The Canada Mortgage and Housing Corp. (CMHC) reported on Tuesday the seasonally adjusted annual rate of housing starts was at 245,604 units in July, up 15.8 percent from an upwardly revised 212,095 units in June. This was the highest reading since November of 2017.

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

According to the report, urban starts rose 17.4 percent m-o-m last month to 231,995 units, as multiple urban starts climbed by 18.8 percent m-o-m to 184,431 units, while single-detached urban starts increased by 12.3 percent m-o-m 47,564 units. At the same time, rural starts were estimated at a seasonally adjusted annual rate of 13,609 units.