Housing starts fall more than expected in May

OTTAWA — The monthly rate of housing starts in May was 202,337 units (seasonally adjusted) in May, the Canada Mortgage and Housing Corp. reports, down 13.3% from 233,410 units in April. Economists polled by Reuters expected on average a rate of 205,000. The SAAR of urban starts decreased by 14.4% in May to 186,946 units. Multiple urban starts decreased by 18.5% to 141,851 units in May while single-detached urban starts increased by 1.8% to 45,095 units. Rural starts were estimated at a seasonally adjusted annual rate of 15,391 units.