Just the Facts: Carney’s Grim Housing Outlook
Ottawa, ON – As Canadians were getting ready to go to the polls this spring, Prime Minister Mark Carney promised them a government that would deliver the “most ambitious housing plan since the Second World War” and “double the pace of construction to almost 500,000 new homes a year”.
But instead, under Mark Carney, homebuilding has fallen off a cliff, even compared to the already abysmal situation after 10 years of Liberal government. Whatever hopes Canadians once had, the situation has now gotten so bad that the Canada Mortgage and Housing Corporation (CMHC) just had to revise their forecasts from before the election, and not for the better.
After 10 years of Liberal mismanagement, the CMHC originally forecasted a decrease in the overall number of housing starts every year for the next three years, down to just 232,900 in 2027 from 245,367 actual starts last year.
But not for the first time, Carney is proving he’s not like Trudeau – he’s worse.
The CMHC’s updated figures reveal that housing starts could fall to as little as 224,948 in 2026 and 212,550 in 2027. That’s over 40,000 fewer homes than were actually started in 2024 – and less than half of what Carney promised Canadians just a few months ago. Toronto starts could be as low as 23,000 by 2027, down from 37,718 in 2024.
Whether they’re auto mechanics or architects, baristas or business owners, our young people are struggling to achieve the dream of home ownership the way their parents and grandparents did.
That’s why Conservatives are committed to speeding up permits, cutting taxes on buyers and builders and reducing immigration so that housing demand never outstrips supply.