Blog

Prices expected to remain weak or decline in early 2026, especially in high-density segments, before stabilizing toward late-year recovery.
Sales activity gradually rebounds from historically low levels, driven mainly by pent-up demand rather than strong economic expansion.
Housing starts fall to near multi-decade lows, especially condos, limiting future supply but reflecting current weak developer confidence.
Elevated inventory keeps market conditions buyer-friendly, constraining price growth despite improving affordability and lower borrowing expectations.

Toronto housing starts ↓10% yearly versus the previous year, a clear sign construction activity moderated in the city's larger urban market during current tracking.
Toronto was tracking 37 building permits tied to 6.6K condominium apartment units where construction had not yet begun in the current pipeline.
The agency said some pending projects could still move forward, because related pre-sales likely happened much earlier than the current reduction in sales activity.
Housing-start data can lag current conditions, because large Toronto projects move through planning and pre-sale phases, permit issuance, then actual construction before starts appear.
That means Toronto's current starts may understate real-time activity, and some permitted condo units could still break ground as the pending pipeline advances.