Housing starts beat in September, rising to 279K versus estimates for 255K - rebounding after a weak August print.

On a Y/Y basis gains were broad-based, with lots of supply coming in Alberta and Ontario - more than offsetting some weakness in BC.

Unit absorption trended lower after two months of recovery, indicating the slowdown in construction was the primary driver rather than demand improvements…

… which will be needed in order to clear out housing inventory, which reversed last month’s draw - driven by a longer time on the market for mutli-family units.