156 condo starts. Toronto used to start 7,000 a year
Toronto's condo engine did not slow down. It stopped.
CMHC's Fall 2026 Housing Supply Report counts just 156 condo units started in the City of Toronto in the first half of 2026, against a decade average of about 7,000 a year. Population-adjusted starts were the lowest since 1996, excluding 2025.
The building that is happening is rental. Purpose-built rental starts rose 82% in the Toronto region and now account for about two thirds of apartment starts in key markets. CMHC puts the national shortfall at 187,000 to 238,000 homes a year over the next decade, and says Toronto needs starts up at least 50% for a decade to restore 2019 affordability.
For investors, the read is the calendar. A freeze this deep is a supply cliff on a delivery schedule, and CMHC is warning about it in plain language. The rental product being built and bought now is what the market will be short of later.
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