Canada housing starts fall 11% year on year in September 2026
Builders began 19,984 homes in Canada's larger centres in September, 11% fewer than a year earlier, thinning the supply pipeline investors buy into.
The facts
- -11% year on year: builders started 19,984 homes in Canadian centres of 10,000 or more in September 2026, against 22,375 in September 2025.
- Multi-unit projects fell 12% and single-detached homes 6%, so apartments and row housing carried the decline.
- 248,896 units was the seasonally adjusted annual rate for September, up 3% from 242,223 in August.
- Approved building permits covered 143,929 units where construction had not begun, 1.1% more than a month earlier.
- British Columbia ran 49% ahead of last September while Ontario dropped 46%, Quebec -15% and Alberta +1%.
What it means for your money
- Less new supply is coming, which supports resale prices and rents. Softer markets today still make entry cheaper than a year ago.
- Owners reselling Canadian property meet less competition from fresh completions: 17,398 homes were finished in September, 0.9% fewer than in August.
- Glopra scores Canada 45 out of 100 for bubble risk, inside the moderate band, so a thinning construction pipeline meets a market that is not already stretched.
What to watch
- November 17 at 8:15 AM ET brings October starts, the next test of whether those 143,929 approved units break ground.
- CMHC's six-month trend of 250,411 units smooths monthly swings, which the agency warns can mislead in the multi-unit segment.
Sources: Canada Mortgage and Housing Corporation, Housing starts and construction data for September 2026, Ottawa 16 October 2026 https://www.cmhc-schl.gc.ca/media-newsroom/news-releases/2026/housing-starts-construction-data-september-2026