The Canada Mortgage and Housing Corporation (CMHC) released housing starts data on Monday. Housing starts in Canada dropped to a seasonally adjusted annualized rate of 172,965 units in December from 212,028 units in November. November's figure was revised down from 211,916 units.

Housing starts were driven by a drop in the single and multi-unit segment.

"A decrease in both the multiple and single starts segments drove the December trend lower. Starts increased in 2015 compared to 2014, largely driven by the condominium market in Toronto. Had the Toronto condominium starts remained stable in 2015, national starts would have declined on a year-over-year basis," the CMHC's Chief Economist Bob Dugan said.