The Canada Mortgage And Housing Corp. (CMHC) reported on Friday the seasonally adjusted annual rate of housing starts was 173,153 units in February, down 16.3 percent from 206,809 units in January. 

Economists had forecast an annual pace of 205,000 for February. 

According to the report, urban starts tumbled by 18.0 percent m-o-m last month to 155,663 units, as multiple urban starts plunged by 20.2 percent m-o-m to 116,284 units, while single-detached urban starts fell by 10.6 percent m-o-m, to 39,379 units. At the same time, rural starts were estimated at a seasonally adjusted annual rate of 17,490 units.