The Canada Mortgage and Housing Corporation (CMHC) released housing starts data on Monday. Housing starts in Canada increased to a seasonally adjusted annualized rate of 187,276 units in January from a revised reading of 179,637 units in December. December's figure revised down from 180,560 units.

Analysts had expected an increase to 184,000 units.

The CMHC's Chief Economist Bob Dugan that "the trend in total housing starts has been moderating since September 2014, reflecting lower trends in both multiple and single-detached starts". He added that economic and demographic factors still support housing demand.