The annual pace of Canadian housing starts slowed in May by 23% over the previous month, with Toronto, Vancouver, and Montreal all posting big month-over-month declines.

Canada Mortgage and Housing Corporation (CMHC) said the seasonally adjusted annual rate of housing starts came in at 202,494 units in May compared with 261,357 units in April as apartment, condo, and multi-unit housing starts fell dramatically in those three cities.

Vancouver housing starts plummeted by 45%, with Toronto posting a 28% decrease and Montreal seeing its pace slow by 35%. In each of those cities, multi-unit starts were well down, cancelling out a higher pace of single-detached starts.