The Canada Mortgage and Housing Corp. (CMHC) reported on Friday the seasonally adjusted annual rate of housing starts was at 201,973 units in October, down 8.7 percent from a downwardly revised 221,135 units in September (originally 221,202 units).

Economists had forecast an annual pace of 221,200 for October.

According to the report, urban starts plunged by 9.0 percent m-o-m last month to 189,304 units, as multiple urban starts tumbled by 12.5 percent m-o-m to 139,518 units, while single-detached urban starts rose by 2.4 percent m-o-m to 49,786 units. At the same time, rural starts were estimated at a seasonally adjusted annual rate of 12,669 units, down 3.0 percent m-o-m.