Construction reached 259,000 units, exceeding the 10-year avg across most major markets.
Canada’s housing system also still faces pressures that threaten future supply and long‑term affordability.
Rentals drove supply; construction doubled 10-year average, raising vacancies and slowing rent growth.
Condo presales collapsed and unsold inventory surged, making financing harder and risking future supply, especially Toronto and Vancouver.
CMHC says up to 4.8M homes needed over next decade; 430,000-480,000 units yearly by 2035.
