BC announced it was providing new funding for six wood product manufacturers that will help create and protect hundreds of resource-sector jobs and strengthen BC’s value-added wood sector.
News in end use
US Builder Confidence Continues to Climb Higher in January
The National Association of Home Builders/Wells Fargo Housing Market Index showed that builder sentiment in the market for newly built single-family homes increased 7 points in January.
Mortgage Applications Increase in the Week Ending January 12th
Mortgage loan application volume increased 10.4% on a seasonally adjusted basis from one week earlier, the Mortgage Bankers Association reported.
Canadian Industrial Product and Raw Materials Price Indexes Both Decline in December
The prices of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), declined 1.5% month-over-month in December.
Canadian Housing Starts Move Higher in December, but 6-Month Moving Average Slips
The six-month trend in housing starts was 2.1% lower month-over-month in December, with 249,898 units being reported, CMHC reported.
Home Price Growth Falls Further in 2023Q4, Fannie Mae Reports
Single-family home prices increased 7.1% year-over-year in 2023Q4, the Fannie Mae Home Price Index (FNM-HPI) showed.
Delinquency Rate for Mortgages Backed by Commercial Properties Increases in 2023Q4
According to MBA’s commercial real estate finance Loan Performance Survey, during 2023Q4 the delinquency rate for mortgages backed by commercial properties increased from 2023Q3.
Canadian Consumer Price Index Climbs 3.4% Year-Over-Year in December
The Canadian Consumer Price Index (CPI) increased 3.4% year-over-year in December, following a 3.1% gain in November.
89% of US Homeowners With a Mortgage Have a Rate Below 6%
Redfin reported that 88.5% of US homeowners with mortgages have an interest rate below 6%, down from a record high of 92.8% in mid-2022.
Canadian Existing-Home Sales Trend Higher in December
Home sales recorded over Canadian MLS® Systems increased 8.7% from November to December 2023, CREA reported.