The Canada Mortgage and Housing Corp. (CMHC) reported on Tuesday the seasonally adjusted annual rate of housing starts was at 221,202 units in September, down 2.5 percent from an upwardly revised 226,871 units in August (originally 226,639 units).

Economists had forecast an annual pace of 214,500 for September.

According to the report, urban starts dropped by 2.4 percent m-o-m last month to 208,503 units, as single-detached urban starts tumbled by 9.2 percent m-o-m to 48,761 units, while multiple urban starts decreased by 0.2 percent m-o-m to 159,742 units. At the same time, rural starts were estimated at a seasonally adjusted annual rate of 12,699 units.