The Canada Mortgage and Housing Corporation (CMHC) released housing starts data on Tuesday. Housing starts in Canada climbed to a seasonally adjusted annualized rate of 212,594 units in February from 165,071 units in January. January's figure was revised down from 165,900 units.

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

"The national housing starts trend held steady in February, despite some important regional variances. Housing starts are trending at a 4-year low in the Prairies where low oil prices have weakened consumer confidence," the CMHC's Chief Economist Bob Dugan said.