Highlights on what is driving the housing and mortgage market:

• Inflation comes in higher than expected: November inflation came in higher than expected at an annualized reading of 3.1%, but markets still see rate cuts in 2024
• Housing supply challenges intensify: Housing starts slid 22% in November, highlighting the long-term challenges Canada faces in addressing the housing supply shortage
• Mortgage rates are falling: Discounted mortgage rates have fallen from their October highs, which should lead to incrementally stronger mortgage demand in the coming months