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Canadian housing starts drop by 13.3% in May: CMHC

Kitco News

TORONTO (Reuters) - Canadian housing starts fell in May compared with the previous month as groundbreaking tumbled by 18.5% on multiple unit urban homes, data from the national housing agency showed on Monday.

The seasonally adjusted annualized rate of housing starts fell to 202,337 units in May from a revised 233,410 units in April, the Canadian Mortgage and Housing Corporation (CMHC) said. Economists had expected starts to fall to 205,000.

Reporting by Fergal Smith

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