The Canadian Real Estate Association said national home sales ticked up 1.1% in August, while active listings reached 195,453, up 8.8% from a year earlier.
Months of inventory sat at 4.4, a touch below the long-term average, suggesting balance on paper but not relief on the ground for overstretched buyers or builders.
CREA also noted the sales to new listings ratio eased to 51.2% as new supply outpaced deals. Those numbers have emboldened critics who argue the federal response is not moving fast enough to unclog bottlenecks or bring new projects to the finish line (CREA monthly release).
In the Greater Toronto–Hamilton Area, Urbanation reported a record 2,478 completed but unsold condo units in the second quarter, with about 60 months of supply for that standing inventory.
Developers launched only three new projects in the quarter and continued to cancel or convert others, a sign that financing and pre-sale math still do not pencil, even as asking prices give ground (Urbanation Q2 report).
This backdrop complicates federal ambitions, if builders cannot make projects work at current costs and rents, inventory can swell without delivering affordability.
The Housing Accelerator Fund has $4.4 billion in agreements to spur zoning reform and faster approvals across 230 jurisdictions, with a goal of boosting supply above baseline by 2028.
A recent analysis by the Parliamentary Budget Officer said most commitments are now signed but spending in the first year was modest, a lag that fuels skepticism about near term impact (PBO update).
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The federal Apartment Construction Loan Program has scaled to $55 billion to finance purpose-built rentals, including projects in the capital region, while Ottawa has expanded tax relief elsewhere in the system to try to nudge new builds over the line (CMHC ACLP release).
CMHC’s Fall Housing Supply Report says condominium starts have slowed in most key markets as weaker presales trigger delays and cancellations, while purpose built rental starts have surged as developers pivot to steadier economics.
The same report flags that active and new listings are rising in Vancouver, Toronto, Calgary, Ottawa and Halifax, lifting overall supply but not necessarily at prices end-users can absorb.
Internal assessments have already warned of a grim outlook for Canada’s housing crisis, and each uptick in unsold stock adds to the perception of a policy lag.
Industry groups argue Ottawa could accelerate impact by front loading funding flows to cities that have already legalized denser forms and cut approval times, while scaling back programs that spark demand before supply is ready.
Supporters of the current plan counter that municipalities need time to implement zoning and infrastructure upgrades, and that rental first financing will pay off as today’s projects complete.
The government’s use of GST levers has been pitched as a way to lower upfront costs and encourage construction, but skeptics say design choices risk blunting the effect for buyers and builders.
Earlier analysis questioned whether a housing GST rebate would meaningfully improve affordability without deeper supply side fixes tied to labour, materials and municipal charges.
