Is construction collapsing? Behind CMHC's scary housing supply report
The Homes We're Not Building Will Haunt Us In The Future
Listen to the full episode on Apple Podcasts:
Multiplexes now make up more than half of apartments being built in Toronto:
CMHC’s report reads that “The starts data shows a shift in builder preferences toward rental and smaller projects. Financing challenges and a desire to reduce exposure to economic uncertainty encouraged developers to shift toward smaller projects. Small projects required lower financial commitment and were quicker to deliver, reducing vulnerabilities to changes in the economy. In 2025, developments with 3 to 5 units outnumbered those with more than 100 units for the first time on record.
Purpose-built rental starts were the second highest since 1990 and exceeded condominium apartment starts in the City of Toronto for the first time. Incentives for missing middle housing, combined with relatively favourable financing and long‑term rental demand, supported purpose-built rental construction.”
Listen to the full episode on Spotify:
Today’s episode + interview with CMHC’s Mathieu Laberge:
Canada’s housing crisis isn’t over, it just changed shape. Nick and Dan break down two major CMHC reports and find a market that isn’t crashing, but isn’t moving either. Construction is stalling, developers are pulling back, and the projects that should be getting built in 2026 simply aren’t penciling. The result: a supply gap that keeps compounding in the background while everyone debates prices. They cover what the data actually says, why activity collapse is more dangerous than price collapse, and what buyers, sellers, and investors should be doing in a market defined by paralysis, not momentum. Plus, a conversation with CMHC’s Mathieu Laberge on what the data really shows and what they’re worried about next.
Toronto is lagging behind on construction:
