We expect housing starts to be 1.347 million units in 2024, a 5.3 per cent decline from 2023, their lowest level since 2020. With mortgage rates remaining elevated in 2025, we do not expect much relief for the year. Our forecast calls for housing starts to edge only slightly higher to 1.38 million units for the year. We do expect mortgage rates will continue to trend lower through 2025 and into 2026. This, combined with the strong fundamentals underlying softwood lumber’s main end-use markets, as well as the historically low inventories of homes for sale, will help push starts up to 1.501 million in 2026. The declines in residential-improvement expenditures next year will mostly offset growth in housing starts, with North American consumption forecast to increase just 0.7 per cent for the year. We expect North American consumption growth to increase to 4.8 per cent in 2026 as the recovery in the U.S. economy and end-use markets builds momentum.