Key facts
- Canadian housing starts fell 6% in May from the previous month.
- The seasonally adjusted annualized rate of housing starts decreased to 261,377 units.
- This decline was smaller than the 255,000 units economists had expected.
- The revised figure for April was 278,380 units.
Canadian housing starts saw a 6% decrease in May compared to the previous month, according to data released by the Canada Mortgage and Housing Corporation (CMHC). The seasonally adjusted annualized rate of housing starts fell to 261,377 units from a revised 278,380 units in April. This decline was less severe than the 255,000 units anticipated by economists. Housing starts are an economic indicator reflecting the number of residential housing projects initiated over a specific period, categorized into single-family homes, townhouses, and apartment buildings.