The Canada Mortgage and Housing Corporation said housing starts last month were half what they were in May 2022.
It released housing start data for May on Thursday morning.
According to the CMHC, construction started on 25 single-detached homes last month, compared to 45 in the same month last year. That's a drop of 44 per cent.
For multi-unit housing starts, the number was 44 compared to 94 projects last May, down 53 per cent.
Housing starts have been falling steadily since last November, said CMHC Chief Economist Bob Dugan.
"The decline in housing starts is due to constraints in new construction, including labour shortages and higher construction and borrowing costs," said Dugan. "Despite this, starts have only declined to the relatively high levels observed prior to 2020."
Across Ontario, housing starts faltered by 23 per cent, and across Canada, by 31 per cent.
