May 19, 2026
Housing starts were ~40K ahead of estimates in April, rising to 279K on a pickup in multi-unit activity…
… but down small versus last year, with a >2,000 unit decline in Alberta offsetting gains in Ontario and Quebec.
Unabsorbed inventory reached a new high on the back of a multi-unit build, and with the time it takes to move those units inching higher…
… construction activity is likely to remain subdued in the near-term.
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