The Canada Mortgage and Housing Corporation (CMHC) released housing starts data on Tuesday. Housing starts in Canada fell to a seasonally adjusted annualized rate of 193,032 units in July from a revised reading of 202,338 units in June. June's figure was revised down from 202,818 units.

The decrease was driven by a decline in single starts.

"The decline in single starts is in line with CMHC's expectations of buyers shifting demand away from higher priced new single-detached homes towards lower-priced alternatives. Gains in multiple starts are largely due to higher rental apartment starts, a substantial portion of which are seniors' residences," the CMHC's Chief Economist Bob Dugan said.