Canada Mortgage and Housing Corp. says the annual pace of housing starts in May dropped 23% compared with April as starts of apartments, condos and other types of multi-unit housing projects in Vancouver, Toronto and Montreal fell.

The national housing agency says the seasonally adjusted annual rate of housing starts was 202,494 units in May, down from 261,357 units in April.

The drop came as the annual rate of urban starts dropped 24% to 182,842 for the month as the annual rate of multi-unit urban starts fell 30% to 139,890 units, offset in part by a 6% increase in single-detached urban starts to 42,952 units.

CMHC says housing starts in Vancouver fell 45% in May, while Toronto dropped 28% and Montreal declined 35% as all three cities saw increases in single-detached starts offset by large decreases in multi-unit starts.

The annual rate of rural starts for the month was estimated at 19,652 units.

CMHC says the six-month moving average of the monthly seasonally adjusted annual rate of housing starts was 230,205 units in May, down 4.2% from 240,318 units in April.

CMHC : Housing Starts in Vancouver Fell 45% in May by The Canadian Press | BIV