Housing starts posted a fourth straight beat in July, hitting 294K versus estimates of 265K - up nearly 4% M/M after a couple of flat readings previously.

On a Y/Y basis Ontario was the anchor - down nearly 30% while most other provinces showed strong growth, led by Quebec (up ~60%).

Multi-unit weakness seems to have subsided in July, with construction activity finding a floor and unit absorption picking up slightly…

… which will be needed to mop up excess inventory, which continues to build and sit on the market for longer.