News in end use

Total existing-home sales recorded a 0.8% increase in November from October to a seasonally adjusted rate of 3.82 million homes, the National Association of Realtors reported.

Mortgage loan application volume declined 1.5% on a seasonally adjusted basis from one week earlier, the Mortgage Bankers Association reported.

The Conference Board Consumer Confidence Index® rose to 110.7 (1985=100) in December, up from a downwardly revised November reading of 101.0.

The number of Canadians receiving regular Employment Insurance (EI) benefits in October changed little, increasing by 0.7%, or 2,900 persons, to 443,000.

Privately‐owned housing starts in November were at a seasonally adjusted annual rate (SAAR) of 1,560,000. This is 14.8% above the revised October estimate of 1,359,000.

In its December commentary, the ESR Group said single-family home sales likely bottomed out in 2023Q4 and are expected to begin a slow but meaningful recovery over the course of the next year.

Mortgage applications for new home purchases decreased 12.0% month-over-month in November but were up 21.8% year-over-year, the Mortgage Bankers Association reported.

The total number of loans in forbearance as of November 30th decreased 3 basis points to 0.26% of servicers’ portfolio volume, the Mortgage Bankers Association reported.

The Canadian Consumer Price Index (CPI) increased 3.1% year-over-year in November, following a similar 3.1% increase in October.