The Canada Mortgage and Housing Corporation reported on Tuesday that standalone monthly seasonally adjusted annual rate of total housing starts for all areas in Canada declined 5% in December to 248,625 units, compared to November’s 263,022 units. CMHC also reported that the SAAR of total urban starts decreased by 5%.
Wood Markets News
Home Price Growth Slows in Q4
According to the latest Fannie Mae Home Price Index, a national, repeat-transaction home price index measuring the average, quarterly price change for all single-family properties in the US (excluding condos), single-family home prices increased at a non-seasonally adjusted rate of 9.2% in 2022Q4, compared to 2021Q4.
Canadian Consumer Price Index Increases 6.3% Year-Over-Year in December
Statistics Canada reported on Tuesday that the Canadian Consumer Price Index (CPI) rose 6.3 % year-over-year in December, following a 6.8% increase in November. Excluding food and energy, prices rose 5.3% year-over-year in December, following a gain of 5.4% in November.
Commercial and Multifamily Mortgage Delinquency Rates Inch Higher in Q4
The Mortgage Bankers Association reported on Tuesday that according to their latest CREF Loan Performance Survey, delinquency rates for mortgages backed by commercial and multifamily properties increased modestly through 2022 Q4. The balance of commercial and multifamily mortgages that are not current increased in December 2022 (compared to September 2022).
Construction Building Materials Shortage Lessens but Exceptions Still Exist
The National Association of Home Builders has been tracking the shortage of building materials and products since the 1990’s through a series of special questions on the survey for the NAHB/Wells Fargo Housing Market Index (HMI).
BC Government Takes Steps to Streamline Homebuilding Permit Application Process
The BC provincial government announced today that it was taking action to streamline the homebuilding process. Presently, authorizations related to homebuilding in BC can require multiple provincial permit applications, which span different ministries with different processes.
Canadian Investment in Building Construction Declines in November 2022
Statistics Canada reported on Monday that investment in building construction fell 1.4% to $20.4 billion (CAD) in November. On a constant dollar basis (2012=100), investment in building construction declined by 2.0% to $12.0 billion.
Canadian Home Sales Inch Higher in December 2022
The Canadian Real Estate Association reported on Monday that home sales recorded over Canadian MLS® Systems moved 1.3% higher between November and December 2022. The actual (not seasonally adjusted) number of transactions in December came in 39.1% below the near record high in December 2021.
Grand River Pellets Spending $30 Million on Capital Project to Increase Drying Capabilities
Grand River Pellets Ltd., located in St. Leonard, New Brunswick, is spending $30 million (CAD) on a capital project that will increase its drying capabilities from 140,000 tons annually to 220,000 tons, once the project is fully operational. The project will essentially double all outdoor equipment.
Homes Selling at Slowest Pace Since April 2020
Redfin reported on Friday that homes are selling at their slowest pace since April 2020. In the four-week period ending on January 8th, the typical home sold was on the market for 44 days, which in turn has led to the largest annual inventory increase on record.