The Mortgage Bankers Association reported that mortgage applications for new home purchases declined 12.0% month-over-month but were up 14.9% year-over-year in September.
Wood Markets News
Tłı̨chǫ Government Signs Agreement for Largest Tree Planting Project in the Northwest Territories
A Memorandum of Understanding (MOU) was signed to launch a three-year agreement to plant one million trees on Tłı̨chǫ land.
Canadian Investment in Building Construction Increases 1.1% to $17.9 Billion in August
Investment in Canadian building construction increased 1.1% to $17.9 billion (CAD) in August.
Mortgage Bankers Association Projects Commercial and Multifamily Borrowing to Decline 46% From 2022
Total commercial and multifamily mortgage borrowing and lending is expected to fall 46% to $442 billion this year, the Mortgage Bankers Association reported.
UK Construction Activity Continued to Decline Through Q3
UK construction continues to be “battered by economic headwinds and sudden, ad hoc policy changes,” Glenigan reported.
Number of Canadians Receiving Regular Employment Insurance Increases in August
There were 448,000 Canadians receiving regular Employment Insurance benefits in August, up 9,100, or 2.1%, from July.
Existing-Home Sales on Pace to Be the Slowest Since 2008
2023 will likely end with roughly 4.1 million existing home sales nationwide, Redfin reported.
Causes and Consequences of Canada’s Record-Breaking Wildfire Season
The Canadian Broadcasting Corporation (CBC) has provided an overview of Canada’s unprecedented wildfire season and what it means for the future of the country’s forests.
US Existing-Home Sales Recede in September
Total existing-home sales recorded a 2.0% month-over-month decline in September to a seasonally adjusted rate of 3.96 million homes, the National Association of Realtors® reported.
Mortgage Rates Climb in the Week Ending October 19th, Marking Sixth Consecutive Increase
The 30-year fixed-rate mortgage averaged 7.63%, up from last week when it averaged 7.57%, according to Freddie Mac.