Drop in housing starts in Vancouver

Slower housing starts in Vancouver last month were a major contributor to a hefty drop in starts right across the country.

Canada Mortgage and Housing Corporation says housing starts in Vancouver tumbled 45 per cent in May.

The trend in housing starts has been declining steadily since November 2022.

Overall, Canada’s #housing starts saw a 23% month-to-month decline in May. The decrease was driven by declines in multi-unit construction in major markets.

Read more: https://t.co/k5DBbhjlks pic.twitter.com/xWdAerRVph

— CMHC (@CMHC_ca) June 15, 2023

The drop covered all types of projects -- from apartments and condos to other kinds of multi-unit developments -- and the trend was reflected in Montreal, where starts were off 35 per cent, and in Toronto, where starts fell 28 per cent.

Overall, C-M-H-C says housing starts across the country were down 23 per cent when compared with the month earlier.