The Canada Mortgage and Housing Corp. (CMHC) reported on Wednesday the seasonally adjusted annual rate of housing starts was at 195,174 units in March, down 7.3 percent from un upwardly revised 210,574 units in February (originally 210,069 units).

Economists had forecast an annual pace of 180,000 for March.

According to the report, urban starts declined 7.3 percent m-o-m last month to 182,553 units, as multiple urban starts plunged by 13.4 percent m-o-m to 124,073 units, while single-detached urban starts rose by 8.8 percent m-o-m 58,480 units. At the same time, rural starts were estimated at a seasonally adjusted annual rate of 12,621 units, down 7.0 percent m-o-m.