According to the Canada Mortgage and Housing Corporation (CMHC), 195,087 homes were started in Canada in February, a trend of the six-month moving average of monthly seasonally adjusted annual rates (SAAR) of housing starts.

"The trend in total housing starts continued to moderate in February. Moderation in economic fundamentals in the second half of 2012 has led to more modest housing demand and builders are adjusting accordingly," said Mathieu Laberge, deputy chief economist at CMHC.

While housing markets in Central Canada have "shown signs of fatigue over the past six months," a new report from TD Economics said the Calgary market is experiencing "positive momentum".

Detailing the vast differences in major markets coast to coast, the TD report singled out Calgary as "the lone shining star in Western Canada's real estate market".