Major Shakeup in Canadian Housing Starts: Toronto’s Decline and Calgary’s Rise

Toronto's housing starts dropped 47% in 2025, losing its lead to Calgary, which recorded 18,632 starts from January to August. Montreal, Ottawa-Gatineau, and Edmonton also saw increases, while Vancouver remained flat. Federal and provincial initiatives aim to ease housing shortages, but economic challenges and trade uncertainties affect demand in Ontario. Alberta's energy trade with the U.S. supports its housing growth.