The Canada Mortgage and Housing Corp. (CMHC) reported on Monday the seasonally adjusted annual rate of housing starts was at 268,631 units in April, down 19.8 percent from a downwardly revised 334,759 units in March (originally 335,200 units). This was the lowest reading since December 2020.

Economists had forecast an annual pace of 280,000 for April.

According to the report, urban starts plunged by 16.9 percent m-o-m last month to 251,504 units, as multiple urban starts tumbled by 22.8 percent m-o-m to 251,504 units, while single-detached urban starts edged down 0.1 percent m-o-m 78,918 units. At the same time, rural starts were estimated at a seasonally adjusted annual rate of 17,127 units.