Despite pledges to double housing construction to 500,000 homes annually, Canada managed only 259,028 housing starts last year, according to data from the Canadian Mortgage and Housing Corporation.

Toronto saw a sharp 31% decline in starts compared to 2024, while other major Ontario cities experienced a 13% drop.

With CMHC estimating that 430,000 to 480,000 units per year are needed to address demand, the shortfall remains significant.

High development charges – exceeding $130,000 per apartment in Toronto and $180,000 per home in some municipalities – continue to strain affordability. Meanwhile, Metro Vancouver home sales hit a 20-year low, and renters face mounting pressure as average two-bedroom rents climbed 5.1%.

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