The Canada Mortgage and Housing Corp. (CMHC) reported on Thursday the seasonally adjusted annual rate of housing starts was at 260,239 units in August, down 3.9 percent from a downwardly revised 270,744 units in July (originally 272,176 units). This was the lowest reading since December 2020.

Economists had forecast an annual pace of 268,000 for August.

According to the report, urban starts fell 4.7 percent m-o-m last month to 235,782 units, as multiple urban starts plunged 5.7 percent m-o-m to 173,120 units, while single-detached urban starts dropped 2.0 percent m-o-m to 62,662 units.

At the same time, rural starts were estimated at a seasonally adjusted annual rate of 24,457 units.