Housing starts edged past estimates in May, falling to 261K on a slowdown in multi-unit activity…

… and down on a Y/Y basis, with continued weakness in Alberta and a drawdown in Quebec offsetting modest gains in Saskatchewan and the Atlantic provinces.

Unabsorbed inventory reached a new high on the back of a continued multi-unit build, and with the time it takes to move those units remaining elevated…

… there’s no incentive for builders to step on the gas, pushing construction activity lower during the month.

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