Labor Minister MacKinnon rejected CN’s request to intervene in the ongoing labor dispute between the company and the union representing railway employees, CTV News reported.
Wood Markets News
Canadian Housing Starts Soar 16% in July
The total monthly seasonally adjusted annual rate of housing starts for all areas in Canada increased 16% in July to 279,509 units, MBA reported.
Mortgage Delinquency Rate Increases in Q2
The delinquency rate for mortgage loans on one-to-four-unit residential properties increased to a seasonally adjusted rate of 3.97% of all loans outstanding at the end of Q2, MBA reported.
US Army Moving Forward With Green Military Installations Using Mass Timber
The US Army is looking to build greener, safer, and more resilient military installations, starting with a $100 million, 89,000-square-foot facility that broke ground last week, Wood Central reported.
University of Michigan Reports Preliminary Results of Its Consumer Sentiment Index for August
The University of Michigan Index of Consumer Sentiment rose to a reading of 67.8 in August, up from 66.4 in July. This is a month-over-month increase of 2.1% but down 2.3% year-over-year.
US Builder Confidence Drops for Fourth Consecutive Month in August
The NAHB/Wells Fargo Housing Market Index showed that builder sentiment in the market for newly built single-family homes fell 2 points to a reading of 39 in August.
Canadian Home Sales Activity Slows Month-Over-Month in July
Home sales activity posted a 0.7% decline between June and July, CREA reported.
US Fixed-Rate Mortgages Creep Higher in the Week Ending August 15th
The 30-year fixed-rate mortgage averaged 6.49%, up from last week when it averaged 6.47%, Freddie Mac reported.
Investor Home Purchases Back on Track in Q2, Posting Biggest Gain in Two Years
Redfin reported that investors purchased $43 billion worth of homes in Q2—up 13.7% from a year earlier and the biggest gain in two years.
Multifamily Lending Declines 49% Year-Over-Year in 2023
In 2023, 2,520 different multifamily lenders provided a total of $246.2 billion in new mortgages for apartment buildings with five or more units, MBA reported.