Canada’s homebuilding activity is showing signs of cooling off. The six-month trend in housing starts has slipped by about 1% to 244,000 units nationwide, and larger centres have seen actual starts dip roughly 2% to 17,700 units. Year-to-date, we’re at 149,500 starts—down 4% from the same period in 2025. While these numbers remain elevated compared to recent years, the national housing agency’s economists expect the downward momentum to continue. Homebuilders are under increasing strain from both international tensions and the ongoing US-Canada trade conflict, with higher tariffs pushing up construction material costs. Looking ahead, the housing agency projects that new-home construction will decline through 2028, particularly for condos, as developers contend with rising costs, tempered demand, and excess inventory. As someone who’s navigated hundreds of transactions across Greater Vancouver, I’ve seen how these trends ripple through our local market, shaping opportunities and challenges for both buyers and sellers.
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