The Canada Mortgage and Housing Corp. (CMHC) reported on Friday the seasonally adjusted annual rate of housing starts was at 166,415 units in April, down 14.8 percent from un upwardly revised 195,420 units in March (originally 195,174 units).

Economists had forecast an annual pace of 110,000 for April.

According to the report, urban starts declined 12.5 percent m-o-m last month to 159,130 units, as multiple urban starts fell by 1.8 percent m-o-m to 120,849 units, while single-detached urban starts plunged by 34.9 percent m-o-m 38,281 units. At the same time, rural starts were estimated at a seasonally adjusted annual rate of 7,285 units, down 46.5 percent m-o-m.