31st decreased by 1 basis point to 0.22% of servicers’ portfolio volume, the MBA reported.
US Single-Family Built-For-Rent Sector Experiences Strong 2023Q4 Results
Single-family built-for-rent starts totaled 22,000 units in 2023Q4, 29% higher than 2022Q4, the Census Bureau and NAHB report.