The Canada Mortgage and Housing Corp. (CMHC) reported on Thursday the seasonally adjusted annual rate of housing starts was at 208,980 units in September, down 20.1 percent from a downwardly revised 261,547 units in August (originally 262,396 units). This was the highest reading since September 2007.

Economists had forecast an annual pace of 240,000 for September.

According to the report, urban starts plunged by 21.1 percent m-o-m last month to 195,909 units, as multiple urban starts tumbled by 27.0 percent m-o-m to 146,005 units, while single-detached urban starts rose by 3.4 percent m-o-m 49,904 units. At the same time, rural starts were estimated at a seasonally adjusted annual rate of 13,071 units.