Latest CMHC Report Confirms What We Already Know — Toronto Is In Crisis

Toronto is facing a housing crisis as new home building activity has significantly declined, hitting a low not seen since 1996. The Canada Mortgage and Housing Corporation (CMHC) reports a 44% drop in building activity in the first half of 2025, with condominium starts plummeting due to decreased investor interest. Meanwhile, rental starts have also slipped, raising concerns over future affordability and economic impact. Despite Toronto's downturn, national housing starts remain close to 2024 levels, driven by growth in cities like Calgary, Edmonton, Montreal, and Ottawa.