Statistics Canada released housing market data on Tuesday. Building permits in Canada slid 9.8% in January, missing expectations for a 2.0% fall, after a 7.7% rise in December. December's figure was revised down from a 11.3% increase.

The decrease was driven by a decline in building permits for multi-family dwellings in in British Columbia and Ontario.

Building permits for non-residential construction were down 4.8% in January, while permits in the residential sector plunged 12.5%.