CMHC says housing starts slip in May

The annual pace of housing starts in Canada slipped more than expected in May compared with April.

The Canada Mortgage and Housing Corp. says the seasonally adjusted annual rate of housing starts fell to 194,663 units in May compared with 213,498 in April.

Economists had expected the rate to come in at 205,000, according to Thomson Reuters.

The drop came as the pace of urban starts fell 10.2 per cent in May to 178,518. Multiple-unit urban starts dropped 10.8 per cent to 118,694, while single-detached urban starts fell 8.9 per cent, to 59,824.

The seasonally adjusted annual rate of rural starts was estimated at 16,145 units.

The six-month moving average of the monthly seasonally adjusted annual rate rose to 214,621 in May compared with 213,435 in April.