The Canada Mortgage and Housing Corporation (CMHC) released housing starts data on Monday. Housing starts in Canada fell to a seasonally adjusted annualized rate of 198,065 units in October from a revised reading of 231,304 units in September.

Housing starts were driven by a rise in new condominium and rental starts.

"Rental starts across urban centres are poised to reach their highest level since 1992 due to low vacancy rates in recent years," the CMHC's Chief Economist Bob Dugan said.