Housing starts beat estimates in December, rising to 280K on continued momentum in multi-unit activity…

… which carried the 25% Y/Y gain. On a provincial basis roles reversed, with strength in Ontario, Quebec, and the Atlantic provinces offsetting some weakness in the prairies.

While new unit construction and multi-unit absorption stabilized during the month…

… unsold inventory continues to build, making the prospects of a construction boom tough to square with current fundamentals.