New home prices fell more than expected in January, shedding 0.4% versus estimates for a 0.1% gain…

… and building on last month’s 0.2% decline, driven by growing price pressure in Ontario, the Prairies, and BC alongside cooling momentum in Quebec.

With unsold inventory building up, a sustained reversal higher isn’t likely in the near-term.

December’s $1.3B trade deficit was lighter than expected, improving over last month…

… on the back of a 3% gain in exports, led by an 18% increase in metal products and a 26% rise in aircraft deliveries…

… business jets specifically, which drove a record print and make the timing of Trump’s 50% tariff threat (resolving)… interesting.

Imports increased to a lesser degree (1%), with a 12% bump in vehicle shipments…

… carrying results, driven by non-U.S. activity (Mexico & the Netherlands).

Flagging the third Conservative MP floor crossing, which pushes Carney closer to a majority that would remove friction from the implementation of initiatives like Build Canada Homes, the Alto HSR project, and a new Defence Industrial Strategy.

While his Davos speech sparked speculation that an election could be called, there may be no need - with a by-election in Terrebonne this year…

… that could seal the deal and break the minority government logjam.

Firan Technology (FTG) added another 7% on its Q4 print, which beat on the top line and missed on EPS. The trajectory remains up and to the right, with management highlighting strong demand…

… across its business jet, aerospace, and defence markets - driving steady margin expansion and backlog growth.

There’s no question about the attractiveness of FTG’s fundamental setup, but with the stock trading above 12x NTM EBITDA (double the long-term average)…

… the next leg higher should be a slow grind relative to the three-year, >500% run in the stock.

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