What happened
CMHC's six-month housing-start trend increased 0.5% to 258,010 units in May, while the monthly seasonally adjusted annual rate fell 6% from April.
Why it matters
Ontario's year-to-date starts were higher, but Toronto's actual May starts were 12% lower than a year earlier, showing that supply conditions remain uneven.
What it means
New supply is not moving uniformly. Buyers should compare immediate resale options with project timelines and total carrying costs rather than relying on one headline.
Detailed insight
Plain-English breakdown
CMHC described May's construction picture as mixed. The national six-month trend was virtually flat, monthly starts fell from April, and units under construction and completions increased.
Ontario recorded stronger year-to-date starts than the same period in 2025, but Toronto's monthly result moved in the opposite direction. That tension matters because provincial totals can hide very different local supply conditions.
For a buyer, construction data is context rather than a purchasing instruction. Compare occupancy timing, deposit schedule, interim occupancy costs where relevant, mortgage-rate risk, property taxes, maintenance fees, and resale alternatives before deciding.
How I can help
I can help compare mortgage and closing-cost scenarios across resale and new-build options.