The Canada Mortgage And Housing Corp. (CMHC) announced the Canadian housing starts rose to a seasonally adjusted rate of 222,324 units in July from an upwardly revised 212,948 units in June (originally 212,695). Economists had forecast housing starts falling to 205,000.

According to the report, urban starts increased by 5 percent m-o-m last month to 206,122, as multiple urban starts surged by 10.4 percent m-o-m to 141,950, while single-detached urban starts declined by 3.9 percent m-o-m to 64,172 units. At the same time, rural starts were estimated at a seasonally adjusted annual rate of 16,202 units (-8.3 percent m-o-m).