The Canada Mortgage and Housing Corp. (CMHC) reported on Friday the seasonally adjusted annual rate of housing starts was at 222,013 units in July, down 9.6 percent from a downwardly revised 245,455 units in May (originally 245,657 units).

Economists had forecast an annual pace of 203,500 for July.

According to the report, urban starts tumbled by 10.4 percent m-o-m last month to 209,122 units, as multiple urban starts plunged by 12 percent m-o-m to 162,722 units, while single-detached urban starts fell by 4.6 percent m-o-m, to 46,400 units. At the same time, rural starts were estimated at a seasonally adjusted annual rate of 12,891 units, up 7.9 percent m-o-m.