The Canada Mortgage and Housing Corporation (CMHC) released housing starts data on Monday. Housing starts in Canada decreased to a seasonally adjusted annualized rate of 156,276 units in February from a revised reading of 187,025 units in January. January's figure revised down from 187,276 units.
Analysts had expected an increase to 191,000 units.
The CMHC's Chief Economist Bob Dugan said that "the trend in housing starts decreased for a fifth consecutive month in February and reflects a decreasing trend in multiple starts".