The Canada Mortgage and Housing Corporation (CMHC) released housing starts data on Tuesday. Housing starts in Canada rose to a seasonally adjusted annualized rate of 211,916 units in November from 197,712 units in October. October's figure was revised down from 198,065 untis.

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

"Rising single home prices continue to support demand for multiples, which are poised to reach the largest proportion of total urban starts since 1971. However, inventory management is necessary to make sure that these units do not remain unsold upon completion," the CMHC's Chief Economist Bob Dugan said.