The Canada Mortgage and Housing Corp. (CMHC) reported on Tuesday the seasonally adjusted annual rate of housing starts was at 272,176 units in July, down 3.2 percent from a downwardly revised 281,200 units in June (originally 282,070 units). This was the lowest reading since December 2020.

Economists had forecast an annual pace of 275,000 for July.

According to the report, urban starts dropped by 0.7 percent m-o-m last month to 249,001 units, as multiple urban starts declined by 3.1 percent m-o-m to 184,759 units, while single-detached urban starts surged 7.1 percent m-o-m to 64,242 units. At the same time, rural starts were estimated at a seasonally adjusted annual rate of 23,175 units.