Housing starts decline in May

OTTAWA ― The standalone monthly rate of housing starts nationwide, seasonally adjusted, was 188,570 units in May, down from 191,388 units in April, according to Canada Mortgage and Housing Corp. The SAAR of urban starts decreased by 2.5% in May to 170,432 units. Multiple urban starts decreased by 5.7% to 110,834 units in May and the single-detached urban starts increased by 4.2% to 59,598 units. In May, the SAAR of urban starts decreased in British Columbia and the Prairies, but increased in Ontario, Atlantic Canada, and Quebec. Rural starts were estimated at a seasonally adjusted annual rate of 18,138 units.