In 2025, Canada Mortgage and Housing Corporation (CMHC) reported nearly 260,000 housing starts, a figure that suggests real progress on the housing crisis. But a deeper look reveals a much more complicated and concerning reality.
Most of the new supply is made up of small condos and apartments, not the family-sized homes people are looking for. Because housing starts are recorded late in the construction process, today’s data often reflects decisions made years ago, not current market conditions.
Even more concerning, pre-construction sales are falling across multiple cities. This raises serious questions about what housing supply will look like in the years ahead.
In this episode, we discuss:
Chapters:
00:00:00 Intro: The Housing Data Disconnect
00:01:06 The Problem With CMHC Housing Starts Data
00:04:06 How to Fix Misleading Housing Metrics
00:05:14 The One-Size-Fits-All Data Problem
00:05:49 Generational Shifts in Home Size
00:07:05 Reality vs Data: Smaller Homes and Composition Effects
00:08:14 The Collapse of Pre-Construction Sales
00:09:12 Future Housing Market Outlook
Research Links
CMHC Housing Report: https://www.cmhc-schl.gc.ca/professionals/housing-markets-data-and-research/market-reports/housing-market/housing-market-outlook
Hosted by Mike Moffatt & Cara Stern & Sabrina Maddeaux
Produced by Meredith Martin
Funded by the Neptis Foundation https://neptis.org/
