The Canada Mortgage and Housing Corporation (CMHC) released housing starts data on Thursday. Housing starts in Canada increased to a seasonally adjusted annualized rate of 202,818 units in June from a revised reading of 196,981 units in May. May's figure was revised down from 201,705 units.

The increase was driven by higher multiple starts.

"The trend in housing starts increased this month as multiple starts trended upward, offsetting a downward trend in single-detached home starts. The rise in the trend of multiple starts reflects a 53% increase in seasonally adjusted multiple starts from February to June 2015. Seasonally adjusted multiple starts are at their highest level since September 2012, but are expected to moderate over the coming months," the CMHC's Chief Economist Bob Dugan said.