The Canada Mortgage and Housing Corporation (CMHC) released housing starts data on Friday. Housing starts in Canada increased to a seasonally adjusted annualized rate of 180,600 units in December from a revised reading of 193,200 units in November. November's figure revised down from 195,600 units.

Analysts had expected an increase to 191,000 units.

The CMHC's Chief Economist Bob Dugan that the decline was driven by "lower levels of both multiple and single-detached starts lower levels of both multiple and single-detached starts".