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 201,705 units in May from a revised reading of 183,329 units in April. April's figure revised up from 181,814 units.

The increase was driven by higher multiple starts in Ontario, the Atlantic region, and Québec.

"CMHC also forecasts slight moderation in housing starts in 2015 and 2016, reflecting a slowdown in housing market activity in oil-producing provinces that will partly be offset by increased activity in provinces that are seeing the positive impacts of low oil prices," the CMHC's Chief Economist Bob Dugan said.