The Canada Mortgage and Housing Corp. (CMHC) reported on Wednesday the seasonally adjusted annual rate of housing starts was at 262,396 units in August, up 6.9 percent from a downwardly revised 245,425 units in July (originally 245,604 units). This was the highest reading since September 2007.

Economists had forecast an annual pace of 220,000 for August.

According to the report, urban starts rose 7.1 percent m-o-m last month to 248,154 units, as multiple urban starts jumped by 9.1 percent m-o-m to 201,214 units, while single-detached urban starts dropped by 1.0 percent m-o-m 46,940 units. At the same time, rural starts were estimated at a seasonally adjusted annual rate of 14,242 units.