The Canada Mortgage and Housing Corporation (CMHC) released housing starts data on Friday. Housing starts in Canada fell to a seasonally adjusted annualized rate of 191,512 units in April from 202,375 units in March. March's figure was revised down from 204,251 units.

Housing starts were driven by a drop in the single and multi-unit segment.

"While the trend for Canada remained stable in April, there were off-setting differences at the local level, notably in Vancouver and Montreal. Condo construction is slowing down in Montreal as builders are managing inventories by channelling demand to units that have been completed but remain unsold," the CMHC's Chief Economist Bob Dugan said.