The Canada Mortgage and Housing Corp. (CMHC) reported on Monday the seasonally adjusted annual rate of housing starts was at 213,224 units in January 2020, up 8.8 percent from a downwardly revised 195,892 units in December 2019 (originally 197,329 units).

Economists had forecast an annual pace of 202,500 for January.

According to the report, urban starts surged by 9.8 percent m-o-m last month to 202,407 units, as multiple urban starts climbed by 13.6 percent m-o-m to 155,140 units, while single-detached urban starts decreased by 0.9 percent m-o-m to 47,267 units. At the same time, rural starts were estimated at a seasonally adjusted annual rate of 10,817 units, down 6.6 percent m-o-m.