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HSG · Domain snapshot

Housing

This domain tracks housing supply against the commitments and benchmarks published about it — actual starts against institutional need estimates, the government's own target, and the places where the record has stopped updating. Where credible institutions size the need differently, both positions are held side by side.

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Latest source update · October 25, 2026

September housing starts were running at an annualized 248,896 dwellings, +2.8% compared with the revised August rate of 242,223. New-home prices changed -0.2% in September; the index was 120.2 (December 2016=100), 2.0% below a year earlier. August residential construction investment was $14.50 billion in constant 2023 dollars, seasonally adjusted: -0.5% from revised July and +4.5% from August 2025.

The starts figure is a seasonally adjusted annual rate, not the number of homes started that month. August starts were revised from 229,046 to 242,223 (+13,177), and July from 229,360 to 246,341 (+16,981). September is 2.8% above revised August; comparing it with the earlier August edition would give 8.7%. The captured mirror does not explain the revision cause. Three investment observations were also revised. New-home prices cover new single, semi-detached and row houses, not resale homes or condominium apartments. The metropolitan completions snapshot below remains the separate August CMHC edition; the separate quarterly update below advances actual starts to Q3.

34-10-0158-01; 18-10-0205-01; 34-10-0293-01. Sources captured October 26 UTC (October 25 Toronto); reference periods and issuer release dates remain separate.

Source update · October 26, 2026

During 2026 Q3, 63,641 dwellings started on the unadjusted all-areas measure, including 38,413 apartment and other units. These quarterly actual counts are distinct from the monthly seasonally adjusted annual rate.

The three completion/under-construction mirror successors contain unavailable observations, not zero counts. Their retained numeric mirror histories end in 2022; the separate qualified metropolitan CMHC completion snapshot remains August 2026. Statistics Canada redistributed the starts data October 19; that date is separate from CMHC’s October 16 calendar.

Quarterly housing estimates

Construction-table assessment · 2026-09-30

From permission to completion

16,899 homes completed in metropolitan areas in August 2026.

These metropolitan counts narrow the earlier data gap; they do not tell us whether Canada’s national housing shortage is closing.

Source check · 2026-09-30 — The matching August 2026 geography and intended-market workbooks, published September 27, are now qualified. Starts and completions reconcile across all 42 area rows and the issuer total; Ottawa and Gatineau are separate rows. June and July editions remain below. Geography publication · Intended-market publication.

Four separate observations, not the same homes moving through a funnel. Permits cover Canada; the other three measures below cover CMHC’s metropolitan-area tables. All are unadjusted dwelling counts.

01 · Authorized

24,705

August 2026

Canada · permits issued during the month. Permission to build does not establish a start.

Source and definition ↓

02 · Started

15,729

August 2026

Metropolitan areas · construction began during the month. This is a flow.

Source and definition ↓

03 · Under construction

360,554

End of August 2026

Metropolitan areas · unfinished units at month end. This is a stock, not a monthly flow.

Source and definition ↓

04 · Completed

16,899

August 2026

Metropolitan areas · gross completions during the month. Not net of demolitions or conversions.

Source and definition ↓

A completion is a construction milestone, not proof of occupancy; CMHC can count a unit with up to 10% of work unfinished. These observations do not measure cancellations or a permit-to-completion success rate.

What kind of homes were completed?

Selected metropolitan areas, August 2026. Each bar shows the mix within that area, not its share of Canada. Rental is the intended market; it does not establish affordability or who moved in.

HomeownershipRentalCondoCo-opUnclassified
Halifax776Homeownership: 201 · Rental: 575 · Condo: 0 · Co-op: 0 · Unclassified: 0
Montréal2,070Homeownership: 199 · Rental: 1,187 · Condo: 630 · Co-op: 54 · Unclassified: 0
Toronto2,362Homeownership: 599 · Rental: 115 · Condo: 1,648 · Co-op: 0 · Unclassified: 0
Calgary1,715Homeownership: 724 · Rental: 820 · Condo: 171 · Co-op: 0 · Unclassified: 0
Edmonton1,532Homeownership: 740 · Rental: 790 · Condo: 2 · Co-op: 0 · Unclassified: 0
Vancouver1,332Homeownership: 251 · Rental: 626 · Condo: 455 · Co-op: 0 · Unclassified: 0
Read the metropolitan totals and earlier editions
Unadjusted dwelling units; separate flow and stock measures
MonthStartsUnder construction
at month end		Completions
June 202618,299364,50817,588
July 202616,374362,05918,797
August 202615,729360,55416,899

Each edition is retained separately. These unadjusted monthly observations do not establish a trend or a cancellation rate.

What the national benchmarks mean

These are separate national models with different measures and horizons. CMHC’s September 2026 range is annual housing starts to 2036; the retained 2025 comparisons use completions. The monthly metropolitan counts above cannot establish national progress against these paths.

What remains missing—and what changed

Before this update, Countability’s three Statistics Canada completion series ended in 2022. They still do. The preserved direct CMHC Excel files provide reproducible metropolitan counts for the months shown above.

The broader provincial totals include smaller-centre observations despite notes saying completions are collected only in metropolitan areas plus Charlottetown. We use the explicitly labelled metropolitan tables and leave that wider coverage conflict unresolved. The 2023 geography change prevents a simple splice onto the older record.

National net additions, matching conversions and demolitions, cancellations, and linked permit-to-occupancy cohorts remain unavailable on a verified comparable basis in this reading.

Sources, dates and exact observations

Permits: Statistics Canada, table 34-10-0292-01; August 2026, Canada, new dwellings, unadjusted. Permits follow Statistics Canada’s release schedule; starts and completions follow CMHC’s.

Construction stages workbook, June 2026 · Published 2026-07-30. Archived copy SHA-256: c83f300be909ae7aa94a2e6c33486dc4e38a141e1f3a609d4ea403cbea9a4d0d

June 2026 metropolitan totals: starts: Table A4_1!F50; under construction: Table A5_1!F50; completions: Table A4_1!K50. Counts are read from those cells; category and geography sums are checked separately.

Construction stages workbook, July 2026 · Published 2026-08-25. Archived copy SHA-256: 79354815f627c24dd246d90c91f7cc7151f089f1964e39cb3704592a55779012

Intended market workbook, July 2026 · Published 2026-08-25. Archived copy SHA-256: e0d01da6380737d3b8ea981e7deaa344de45ebd8bea4e89a84f401b22d1061be

July 2026 metropolitan totals: starts: Table A4_1!F50; under construction: Table A5_1!F50; completions: Table A4_1!K50. Counts are read from those cells; category and geography sums are checked separately.

Construction stages workbook, August 2026 · Published 2026-09-27. Archived copy SHA-256: 5c261613b14997680467cd6894868aa57b368eb65dd35f8bc705fa718c5065e8

Intended market workbook, August 2026 · Published 2026-09-27. Archived copy SHA-256: 90b2f5e6edc6a5ee1cfec1abc6fa19060855799c7da6989e0a48ed5d7c64bf9e

August 2026 metropolitan totals: starts: Table A4_1!F50; under construction: Table A5_1!F50; completions: Table A4_1!K50. Counts are read from those cells; category and geography sums are checked separately.

Halifax intended-market observations: Homeownership: Table F5-4!C17; Rental: Table F5-4!D17; Condo: Table F5-4!E17; Co-op: Table F5-4!F17; Not Available: Table F5-4!G17; Total: Table F5-4!H17.

Montréal intended-market observations: Homeownership: Table F5-4!C26; Rental: Table F5-4!D26; Condo: Table F5-4!E26; Co-op: Table F5-4!F26; Not Available: Table F5-4!G26; Total: Table F5-4!H26.

Toronto intended-market observations: Homeownership: Table F5-4!C42; Rental: Table F5-4!D42; Condo: Table F5-4!E42; Co-op: Table F5-4!F42; Not Available: Table F5-4!G42; Total: Table F5-4!H42.

Calgary intended-market observations: Homeownership: Table F5-4!C10; Rental: Table F5-4!D10; Condo: Table F5-4!E10; Co-op: Table F5-4!F10; Not Available: Table F5-4!G10; Total: Table F5-4!H10.

Edmonton intended-market observations: Homeownership: Table F5-4!C13; Rental: Table F5-4!D13; Condo: Table F5-4!E13; Co-op: Table F5-4!F13; Not Available: Table F5-4!G13; Total: Table F5-4!H13.

Vancouver intended-market observations: Homeownership: Table F5-4!C44; Rental: Table F5-4!D44; Condo: Table F5-4!E44; Co-op: Table F5-4!F44; Not Available: Table F5-4!G44; Total: Table F5-4!H44.

Tabular observations — Source: Canada Mortgage and Housing Corporation (CMHC), Starts, Completions and Under Construction; Starts and Completions by Intended Market, June 2026, July 2026, August 2026. This information is reproduced and distributed on an “as is” basis with the permission of CMHC.

Charts and comparisons — Adapted from Canada Mortgage and Housing Corporation, Starts and Completions Survey tables, June 2026, July 2026, August 2026. This does not constitute an endorsement by Canada Mortgage and Housing Corporation of this product.

Apartment completions: what the bedroom record can support

Bedroom counts describe the size mix of new apartments. They do not establish affordability, floor area, accessibility or suitability for a particular household.

A national share is not yet defensible

In CMHC’s Q2 2026 workbook, the national bedroom counts do not add up to the published completion totals. The English and French editions agree on these cells. We therefore withhold a national bedroom share rather than invent a reconciliation.

Published national cells — Canada, centres of 10,000 or more, Q2 2026
MarketSum of bedroomsPublished totalDifference
Rental28,39226,652+1,740
Condominium11,78410,140+1,644

Six places pass both market checks

The comparisons below include every place where the rental and condominium completion rows both have numeric bedroom cells that sum exactly to a positive total. Five are metropolitan areas; Manitoba is a separate provincial view covering centres of 10,000 or more. These places are a source-qualified subset, not a representative sample. Provincial and metropolitan counts overlap and must not be added together.

On narrow screens, scroll the chart or table sideways to read all values.

Two-or-more-bedroom share of reconciled completions — Q2 2026
Two-plus-bedroom share in six qualified placesRental: solid · Condominium: outline · scale 0–100%Manitoba (10,000+)66.4% (n=958)100.0% (n=12)Abbotsford - Mission41.2% (n=97)100.0% (n=80)Hamilton100.0% (n=4)52.4% (n=416)Kamloops66.7% (n=18)49.5% (n=214)Windsor90.4% (n=83)100.0% (n=6)Winnipeg61.1% (n=828)100.0% (n=6)

Some totals are very small: a share of 100% can describe only a handful of apartments. Counts are shown alongside the shares; these figures cannot establish the supply available to a typical family.

Reconciled completion rows — Q2 2026, dwellings; two-plus-bedroom share of total
PlaceCoverageMarketStudio1 bed2 beds3 beds4+ bedsTotal2+ share
Manitoba10,000+ centresRental0322529107095866.4%
Manitoba10,000+ centresCondominium0075012100.0%
Abbotsford - MissionCMARental750301009741.2%
Abbotsford - MissionCMACondominium00800080100.0%
HamiltonCMARental004004100.0%
HamiltonCMACondominium31952180041652.4%
KamloopsCMARental0612001866.7%
KamloopsCMACondominium20881060021449.5%
WindsorCMARental0875008390.4%
WindsorCMACondominium006006100.0%
WinnipegCMARental032243967082861.1%
WinnipegCMACondominium006006100.0%
Source cells for the published comparisons
CMHC Q2 2026 workbook — exact bedroom and total cells
PlaceMarketSource cells
Canada(10,000+)RentalRental Completions!B20, Rental Completions!C20, Rental Completions!D20, Rental Completions!E20, Rental Completions!F20, Rental Completions!G20
Canada(10,000+)CondominiumCondo Completions!B20, Condo Completions!C20, Condo Completions!D20, Condo Completions!E20, Condo Completions!F20, Condo Completions!G20
ManitobaRentalRental Completions!B13, Rental Completions!C13, Rental Completions!D13, Rental Completions!E13, Rental Completions!F13, Rental Completions!G13
ManitobaCondominiumCondo Completions!B13, Condo Completions!C13, Condo Completions!D13, Condo Completions!E13, Condo Completions!F13, Condo Completions!G13
Abbotsford - MissionRentalRental Completions!B23, Rental Completions!C23, Rental Completions!D23, Rental Completions!E23, Rental Completions!F23, Rental Completions!G23
Abbotsford - MissionCondominiumCondo Completions!B23, Condo Completions!C23, Condo Completions!D23, Condo Completions!E23, Condo Completions!F23, Condo Completions!G23
HamiltonRentalRental Completions!B35, Rental Completions!C35, Rental Completions!D35, Rental Completions!E35, Rental Completions!F35, Rental Completions!G35
HamiltonCondominiumCondo Completions!B35, Condo Completions!C35, Condo Completions!D35, Condo Completions!E35, Condo Completions!F35, Condo Completions!G35
KamloopsRentalRental Completions!B36, Rental Completions!C36, Rental Completions!D36, Rental Completions!E36, Rental Completions!F36, Rental Completions!G36
KamloopsCondominiumCondo Completions!B36, Condo Completions!C36, Condo Completions!D36, Condo Completions!E36, Condo Completions!F36, Condo Completions!G36
WindsorRentalRental Completions!B63, Rental Completions!C63, Rental Completions!D63, Rental Completions!E63, Rental Completions!F63, Rental Completions!G63
WindsorCondominiumCondo Completions!B63, Condo Completions!C63, Condo Completions!D63, Condo Completions!E63, Condo Completions!F63, Condo Completions!G63
WinnipegRentalRental Completions!B64, Rental Completions!C64, Rental Completions!D64, Rental Completions!E64, Rental Completions!F64, Rental Completions!G64
WinnipegCondominiumCondo Completions!B64, Condo Completions!C64, Condo Completions!D64, Condo Completions!E64, Condo Completions!F64, Condo Completions!G64
Method and limits

Share = (two-bedroom + three-bedroom + four-or-more-bedroom completions) ÷ the published total × 100. Every component and the denominator must be numeric, and all five bedroom categories must reconcile to the total. Counts are apartments completed during Q2 2026, with rental and condominium intended markets kept separate; accessory units are excluded. A dash means either unavailable data or no activity in this workbook, so it is never converted to zero. Suppression is retained. No earlier matching quarter was qualified in this acquisition, so this section makes no claim about change over time.

Of the 112 rental and condominium completion rows, 33 reconcile individually; only 12 belong to a place where both markets qualify. Rows failing the check, or containing unavailable or suppressed cells, are excluded from shares. This is a publication limit, not proof that the source’s underlying dwellings are misclassified.

Adapted from Canada Mortgage and Housing Corporation, Apartment Starts and Completions by Bedroom Type, Q2 2026, published July 29, 2026; accessed October 5, 2026. This does not constitute an endorsement by Canada Mortgage and Housing Corporation of this product. Source cells refer to the Rental Completions and Condo Completions sheets.

Record build used for this page: report period 2026-08, built 2026-10-26 (v0.21.0). The build date identifies this assembled record. It is not the reference period, official release date or capture date of every figure below. Each series and maintained reading keeps its own dates; rebuilding a page does not refresh its sources.

Current snapshot

Housing starts, SAAR
248,896
−11.3% vs 12 months earlier (was 280,669)
10-year average: 237,592
Reference period: Sep 2026
Statistics Canada / CMHC — Housing starts, all areas, SAAR

Countability last verified this source’s licence on 2026-07-10.

Units authorized, trailing 12 months
299,467
−2.0% vs 12 months earlier (was 305,549)
7-year average: 276,795
Reference period: Aug 2026
Statistics Canada — Building permits, by type of structure and type of work, monthly · Statistics Canada / CMHC — Housing starts, under construction and completions, all areas, quarterly

Countability last verified this source’s licence on 2026-07-10.

Read this figure carefully

a permit authorizes units; a start begins them — the two stages are measured by different programs

Ground-oriented share of starts
39.6%
+3.6 pp vs 4 quarters earlier
10-year average: 42.3%
Reference period: 2026 Q3
Statistics Canada / CMHC — Housing starts, under construction and completions, all areas, quarterly

Countability last verified this source’s licence on 2026-07-10.

New-house prices, % y/y
−2.04%
−0.2 pp vs 12 months earlier
10-year average: +2.24%
Reference period: Sep 2026
Statistics Canada — New housing price index, monthly · Statistics Canada — Consumer Price Index, monthly

Countability last verified this source’s licence on 2026-07-10.

Read this figure carefully

an index of builders' selling prices for new houses, not a resale-market price

Rent CPI, % y/y
+2.80%
−2.0 pp vs 12 months earlier
10-year average: +3.48%
Reference period: Sep 2026
Statistics Canada — Consumer Price Index, monthly

Countability last verified this source’s licence on 2026-07-10.

Residential construction investment, monthly (constant $)
$14.5B
+4.5% vs 12 months earlier (was $13.9B)
9-year average: $15.4B
Reference period: Aug 2026
Statistics Canada — Investment in building construction, monthly

Countability last verified this source’s licence on 2026-07-10.

Read this figure carefully

constant 2023 dollars, seasonally adjusted — a volume measure of construction activity, not nominal spending

Rental vacancy rate, all CMAs
3.3%
+0.9 pp vs 1 year earlier
10-year average: 2.6%
Reference period: 2025
Statistics Canada / CMHC — Vacancy rates, apartment structures of six units and over, census metropolitan areas, annual

Countability last verified this source’s licence on 2026-07-10.

Read this figure carefully

October survey; apartment structures of six units and over; census metropolitan areas only

building permits: Aug 2026 new house prices: Sep 2026 rental vacancy: 2025

Time-series evidence

Housing starts, monthly SAAR

319,843147,197Jan 2015Sep 2026

Jan 2015 → Sep 2026 · Statistics Canada / CMHC — Housing starts, all areas, SAAR

View the data table for Housing starts, monthly SAAR (141 points)
PeriodValue
Jan 2015187,115
Feb 2015147,197
Mar 2015192,597
Apr 2015181,815
May 2015199,576
Jun 2015201,871
Jul 2015192,203
Aug 2015216,496
Sep 2015224,455
Oct 2015195,835
Nov 2015212,762
Dec 2015171,248
Jan 2016177,219
Feb 2016213,427
Mar 2016201,172
Apr 2016191,120
May 2016191,982
Jun 2016218,070
Jul 2016199,191
Aug 2016187,631
Sep 2016215,556
Oct 2016194,172
Nov 2016185,786
Dec 2016202,693
Jan 2017206,567
Feb 2017208,686
Mar 2017245,562
Apr 2017212,852
May 2017198,484
Jun 2017209,111
Jul 2017229,448
Aug 2017227,274
Sep 2017218,566
Oct 2017220,517
Nov 2017248,331
Dec 2017214,309
Jan 2018216,760
Feb 2018229,432
Mar 2018221,226
Apr 2018211,956
May 2018196,246
Jun 2018241,899
Jul 2018201,553
Aug 2018197,116
Sep 2018193,498
Oct 2018213,713
Nov 2018224,465
Dec 2018214,990
Jan 2019200,484
Feb 2019163,048
Mar 2019192,596
Apr 2019229,417
May 2019196,581
Jun 2019242,624
Jul 2019219,724
Aug 2019225,555
Sep 2019225,848
Oct 2019204,753
Nov 2019201,775
Dec 2019199,555
Jan 2020200,082
Feb 2020209,589
Mar 2020189,117
Apr 2020161,004
May 2020192,551
Jun 2020213,167
Jul 2020244,851
Aug 2020263,630
Sep 2020214,476
Oct 2020227,492
Nov 2020259,934
Dec 2020240,421
Jan 2021291,290
Feb 2021260,922
Mar 2021319,843
Apr 2021272,344
May 2021283,092
Jun 2021283,769
Jul 2021274,472
Aug 2021259,630
Sep 2021250,714
Oct 2021236,588
Nov 2021305,206
Dec 2021247,179
Jan 2022229,125
Feb 2022248,877
Mar 2022245,690
Apr 2022262,693
May 2022280,961
Jun 2022273,565
Jul 2022277,195
Aug 2022266,521
Sep 2022294,615
Oct 2022261,632
Nov 2022259,518
Dec 2022252,115
Jan 2023205,585
Feb 2023245,474
Mar 2023212,635
Apr 2023259,258
May 2023193,709
Jun 2023282,657
Jul 2023253,675
Aug 2023250,814
Sep 2023268,451
Oct 2023270,322
Nov 2023207,569
Dec 2023253,860
Jan 2024228,574
Feb 2024263,539
Mar 2024242,514
Apr 2024240,347
May 2024258,456
Jun 2024246,101
Jul 2024276,475
Aug 2024215,421
Sep 2024226,910
Oct 2024243,732
Nov 2024262,930
Dec 2024232,639
Jan 2025233,830
Feb 2025222,448
Mar 2025214,494
Apr 2025281,826
May 2025278,701
Jun 2025284,165
Jul 2025293,877
Aug 2025244,294
Sep 2025280,669
Oct 2025231,239
Nov 2025253,191
Dec 2025282,023
Jan 2026236,778
Feb 2026248,831
Mar 2026239,571
Apr 2026270,692
May 2026254,477
Jun 2026239,838
Jul 2026246,341
Aug 2026242,223
Sep 2026248,896

The supply pipeline: units authorized vs units started, trailing-year totals

Units authorized (trailing 12 months)Units started (trailing 4 quarters)
310,368203,601Jan 2019Aug 2026

Jan 2019 → Aug 2026 · Statistics Canada — Building permits, by type of structure and type of work, monthly · Statistics Canada / CMHC — Housing starts, under construction and completions, all areas, quarterly

View the data table for The supply pipeline: units authorized vs units started, trailing-year totals (88 periods × 2 series)
PeriodUnits authorized (trailing 12 months)Units started (trailing 4 quarters)
Jan 2019205,952
Apr 2019207,215
Jul 2019235,214213,214
Aug 2019238,048
Sep 2019238,154
Oct 2019236,983208,685
Nov 2019235,052
Dec 2019234,181
Jan 2020234,987211,340
Feb 2020236,459
Mar 2020236,933
Apr 2020230,639203,601
May 2020229,112
Jun 2020231,754
Jul 2020231,483207,370
Aug 2020234,340
Sep 2020240,625
Oct 2020243,951217,880
Nov 2020249,989
Dec 2020254,229
Jan 2021257,213236,435
Feb 2021259,680
Mar 2021272,538
Apr 2021283,305259,817
May 2021286,283
Jun 2021291,974
Jul 2021298,373265,981
Aug 2021297,964
Sep 2021299,252
Oct 2021299,275271,198
Nov 2021303,056
Dec 2021305,132
Jan 2022300,592261,062
Feb 2022301,398
Mar 2022296,609
Apr 2022293,862258,744
May 2022295,879
Jun 2022298,682
Jul 2022294,121263,177
Aug 2022297,796
Sep 2022292,683
Oct 2022286,475261,849
Nov 2022283,347
Dec 2022277,595
Jan 2023275,028260,343
Feb 2023274,382
Mar 2023273,943
Apr 2023268,202252,071
May 2023266,678
Jun 2023266,465
Jul 2023266,899245,201
Aug 2023261,075
Sep 2023263,677
Oct 2023266,937240,267
Nov 2023267,738
Dec 2023262,986
Jan 2024261,828246,275
Feb 2024262,147
Mar 2024258,669
Apr 2024271,052247,972
May 2024273,687
Jun 2024267,468
Jul 2024270,474243,429
Aug 2024273,663
Sep 2024275,298
Oct 2024279,544245,367
Nov 2024278,522
Dec 2024289,578
Jan 2025296,022239,817
Feb 2025297,818
Mar 2025307,887
Apr 2025303,954248,735
May 2025303,527
Jun 2025304,943
Jul 2025308,194257,046
Aug 2025305,549
Sep 2025306,098
Oct 2025310,368259,028
Nov 2025309,560
Dec 2025307,741
Jan 2026305,592262,930
Feb 2026305,800
Mar 2026305,326
Apr 2026304,369255,061
May 2026301,473
Jun 2026303,006
Jul 2026296,536248,256
Aug 2026299,467

A permit authorizes units; a start begins them. The two stages are measured by different programs and do not reconcile one-for-one; the separate CMHC metropolitan completion counts are not linked permit cohorts or national net additions.

New-house prices against all-items CPI, % y/y

New housing price indexAll-items CPI
+12.17%−2.43%Jan 2010Sep 2026

Jan 2010 → Sep 2026 · Statistics Canada — New housing price index, monthly · Statistics Canada — Consumer Price Index, monthly

View the data table for New-house prices against all-items CPI, % y/y (201 periods × 2 series)
PeriodNew housing price indexAll-items CPI
Jan 2010+0.11%+1.86%
Feb 2010+0.81%+1.58%
Mar 2010+1.63%+1.40%
Apr 2010+2.46%+1.84%
May 2010+2.93%+1.39%
Jun 2010+3.29%+0.96%
Jul 2010+2.93%+1.83%
Aug 2010+2.92%+1.74%
Sep 2010+2.56%+1.92%
Oct 2010+2.44%+2.44%
Nov 2010+2.31%+2.00%
Dec 2010+1.96%+2.35%
Jan 2011+1.72%+2.35%
Feb 2011+2.18%+2.16%
Mar 2011+1.83%+3.29%
Apr 2011+1.83%+3.28%
May 2011+1.93%+3.70%
Jun 2011+2.05%+3.10%
Jul 2011+2.28%+2.74%
Aug 2011+2.27%+3.08%
Sep 2011+2.27%+3.17%
Oct 2011+2.38%+2.90%
Nov 2011+2.49%+2.89%
Dec 2011+2.60%+2.30%
Jan 2012+2.48%+2.46%
Feb 2012+2.25%+2.62%
Mar 2012+2.58%+1.93%
Apr 2012+2.58%+2.00%
May 2012+2.34%+1.24%
Jun 2012+2.34%+1.50%
Jul 2012+2.34%+1.25%
Aug 2012+2.33%+1.25%
Sep 2012+2.44%+1.16%
Oct 2012+2.44%+1.16%
Nov 2012+2.21%+0.83%
Dec 2012+2.21%+0.83%
Jan 2013+2.20%+0.50%
Feb 2013+2.20%+1.24%
Mar 2013+1.86%+0.99%
Apr 2013+1.86%+0.41%
May 2013+1.85%+0.74%
Jun 2013+1.74%+1.15%
Jul 2013+1.74%+1.32%
Aug 2013+1.74%+1.07%
Sep 2013+1.63%+1.07%
Oct 2013+1.41%+0.65%
Nov 2013+1.40%+0.90%
Dec 2013+1.29%+1.24%
Jan 2014+1.40%+1.48%
Feb 2014+1.51%+1.14%
Mar 2014+1.61%+1.55%
Apr 2014+1.61%+2.04%
May 2014+1.50%+2.28%
Jun 2014+1.50%+2.36%
Jul 2014+1.39%+2.11%
Aug 2014+1.60%+2.11%
Sep 2014+1.60%+2.03%
Oct 2014+1.71%+2.36%
Nov 2014+1.70%+1.95%
Dec 2014+1.70%+1.47%
Jan 2015+1.49%+0.97%
Feb 2015+1.27%+1.05%
Mar 2015+1.27%+1.20%
Apr 2015+1.06%+0.80%
May 2015+1.16%+0.87%
Jun 2015+1.26%+1.03%
Jul 2015+1.37%+1.27%
Aug 2015+1.37%+1.27%
Sep 2015+1.36%+1.03%
Oct 2015+1.47%+1.03%
Nov 2015+1.47%+1.36%
Dec 2015+1.57%+1.61%
Jan 2016+1.68%+2.01%
Feb 2016+1.78%+1.36%
Mar 2016+1.88%+1.27%
Apr 2016+2.09%+1.66%
May 2016+2.71%+1.50%
Jun 2016+2.60%+1.49%
Jul 2016+2.91%+1.26%
Aug 2016+2.69%+1.10%
Sep 2016+2.79%+1.34%
Oct 2016+3.00%+1.49%
Nov 2016+3.10%+1.18%
Dec 2016+3.09%+1.50%
Jan 2017+3.09%+2.13%
Feb 2017+3.29%+2.05%
Mar 2017+3.28%+1.56%
Apr 2017+3.89%+1.64%
May 2017+3.76%+1.32%
Jun 2017+3.85%+1.01%
Jul 2017+3.84%+1.16%
Aug 2017+3.83%+1.40%
Sep 2017+3.83%+1.55%
Oct 2017+3.51%+1.39%
Nov 2017+3.40%+2.10%
Dec 2017+3.30%+1.87%
Jan 2018+3.20%+1.70%
Feb 2018+2.59%+2.16%
Mar 2018+2.38%+2.31%
Apr 2018+1.58%+2.22%
May 2018+0.88%+2.22%
Jun 2018+0.78%+2.45%
Jul 2018+0.49%+2.99%
Aug 2018+0.39%+2.84%
Sep 2018+0.19%+2.22%
Oct 2018+0.10%+2.44%
Nov 2018+0.00%+1.68%
Dec 2018+0.00%+1.99%
Jan 2019−0.10%+1.44%
Feb 2019+0.10%+1.51%
Mar 2019+0.10%+1.88%
Apr 2019+0.10%+2.03%
May 2019+0.00%+2.40%
Jun 2019−0.19%+2.02%
Jul 2019−0.39%+2.01%
Aug 2019−0.29%+1.94%
Sep 2019−0.10%+1.87%
Oct 2019+0.00%+1.86%
Nov 2019−0.10%+2.17%
Dec 2019+0.10%+2.25%
Jan 2020+0.19%+2.40%
Feb 2020+0.58%+2.16%
Mar 2020+0.87%+0.89%
Apr 2020+0.87%−0.22%
May 2020+1.07%−0.37%
Jun 2020+1.26%+0.66%
Jul 2020+1.75%+0.15%
Aug 2020+2.14%+0.15%
Sep 2020+3.20%+0.51%
Oct 2020+3.87%+0.66%
Nov 2020+4.55%+0.95%
Dec 2020+4.64%+0.73%
Jan 2021+5.42%+1.02%
Feb 2021+7.03%+1.09%
Mar 2021+7.88%+2.20%
Apr 2021+9.89%+3.39%
May 2021+11.32%+3.60%
Jun 2021+11.89%+3.06%
Jul 2021+11.94%+3.72%
Aug 2021+12.17%+4.09%
Sep 2021+11.27%+4.38%
Oct 2021+11.46%+4.65%
Nov 2021+11.68%+4.72%
Dec 2021+11.65%+4.80%
Jan 2022+11.83%+5.14%
Feb 2022+10.89%+5.69%
Mar 2022+11.04%+6.66%
Apr 2022+9.35%+6.77%
May 2022+8.36%+7.73%
Jun 2022+7.88%+8.13%
Jul 2022+7.51%+7.59%
Aug 2022+6.86%+7.01%
Sep 2022+6.33%+6.86%
Oct 2022+5.10%+6.88%
Nov 2022+4.15%+6.80%
Dec 2022+3.89%+6.32%
Jan 2023+2.71%+5.92%
Feb 2023+1.38%+5.25%
Mar 2023+0.16%+4.30%
Apr 2023−0.24%+4.41%
May 2023−0.64%+3.36%
Jun 2023−0.71%+2.81%
Jul 2023−0.87%+3.27%
Aug 2023−0.87%+4.00%
Sep 2023−1.03%+3.80%
Oct 2023−0.80%+3.12%
Nov 2023−0.88%+3.12%
Dec 2023−0.88%+3.40%
Jan 2024−0.72%+2.86%
Feb 2024−0.40%+2.78%
Mar 2024−0.40%+2.90%
Apr 2024−0.08%+2.69%
May 2024+0.00%+2.87%
Jun 2024−0.24%+2.67%
Jul 2024+0.08%+2.53%
Aug 2024+0.00%+1.95%
Sep 2024+0.24%+1.64%
Oct 2024−0.16%+2.02%
Nov 2024+0.16%+1.89%
Dec 2024+0.08%+1.83%
Jan 2025+0.08%+1.90%
Feb 2025+0.08%+2.64%
Mar 2025+0.08%+2.32%
Apr 2025−0.56%+1.74%
May 2025−0.96%+1.73%
Jun 2025−1.04%+1.86%
Jul 2025−1.36%+1.73%
Aug 2025−1.68%+1.85%
Sep 2025−1.84%+2.36%
Oct 2025−1.85%+2.16%
Nov 2025−1.93%+2.23%
Dec 2025−2.01%+2.36%
Jan 2026−2.33%+2.29%
Feb 2026−2.09%+1.78%
Mar 2026−2.33%+2.39%
Apr 2026−2.34%+2.82%
May 2026−2.43%+3.23%
Jun 2026−2.27%+2.80%
Jul 2026−2.27%+3.03%
Aug 2026−2.03%+3.03%
Sep 2026−2.04%+3.09%

Rents against all-items CPI, % y/y

RentAll-items
+8.95%−0.37%Jan 2015Sep 2026

Jan 2015 → Sep 2026 · Statistics Canada — Consumer Price Index, monthly

View the data table for Rents against all-items CPI, % y/y (141 periods × 2 series)
PeriodRentAll-items
Jan 2015+1.29%+0.97%
Feb 2015+1.37%+1.05%
Mar 2015+1.37%+1.20%
Apr 2015+1.37%+0.80%
May 2015+1.28%+0.87%
Jun 2015+1.20%+1.03%
Jul 2015+1.20%+1.27%
Aug 2015+1.11%+1.27%
Sep 2015+1.02%+1.03%
Oct 2015+0.93%+1.03%
Nov 2015+0.85%+1.36%
Dec 2015+0.85%+1.61%
Jan 2016+0.85%+2.01%
Feb 2016+0.76%+1.36%
Mar 2016+0.68%+1.27%
Apr 2016+0.59%+1.66%
May 2016+0.68%+1.50%
Jun 2016+0.59%+1.49%
Jul 2016+0.51%+1.26%
Aug 2016+0.59%+1.10%
Sep 2016+0.51%+1.34%
Oct 2016+0.51%+1.49%
Nov 2016+0.51%+1.18%
Dec 2016+0.50%+1.50%
Jan 2017+0.50%+2.13%
Feb 2017+0.50%+2.05%
Mar 2017+0.59%+1.56%
Apr 2017+0.59%+1.64%
May 2017+0.59%+1.32%
Jun 2017+0.67%+1.01%
Jul 2017+0.67%+1.16%
Aug 2017+0.59%+1.40%
Sep 2017+0.67%+1.55%
Oct 2017+0.67%+1.39%
Nov 2017+0.75%+2.10%
Dec 2017+0.75%+1.87%
Jan 2018+0.84%+1.70%
Feb 2018+0.92%+2.16%
Mar 2018+0.92%+2.31%
Apr 2018+1.00%+2.22%
May 2018+1.09%+2.22%
Jun 2018+1.08%+2.45%
Jul 2018+1.17%+2.99%
Aug 2018+1.33%+2.84%
Sep 2018+1.33%+2.22%
Oct 2018+1.33%+2.44%
Nov 2018+1.41%+1.68%
Dec 2018+1.41%+1.99%
Jan 2019+2.24%+1.44%
Feb 2019+2.49%+1.51%
Mar 2019+2.73%+1.88%
Apr 2019+2.23%+2.03%
May 2019+2.15%+2.40%
Jun 2019+2.39%+2.02%
Jul 2019+2.56%+2.01%
Aug 2019+3.04%+1.94%
Sep 2019+2.96%+1.87%
Oct 2019+3.69%+1.86%
Nov 2019+3.11%+2.17%
Dec 2019+3.44%+2.25%
Jan 2020+2.44%+2.40%
Feb 2020+2.75%+2.16%
Mar 2020+2.58%+0.89%
Apr 2020+2.35%−0.22%
May 2020+1.46%−0.37%
Jun 2020+1.77%+0.66%
Jul 2020+1.21%+0.15%
Aug 2020+1.36%+0.15%
Sep 2020+1.60%+0.51%
Oct 2020+0.95%+0.66%
Nov 2020+1.51%+0.95%
Dec 2020+0.55%+0.73%
Jan 2021+0.87%+1.02%
Feb 2021+0.08%+1.09%
Mar 2021+0.55%+2.20%
Apr 2021+0.95%+3.39%
May 2021+2.47%+3.60%
Jun 2021+2.14%+3.06%
Jul 2021+2.62%+3.72%
Aug 2021+1.57%+4.09%
Sep 2021+1.89%+4.38%
Oct 2021+1.80%+4.65%
Nov 2021+1.72%+4.72%
Dec 2021+2.76%+4.80%
Jan 2022+3.14%+5.14%
Feb 2022+4.25%+5.69%
Mar 2022+4.14%+6.66%
Apr 2022+4.54%+6.77%
May 2022+4.43%+7.73%
Jun 2022+4.26%+8.13%
Jul 2022+4.88%+7.59%
Aug 2022+4.73%+7.01%
Sep 2022+4.24%+6.86%
Oct 2022+4.70%+6.88%
Nov 2022+5.85%+6.80%
Dec 2022+5.82%+6.32%
Jan 2023+5.79%+5.92%
Feb 2023+5.35%+5.25%
Mar 2023+5.33%+4.30%
Apr 2023+6.07%+4.41%
May 2023+5.66%+3.36%
Jun 2023+5.80%+2.81%
Jul 2023+5.46%+3.27%
Aug 2023+6.51%+4.00%
Sep 2023+7.32%+3.80%
Oct 2023+8.24%+3.12%
Nov 2023+7.42%+3.12%
Dec 2023+7.75%+3.40%
Jan 2024+7.92%+2.86%
Feb 2024+8.16%+2.78%
Mar 2024+8.55%+2.90%
Apr 2024+8.19%+2.69%
May 2024+8.95%+2.87%
Jun 2024+8.78%+2.67%
Jul 2024+8.54%+2.53%
Aug 2024+8.90%+1.95%
Sep 2024+8.20%+1.64%
Oct 2024+7.34%+2.02%
Nov 2024+7.65%+1.89%
Dec 2024+7.12%+1.83%
Jan 2025+6.27%+1.90%
Feb 2025+5.76%+2.64%
Mar 2025+5.05%+2.32%
Apr 2025+5.22%+1.74%
May 2025+4.46%+1.73%
Jun 2025+4.72%+1.86%
Jul 2025+5.09%+1.73%
Aug 2025+4.47%+1.85%
Sep 2025+4.78%+2.36%
Oct 2025+5.19%+2.16%
Nov 2025+4.65%+2.23%
Dec 2025+4.89%+2.36%
Jan 2026+4.33%+2.29%
Feb 2026+3.88%+1.78%
Mar 2026+4.25%+2.39%
Apr 2026+3.60%+2.82%
May 2026+3.53%+3.23%
Jun 2026+3.52%+2.80%
Jul 2026+2.45%+3.03%
Aug 2026+2.81%+3.03%
Sep 2026+2.80%+3.09%

Rental vacancy rate, all census metropolitan areas (October survey)

4.8%1.1%19902025

1990 → 2025 · Statistics Canada / CMHC — Vacancy rates, apartment structures of six units and over, census metropolitan areas, annual

View the data table for Rental vacancy rate, all census metropolitan areas (October survey) (36 points)
PeriodValue
19903.3%
19914.4%
19924.8%
19934.8%
19944.6%
19954.3%
19964.3%
19974.1%
19983.4%
19992.6%
20001.5%
20011.1%
20021.7%
20032.3%
20042.8%
20052.8%
20062.6%
20072.7%
20082.2%
20092.9%
20102.7%
20112.2%
20122.6%
20132.7%
20142.7%
20153.3%
20163.4%
20172.7%
20182.2%
20192.1%
20203.4%
20213.4%
20221.9%
20231.6%
20242.4%
20253.3%

What this means together

New-home prices and rent inflation differ across selected periods.

Two housing-cost measures have different averages across the periods selected for each series. The New Housing Price Index prices newly built homes; rent inflation in the Consumer Price Index describes a different market. Each comparison selects its own earlier and later observations. The selected dates do not establish when a change began, and the comparisons are not significance tests or two readings of the same underlying price.

OBSERVED

New housing price index, % y/y: different averages either side of Jul 2025

A two-segment mean-shift scan over the last 40 months selects a split in New housing price index, % y/y at Jul 2025: mean -0.39 before vs -2.05 after (difference = 4.2× pooled variability). The selected date divides two sets of observations; it does not establish when a change began. This descriptive comparison is not a significance test and does not attribute a cause. Window choice and seasonal patterns can affect it.

Technical details
Method: Descriptive two-segment mean comparison; selects the largest |difference in means| / pooled standard deviation, reported at ratios of at least 1.5 with at least eight observations per segment. No change-date or statistical-significance inference.
Source: Statistics Canada — New housing price index, monthly
OBSERVED

Rent CPI, % y/y: different averages either side of Feb 2025

A two-segment mean-shift scan over the last 40 months selects a split in Rent CPI, % y/y at Feb 2025: mean 7.65 before vs 4.27 after (difference = 3.5× pooled variability). The selected date divides two sets of observations; it does not establish when a change began. This descriptive comparison is not a significance test and does not attribute a cause. Window choice and seasonal patterns can affect it.

Technical details
Method: Descriptive two-segment mean comparison; selects the largest |difference in means| / pooled standard deviation, reported at ratios of at least 1.5 with at least eight observations per segment. No change-date or statistical-significance inference.
Source: Statistics Canada — Consumer Price Index, monthly

What the record says about this domain

Findings

INFERRED

CMHC's 2025-06 housing benchmark uses a different measure from starts

Canada started 248,256 homes in the 4 quarters to 2026 Q3 (actual, all areas). CMHC's 2025-06 modelled benchmark — restore housing affordability to 2019 (pre-pandemic) levels by 2035, on a rolling 10-year horizon — implies ~478,000 net completions per year over 2025-2035. The comparison crosses unit bases: the benchmark is completions-denominated, but official all-areas WDS completions end in 2022 (latest annual figure: 219,942 in 2022). Direct CMHC metropolitan completion counts are now held, but they are gross monthly units on narrower geography, not this national net-additions basis. Current starts are shown as context, not compliance. The benchmark is a model with stated assumptions, not an observation. Their cumulative additional-unit gaps are 2.60 million (CMHC) and 690,000 (PBO), about 3.8 times apart; these models use different objectives and assumptions (see the housing baseline conflict). This comparison uses the superseded 2025 CMHC model; the current 2026 range uses annual starts through 2036 and is displayed separately.

Technical details
Method: Trailing 4-quarter sum of actual housing starts ÷ CMHC benchmark annual rate × 100. Benchmark from cmhc-supply-gap-2025 (2025-06), taken as published; unit-basis mismatch stated.
Source: Statistics Canada / CMHC — Housing starts, under construction and completions, all areas, quarterly · CMHC — Canada's Housing Supply Shortages: Moving to a New Framework (2025, modelled benchmark)
INFERRED

PBO's 2025-08 housing benchmark uses a different measure from starts

Canada started 248,256 homes in the 4 quarters to 2026 Q3 (actual, all areas). PBO's 2025-08 modelled benchmark — return the total vacancy rate to its 2000-2019 historical average (6.4%) by 2035, while absorbing suppressed household formation (714,000 households projected by 2035) — implies ~290,000 net completions per year over 2025-2035. The comparison crosses unit bases: the benchmark is completions-denominated, but official all-areas WDS completions end in 2022 (latest annual figure: 219,942 in 2022). Direct CMHC metropolitan completion counts are now held, but they are gross monthly units on narrower geography, not this national net-additions basis. Current starts are shown as context, not compliance. The benchmark is a model with stated assumptions, not an observation. Their cumulative additional-unit gaps are 2.60 million (CMHC) and 690,000 (PBO), about 3.8 times apart; these models use different objectives and assumptions (see the housing baseline conflict).

Technical details
Method: Trailing 4-quarter sum of actual housing starts ÷ PBO benchmark annual rate × 100. Benchmark from pbo-housing-gap-2025 (2025-08), taken as published; unit-basis mismatch stated.
Source: Statistics Canada / CMHC — Housing starts, under construction and completions, all areas, quarterly · PBO — Household Formation and the Housing Stock: Estimating the Housing Gap in 2035 (modelled benchmark)

Institutional benchmarks

CMHCvintage 2022-06Historical benchmark

Canada's Housing Supply Shortages: Estimating what is needed to solve Canada's housing affordability crisis by 2030 (with 2023 update)

Restore housing affordability to early-2000s levels by 2030

cumulative additional units above the baseline outlook 3,500,000.

Measure: additional units beyond projection.

Source: CMHC publication · accessed 2026-07-08
CMHCvintage 2025-06Historical benchmark

Canada's Housing Supply Shortages: Moving to a New Framework

Restore housing affordability to 2019 (pre-pandemic) levels by 2035, on a rolling 10-year horizon

total annual requirement 478,000; cumulative additional units above the baseline outlook 2,600,000.

Measure: net completions.

Historical 2025 model, retained for its dated comparison. The current CMHC model uses annual starts through 2036; this older model uses net completions through 2035.

Source: CMHC publication · accessed 2026-07-07
CMHCvintage 2026-09Current model

Fall 2026 Housing Supply Report — annual housing starts required

Restore 2019 housing affordability by 2036

total annual requirement 417,000–469,000.

Measure: starts.

Modelled requirement, not observed construction or a government target.

A different unit basis and horizon from the retained 2025 net-completions benchmark; do not subtract the vintages or describe the difference as progress.

Published rounded figures do not support an exact low-end supply-gap subtraction.

Annual starts, not net completions; the range reflects model assumptions, not a statistical confidence interval.

Source: CMHC publication · accessed 2026-09-14
PBOvintage 2025-08Current model

Household Formation and the Housing Stock: Estimating the Housing Gap in 2035 (RP-2526-007-S)

Return the total vacancy rate to its 2000-2019 historical average (6.4%) by 2035, while absorbing suppressed household formation (714,000 households projected by 2035)

total annual requirement 290,000; cumulative additional units above the baseline outlook 690,000.

Measure: net completions.

This model restores the historical total vacancy rate; it is not an affordability-restoration target.

Net completions include conversions and subtract demolitions. Housing starts are a different measure, so the starts comparison is context only, not progress against this requirement.

Source: PBO publication · accessed 2026-07-08

Where institutions disagree

Institutions disagreemagnitude 3.8x

How many additional homes does Canada need by 2035?

CMHC: 2,600,000 additional units by 2035

Units needed to restore housing affordability to 2019 (pre-pandemic) levels by 2035; implies ~478,000 net completions per year (range 430,000-480,000) → source

PBO: 690,000 additional units by 2035

Units needed to return the total vacancy rate to its 2000-2019 average (6.4%) by 2035 and absorb suppressed household formation; implies ~290,000 completions per year → source

Why they differ: Different target definitions, not different data: CMHC models the supply needed to restore a chosen affordability level; PBO models the supply needed to normalize vacancy rates and absorb suppressed households. PBO's report states that CMHC's target would imply a ~13% total vacancy rate, which PBO characterizes as abnormally high.

Countability’s position: None. Actual construction is tracked against both paths, each in its own units, with each issuer's definition displayed.

Evidence gaps

Evidence gap

How fast are new households forming right now?

What is missing: No official sub-annual household-formation series exists for Canada. The official household count (StatsCan 17-10-0159) is annual (July 1 reference, published each November, based on the 2021 Census adjusted for undercoverage plus the T1 Family File and postcensal estimates).

Consequence: Quarterly or monthly comparisons of housing supply against 'household formation' necessarily use modelled formation (e.g., PBO's projections) or population-based proxies. Countability publishes population-per-completion (observed) quarterly and completions-per-formation (observed) annually, and labels any sub-annual formation figure as modelled.

What would close it: A StatsCan sub-annual household estimate or administrative household series.
Evidence gap

How many homes is Canada actually completing right now?

What is missing: Narrowed September 8, 2026: a documented CMHC Excel route now supplies reproducible June and July 2026 metropolitan starts, under-construction stocks and gross completions, with July intended-market detail. The three held Statistics Canada completion mirrors still end in 2022. The broader CMHC provincial totals include smaller-centre values despite conflicting survey-coverage notes, so this reading uses the explicitly labelled metropolitan tables. A current, verified all-areas completion series and national net-additions measure remain outside the comparable evidence held here. Update September 30, 2026: the matching August workbooks extend the same metropolitan record, including intended-market detail; all area totals reconcile. The national coverage and net-additions limits remain.

Consequence: The machine-readable-route branch of the original closing criterion is met for metropolitan counts. This is a narrowing, not restoration of all-areas coverage or a national benchmark-compliance measure. Gross monthly completions on metropolitan geography cannot be divided by either institution’s national annual net-additions benchmark. Cancellation and occupancy outcomes remain separate gaps.

What would close it: Restoration of the post-2022 completions series in Statistics Canada's public data tables, or confirmation of a stable, documented, machine-readable CMHC source (e.g., a downloadable dataset or API distinct from the HMIP interactive portal) that Countability could collect automatically.
Evidence gap

Is Canada building family-sized homes?

What is missing: Bedroom-count detail for new supply exists only in CMHC's Housing Market Information Portal, which has no machine-readable public API. The StatsCan mirror (34-10-0148) provides dwelling type (single/semi/row/apartment) but not bedroom counts.

Consequence: Countability uses dwelling-type composition (ground-oriented vs apartment) as a stated proxy for family-sized supply.

What would close it: CMHC publishing bedroom-level starts/completions as open data.
Evidence gap

How many authorized or started homes are cancelled before completion?

What is missing: No continuously updated machine-readable cancellation count or rate is held on a verified comparable basis for this reading. The qualified CMHC construction tables report starts, stocks and completions; stock adjustments for cessation or unit-count changes do not isolate cancellations. The separately unfetched Market Absorption Survey concerns absorption after completion, not pre-completion cancellation; it is not activated by this source admission.

Consequence: The Housing Delivery module now observes separate construction stages. It still cannot measure a cancellation rate, a linked permit-to-completion conversion rate or occupancy. Missing cancellations are never imputed as zero; broader source discovery remains open under the registered criterion.

What would close it: CMHC, a provincial regulator, or a municipal permitting authority publishing a continuously updated, machine-readable cancellation count or rate for authorized or started residential units.
Evidence gapResolved 8 July 2026

Is PBO's ~290,000-per-year requirement stated net or gross of demolitions and conversions?

What is missing: The PBO publication page states the requirement as 'total units completed annually'; whether this is net of stock losses was unconfirmed pending review of the full report.

Consequence: Prior to resolution, TARGET/benchmark comparisons against the PBO path used gross completions with a caveat displayed.

Resolved 8 July 2026: PBO's publication page explicitly defines 'net housing completions' as completions plus conversions less demolitions, and models housing stock as Housing stock(t) = Housing stock(t-1) + Completions(t) + Conversions(t) - Demolitions(t). The ~290,000/yr figure is on this net basis. This record's own benchmark entry for the PBO housing gap was updated accordingly: its unit basis now reads net completions, and its pending-verification flag was cleared. Caveat retained: PBO's and CMHC's respective 'net completions' concepts are not confirmed to be composed identically (e.g., treatment of conversions) and should not be silently equated.

What would have closed it: Verification against the full PBO report (RP-2526-007-S).

How to read the dates on this page

Record build
When this version of the page's underlying record was generated. Its report period is the pipeline's reporting label, not a claim that every source covers the same period.
Reference period
The month, quarter or year measured by an observation. These periods differ across sources; a page's assessment or build date does not replace them.
Source licence verified
When Countability last checked the source's licence terms, where recorded. This is separate from the issuer's release date and Countability's data-capture date.

How to read the clock →

Full method, evidence tiers, and licence attribution: Sources & Method.

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