The number of housing starts in Canada was trending at 212,400 units in May, down from 243,800 in April, according to a report from the Canada Mortgage and Housing Corporation (CMHC) on Friday. "As anticipated, the pace of housing starts observed in April was not sustained in May. In fact, the pace in May was more in line with the average over the last six months," said Mathieu Laberge, Deputy Chief Economist at CMHC's Market Analysis Centre. "Although some ups and downs are likely to continue in the months ahead, the pace of housing starts should trend lower as the year progresses," added Laberge.
The seasonally adjusted annual rate of urban starts decreased by 15.8 percent to 189,600 units in May. Urban single starts decreased by 4.2 percent in May to 64,300 units, while multiple urban starts decreased by 20.7 percent to 125,300 units.