The Canada Mortgage and Housing Corp. (CMHC) reported on Monday the seasonally adjusted annual rate of housing starts was at 335,200 units in March, up 21.6 percent from an upwardly revised 275,567 units in February (originally 245,922 units). This was the highest level since records became available in January 1977.

Economists had forecast an annual pace of 250,000 for March.

According to the report, urban starts climbed by 24.4 percent m-o-m last month to 300,973 units, as multiple urban starts surged by 33.8 percent m-o-m to 222,358 units, while single-detached urban starts rose by 3.6 percent m-o-m 78,615 units. At the same time, rural starts were estimated at a seasonally adjusted annual rate of 34,227 units