The Canada Mortgage and Housing Corp. (CMHC) reported on Monday the seasonally adjusted annual rate of housing starts was at 202,337 units in May, up 22.6 percent from a downwardly revised 233,410 units in April (originally 235,460 units).

Economists had forecast an annual pace of 196,400 for May.

According to the report, urban starts fell by 14.4 percent m-o-m last month to 186,946 units, as multiple urban starts tumbled by 18.5 percent m-o-m to 141,851 units, while single-detached urban starts rose by 1.8 percent m-o-m, to 45,095 units. At the same time, rural starts were estimated at a seasonally adjusted annual rate of 15,391 units, up 2.3 percent m-o-m.