Housing starts decline in May

OTTAWA — The seasonally adjusted annual rate of housing starts was 195,613 units in May, down from 216,775 units in April, according to the Canada Mortgage and Housing Corp. The SAAR of urban starts decreased by 11.1% in May to 178,201 units. Multiple urban starts decreased by 16.4% to 119,811 units in May while single-detached urban starts increased by 2.0% to 58,390 units. Rural starts were estimated at a seasonally adjusted annual rate of 17,412 units.