FX.co ★ Canada Housing Starts Fall 6.1% in May

Housing starts in Canada declined by 6.1% in May 2026 from the previous month, to a seasonally adjusted annualized rate of 261.4 thousand units, but still came in above market expectations of 255.1 thousand. Urban housing starts in centers with populations over 10,000 fell to 247 thousand units, while rural starts were estimated to have risen to 14,357 units. Among major cities, Montreal recorded the strongest growth, with starts up 18% year-on-year, whereas Vancouver and Toronto posted declines of 7% and 12%, respectively. Meanwhile, the six-month moving average of housing starts, which helps smooth out monthly volatility, was broadly stable, edging up 0.5% to 258 thousand units.