Canada’s housing crisis keeps getting worse. The latest Housing Supply Report by the Canada Mortgage and Housing Corporation concluded that the level of new construction is too low to address the long-term housing supply gap. The housing supply grew by only 1% in the first half of this year, ... READ MORE >
Real estate
Jobless claims hold steady as pending home sales plunge
The labor market continued to show resilience even as higher interest rates took a further toll on pending home sales. Initial jobless claims inched up by only 2,000 last week to 204,000, remaining below the pre-pandemic average, while pending home sales plunged by 7.1% in August after July's number ... READ MORE >
Housing prices set a record as consumer confidence dips
Economic data released on Tuesday added more mixed signals on the housing market in the wake of the wide fluctuations in mortgage rates over the past two months. At the same time, consumer confidence fell to the lowest level in four months as expectations markedly deteriorated. To begin with, housing ... READ MORE >
Falling jobless claims, existing home sales offer mixed economic picture
Even as the labor market remains tight, signs of a slowdown continue to appear in different pockets of the economy. The mixed signals from Thursday's data on initial jobless claims and existing home sales added to an economic picture that resembles a soft landing when the economy bends but does not ... READ MORE >
Housing starts fall to three-year low amid 7% mortgage rate
Housing starts in the United States fell by a sharp 11.3% in August, the second double-digit drop in three months, signaling more strain on the housing market because of elevated mortgage rates that exceed 7%. August's number was the lowest since June 2020 as the pandemic set in, according to Commerce ... READ MORE >
New home sales remain bright spot in housing, rising on strong supply
New home sales remain a bright spot in a housing market that has cooled amid the surge in mortgage rates. Sales of new homes increased by 4.4% in July to 714,000, according to Commerce Department data released on Wednesday. The rebound in new home sales has continued for more than a year with July's ... READ MORE >
Existing home sales fall near January low as rates surge
Sales of existing homes fell in back-to-back months as multi-decade high mortgage rates continued to suppress demand and supply. The data from the National Association of Realtors certainly added more risks to our call that a housing bottom has passed. Read more of RSM's insights on the real estate ... READ MORE >
Industrial production and housing rebound in July, affirming GDP growth outlook
Industrial production, housing starts and permits in July have set the tone for a robust third quarter, as GDP growth is expected to be stronger than the long-run level of 1.8%. Industrial production rose 1% on the month, while housing starts and permits rose 3.9% and 0.1%, respectively, according to ... READ MORE >
Housing starts and permits drop in June as rates surge
Housing starts and permits dropped in June after surging in May amid market volatility because of interest rate increases. New residential starts fell by 8% on the month, while permits for new buildings declined by 3.7%, the Commerce Department reported on Wednesday. The drop came as mortgage ... READ MORE >
Housing starts and permits spike in May as sentiment improves
Housing starts and permits came in much stronger than expected in May as the housing market continued to improve off its low in 2022. The upside surprise raises our forecast for gross domestic product in the second quarter from a 1.5% increase to 1.8%. There were 1.6 million new housing ... READ MORE >