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12257
Michelle Liao
Mortgage Agent Level 1
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603 Millway Avenue, Concord, Ontario, L4K 3T9
BLOG / NEWS Updates
CMHC: 2025 Year-In-Review
From CMHC
Structural barriers continue to slow progress
Policies on funding, zoning reform and the Housing Accelerator Fund have contributed to progress on housing. However, delivery remains slow due to structural barriers like long permitting times and inconsistent zoning, even as policy momentum builds. Innovation and scaling in private and non-profit sectors are crucial to boosting productivity.
Canada must double housing starts annually by 2035 to close the supply gap. While momentum is growing, bold action and stronger coordination are needed to turn plans into results.
Canadas housing delivery system
Even with incentives, Canadas build pipeline is slow to respond. There are signs of progress in some markets like Montral and Ottawa, but system-wide barriers remain. To accelerate delivery and close the supply gap, we need faster approvals, modernized permitting, better municipal data and scalable innovation in construction. Scale remains a key challenge across much of the construction sector.
Shifts in housing starts and rental markets
Housing starts were strong early in 2025 but slowed down later in the year. Toronto and Vancouver were hit hardest, with year-over-year numbers going down. Among key reasons for the slow-down were high interest rates, labour and material shortages, developer uncertainty and the cancellation of marginal projects. Meanwhile, starts remained strong in Alberta.
2025 saw the first meaningful easing in rental conditions but affordability remains tight. Rental market indicators are moving in the right direction overall, with vacancy rates going up and rent growth slowing, showing that the market is balancing out. However, we need to consider sustaining the market and rental supply in the long term.
https://www.cmhc-schl.gc.ca/observer/2026/2025-year-in-review
NBC Housing Market Monitor: Home sales remained flat in November
Home sales remained relatively flat (-0.6%) from October to November at the national level following a marginal 0.9% gain the previous month.
New listings declined by 1.6% from October to November, a third consecutive decline.
Active listings edged down by 0.6% in November as cancelled listings remained elevated despite a moderation in the previous months.
Market conditions remained unchanged during the month and continued to indicate a balanced market compared to the historical average. Still, the balanced market conditions at the national level largely reflect soft conditions in Ontario and B.C., while markets in all other provinces continue to favour sellers.
Housing starts rose by 21.8K from 232.2K in October to 254.1K in November (seasonally adjusted and annualized). This increase offsets some of the 48.4K decline seen in October and brings starts above consensus expectation of 250.0K. Increases in housing starts were seen in Toronto (+7.0K to 23.7K), Montreal (+5.4K to 39.1K), and Vancouver (+9.1K to 28.5K), while Calgary (-6.8K to 29.2K) registered a decline.
The TeranetNational Bank Composite National House Price Index rose 0.4% between October and November after seasonal adjustment, marking a fourth consecutive increase for this indicator. Six of the eleven CMAs included in the index recorded increases: Halifax (+1.3%), Montreal (+1.2%), Toronto (+0.6%), Calgary (+0.3%), Victoria (+0.2%) and Vancouver (+0.1%). Prices remained stable in Hamilton and Winnipeg, while they declined in Quebec City (-0.2%), Edmonton (-0.4%) and Ottawa-Gatineau (-0.7%).
https://www.nbc.ca/content/dam/bnc/taux-analyses/analyse-eco/logement/economic-news-resale-market.pdf
Bank of Canada: Monetary Policy Report—October 2025
The Canadian economy is adjusting to steep US tariffs on several industries and coping with elevated uncertainty. Tariffs have led to a fall in the demand for Canadian goods, affecting the broader economy. The reconfiguration of global trade and domestic production is also leading to higher costs. Total inflation has been around 2%, while underlying inflation has continued to be about 2%.
With US tariffs and limited Canadian counter-tariffs in place, the effects of the trade conflict on growth and inflation in Canada are becoming clearer. Exports to the United States have fallen, and business investment has declined. The structural shift in the Canada-US trade relationship has put the economy on a lower path. At the same time, the reconfiguration of global trade and the restructuring of the Canadian economy are adding costs and putting upward pressure on inflation.
Considerable uncertainty remains around US tariffs and how changes to global trade relationships will affect economic growth and consumer prices in Canada. This uncertainty includes the review of the Canada-United States-Mexico Agreement.
How other major structural changessuch as shifting demographics and the adoption of artificial intelligencewill affect the Canadian economy is also unclear. The effects of these developments on output and inflation will play out over many years.
Monetary policy cannot offset the long-term implications of US tariffs or other sources of structural change. The primary focus of monetary policy is to maintain low and stable inflation.
https://www.bankofcanada.ca/publications/mpr/mpr-2025-10-29/overview/
