Tenant Mix

Canada built more homes in 2025 than it did the year before — but the year ended with less momentum than the topline numbers might suggest.

According to the Canada Mortgage and Housing Corporation (CMHC), housing starts across all areas of the country reached 259,028 units in 2025, up 5.6% from 2024 and ranking as the fifth-highest annual total on record. In centres with populations of 10,000 or more, starts rose 6% year-over-year to 241,171 units, driven largely by another record-breaking year for rental construction.

Earlier this month, the Ontario government officially approved a recommendation from the Independent Electricity System Operator (IESO) to construct a new underwater transmission line that will run from the Darlington Nuclear Station directly into Toronto’s downtown core.

The project isn't just a feat of engineering; it’s a massive unlock for the real estate industry.

Canada’s resale housing market is expected to regain some forward momentum in 2026, following a stop-start recovery that took shape over the back half of last year, according to the latest forecast from the Canadian Real Estate Association (CREA).

Updated on January 15, CREA’s outlook revises expectations for 2026 and extends the national forecast through 2027, painting a picture of a market that is stabilizing rather than surging. While 2025 ultimately proved slower than initially anticipated — weighed down by economic uncertainty tied to U.S. tariff threats — much of that softness was concentrated early in the year. Beginning in April, sales activity rallied, climbing 12% by August before settling into a holding pattern through year-end.