Canada Mortgage and Housing Corp. (CMHC) reported that the annual pace of housing starts declined 23% in May from April as construction of apartments and condominiums slowed in major markets such as Vancouver, Toronto, and Montreal.
The national housing agency said the seasonally adjusted annual rate of housing starts was 202,494 in May, down from 261,357 in April.
CMHC said housing starts in Vancouver dropped 45% in May, while Toronto starts declined 28% and Montreal starts fell 35%.
The annual rate of rural housing starts in May totaled 19,652 units.
CMHC said the six-month moving average for housing starts was 230,205 units in May, down 4.2% from 240,318 units in April of this year.
