Housing starts slide in May

The annualized pace of housing starts declined 23 percent in May to 202,494 units, from 261,357 units in April, the Canada Mortgage and Housing Corp. reports. The rate of urban starts fell 24 percent, with 182,842 units recorded in May. The Vancouver (-45 percent), Toronto (-28 percent), and Montreal (-35 percent) areas all recorded declines. All three recorded increases in single-detached starts that were offset by large decreases in multi-unit starts. Rural starts were estimated at a rate of 19,652 units.