Canada’s Housing Shortage Explained
Posted by Christopher Audette on
Why is there a housing shortage in Canada right now? It has more to do with the new construction pipeline than the high cost of home ownership in Canada. Homeowner housing starts have dropped to their lowest level in more than 25 years, a steeper decline than what followed the 2008 financial crisis.
National price data doesn’t expose this. The average home in Canada sold for $674,819 in July 2026, up a slim 0.2% year-over-year, and CREA's benchmark index was down 3.3%, its smallest yearly drop in nearly a year, while sales rose for a fourth straight month. Look past those numbers, though, and the shortage is on the supply side: CMHC reports homeowner starts fell to a seasonally adjusted 229,074 units in July, down 5% month-over-month and the slowest…
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