The Canada Mortgage and Housing Corporation (CMHC) released housing starts data on Wednesday. Housing starts in Canada fell to a seasonally adjusted annualized rate of 188,570 units in May from 191,388 units in April. April's figure was revised down from 191,512 units.

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

"Housing starts slowed in May, and are now on pace to reach 191,000 units in Canada - falling within the upper range of our housing market outlook forecast for the year. The decline we see in the trend is led by fewer multiple starts in urban areas, particularly in larger centres like Toronto," the CMHC's Chief Economist Bob Dugan said.