Overview
- Canada recorded 259,028 housing starts in 2025, up 5.6% year over year, driven by a second straight year of record rental construction.
- Alberta began construction on 53,184 homes (+14%), led the country per capita with nearly a quarter of national starts, and added about 19,681 purpose-built rentals, with the province reporting average asking rents roughly $400 below the national figure.
- Ontario fell to 62,561 starts, a 13% annual drop and a new low since the Ford government’s pledge, as Housing Minister Rob Flack conceded earlier policies have not revived building and promised new steps including deeper development-charge reductions and support for modular construction.
- Momentum was concentrated in Calgary and Edmonton alongside gains in Montreal (+58%) and Ottawa–Gatineau (+12%), while Toronto (-31%) and Vancouver (-3%) declined.
- CMHC said 2025 momentum peaked in spring before easing and will release an updated outlook in February, while TD expects starts to moderate in 2026 given slower population growth, rising vacancies, larger inventories and weak pre-construction sales in the GTA.