The Canada Mortgage and Housing Corp. (CMHC) reported on Friday the seasonally adjusted annual rate of housing starts was at 282,070 units in June, down 1.5 percent from an upwardly revised 286,296 units in May (originally 275,916 units).

Economists had forecast an annual pace of 270,000 for June.

According to the report, urban starts declined by 1.8 percent m-o-m last month to 251,190 units, as single-detached urban starts plunged 8.5 percent m-o-m 60,105 units, while multiple urban starts rose by 0.6 percent m-o-m to 191,085 units. At the same time, rural starts were estimated at a seasonally adjusted annual rate of 30,880 units