Toronto CMA

Key Points

• Housing starts in Toronto CMA have declined significantly compared to the same point in previous years. Starts of rental apartments are holding up better than ground-oriented or condo apartment homes.

• In the CMA, for municipalities with provincial housing supply targets, overall grades, relative to performance over the same period (2021-2024) are:

  • Toronto: F;
  • Mississauga: D; and
  • Brampton: F.

• The decline in new home construction is starting to be felt in the labour market. The decline in housing starts, compared to the previous four-year average at this point in the year, is estimated to have reduced the number of jobs: Toronto: (down 10,209); and Brampton (down 728). In Mississauga, in contrast, 324 jobs have been added, largely driven by much higher starts of rental apartments.

Housing starts

Figure 1: Year-to-date housing starts by dwelling type, Toronto CMA

Housing starts in most municipalities are well below the provincial housing supply targets.¹ To translate the provincial housing supply targets into targets for dwelling types, the previous year’s actual housing starts were used to estimate municipality-specific splits between dwelling types. The saffron colored line indicates the quarterly provincial housing supply target, estimated for each dwelling type.

New home sales

Figure 2: Year-to-date new home sales by dwelling type, Toronto CMA

Housing starts in most municipalities are well below the provincial housing supply targets.² To translate the provincial housing supply targets into targets for dwelling types, the previous year’s actual housing starts were used to estimate municipality-specific splits between dwelling types. For example, in 2024, 96% 96% of housing starts in Toronto were apartments, so 96% of Toronto’s monthly housing supply target (2,282 / 2,375) is assigned to apartments for 2025.

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1. Starting in 2022, 29 municipalities were assigned housing supply targets. The group of municipalities with housing targets was later expanded to 50 municipalities.

2. Starting in 2022, 29 municipalities were assigned housing supply targets. The group of municipalities with housing targets was later expanded to 50 municipalities.