The Canada Mortgage and Housing Corp. (CMHC) reported on Monday the seasonally adjusted annual rate of housing starts was at 193,453 units in May, up 16.2 percent from un upwardly revised 166,477 units in April (originally 166,415 units).

Economists had forecast an annual pace of 155,000 for May.

According to the report, urban starts rose 13.8 percent m-o-m last month to 181,122 units, as multiple urban starts climbed by 12.3 percent m-o-m to 135,859 units, while single-detached urban starts increased by 18.6 percent m-o-m 45,263 units. At the same time, rural starts were estimated at a seasonally adjusted annual rate of 12,331 units, up 68.6 percent m-o-m.