Housing starts came in ahead of estimates at 249K thanks to a slight rebound in multi-family contribution…

… which drove Y/Y improvement on a mixed bag at the provincial level - with strength in BC, Manitoba, and New Brunswick partly offset by a sharp decline in Quebec.

While unabsorbed inventory inched higher after last month’s decline…

… multi-unit absorption improved to a one-year high, as construction activity continues to grind lower…

… resulting in continued share gains for purpose-built rental, a necessary trade-off to restore balance in the market and bring back development activity.

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