Housing starts posted a third straight beat in June, hitting 284K versus estimates of 259K and up nearly 20% Y/Y thanks to higher multi-unit activity.

June’s ~3K gain was carried by Alberta and BC, which were up over 40% and 60%, respectively - offsetting continued weakness in Ontario, with Toronto starts down 40%.

Despite the positive print, construction activity and market absorption of new units continues to trend lower…

… resulting in higher inventory and a longer time on the market for new units.