The Canada Mortgage and Housing Corp. (CMHC) reported on Thursday the seasonally adjusted annual rate of housing starts was at 197,329 units in December, down 3.4 percent from an upwardly revised 204,320 units in November (originally 201,318 units). That marked the lowest rate since May.

Economists had forecast an annual pace of 210,000 for December.

According to the report, urban starts decreased by 3.7 percent m-o-m last month to 185,934 units, as multiple urban starts fell by 5.3 percent m-o-m to 138,049 units, while single-detached urban starts rose by 1.1 percent m-o-m to 47,885 units. At the same time, rural starts were estimated at a seasonally adjusted annual rate of 11,395 units, up 2.0 percent m-o-m.