Full-text view: folded sections are expanded. Evidence dates and original wording are retained. Return to standard view
Whose benchmark? The disagreement over how much housing Canada needs
Starts, metropolitan gross completions and national net additions answer different questions. The latest CMHC and PBO models retain their own definitions and horizons.
Executive summary
The latest CMHC model concerns annual starts, while PBO’s separately dated model concerns net completions. They have different objectives and horizons. Current national starts and narrower metropolitan gross completions are observable, but the held Statistics Canada completion mirrors remain stalled. A matched national net-additions measure remains missing; the dated current figures appear in the housing Topic.
What the record shows
The construction measures below retain their own reference periods, geography and seasonal basis. Starts are a flow into construction; completions are a different flow. Neither establishes occupancy.
Two institutions, two paths
The current models retain their own units, horizons and assumptions. The superseded CMHC model remains a historical comparison. No models are averaged or treated as interchangeable.
Canada's Housing Supply Shortages: Estimating what is needed to solve Canada's housing affordability crisis by 2030 (with 2023 update)
Restore housing affordability to early-2000s levels by 2030
cumulative additional units above the baseline outlook 3,500,000.
Measure: additional units beyond projection.
Canada's Housing Supply Shortages: Moving to a New Framework
Restore housing affordability to 2019 (pre-pandemic) levels by 2035, on a rolling 10-year horizon
total annual requirement 478,000; cumulative additional units above the baseline outlook 2,600,000.
Measure: net completions.
Historical 2025 model, retained for its dated comparison. The current CMHC model uses annual starts through 2036; this older model uses net completions through 2035.
Household Formation and the Housing Stock: Estimating the Housing Gap in 2035 (RP-2526-007-S)
Return the total vacancy rate to its 2000-2019 historical average (6.4%) by 2035, while absorbing suppressed household formation (714,000 households projected by 2035)
total annual requirement 290,000; cumulative additional units above the baseline outlook 690,000.
Measure: net completions.
This model restores the historical total vacancy rate; it is not an affordability-restoration target.
Net completions include conversions and subtract demolitions. Housing starts are a different measure, so the starts comparison is context only, not progress against this requirement.
Fall 2026 Housing Supply Report — annual housing starts required
Restore 2019 housing affordability by 2036
total annual requirement 417,000–469,000.
Measure: starts.
Modelled requirement, not observed construction or a government target.
A different unit basis and horizon from the retained 2025 net-completions benchmark; do not subtract the vintages or describe the difference as progress.
Published rounded figures do not support an exact low-end supply-gap subtraction.
Annual starts, not net completions; the range reflects model assumptions, not a statistical confidence interval.
Construction measures and their limits
National actual starts can provide construction context. Comparisons with annual net-completion models do not establish progress against those models; metropolitan gross completions cannot fill the national net-additions gap.
CMHC's 2025-06 housing benchmark uses a different measure from starts
Canada started 248,256 homes in the 4 quarters to 2026 Q3 (actual, all areas). CMHC's 2025-06 modelled benchmark — restore housing affordability to 2019 (pre-pandemic) levels by 2035, on a rolling 10-year horizon — implies ~478,000 net completions per year over 2025-2035. The comparison crosses unit bases: the benchmark is completions-denominated, but official all-areas WDS completions end in 2022 (latest annual figure: 219,942 in 2022). Direct CMHC metropolitan completion counts are now held, but they are gross monthly units on narrower geography, not this national net-additions basis. Current starts are shown as context, not compliance. The benchmark is a model with stated assumptions, not an observation. Their cumulative additional-unit gaps are 2.60 million (CMHC) and 690,000 (PBO), about 3.8 times apart; these models use different objectives and assumptions (see the housing baseline conflict). This comparison uses the superseded 2025 CMHC model; the current 2026 range uses annual starts through 2036 and is displayed separately.
PBO's 2025-08 housing benchmark uses a different measure from starts
Canada started 248,256 homes in the 4 quarters to 2026 Q3 (actual, all areas). PBO's 2025-08 modelled benchmark — return the total vacancy rate to its 2000-2019 historical average (6.4%) by 2035, while absorbing suppressed household formation (714,000 households projected by 2035) — implies ~290,000 net completions per year over 2025-2035. The comparison crosses unit bases: the benchmark is completions-denominated, but official all-areas WDS completions end in 2022 (latest annual figure: 219,942 in 2022). Direct CMHC metropolitan completion counts are now held, but they are gross monthly units on narrower geography, not this national net-additions basis. Current starts are shown as context, not compliance. The benchmark is a model with stated assumptions, not an observation. Their cumulative additional-unit gaps are 2.60 million (CMHC) and 690,000 (PBO), about 3.8 times apart; these models use different objectives and assumptions (see the housing baseline conflict).
Where CMHC and the PBO differ
The two institutions are not disputing a fact -- they are answering different questions about what "enough housing" means, and reaching different numbers as a result.
How many additional homes does Canada need by 2035?
Units needed to restore housing affordability to 2019 (pre-pandemic) levels by 2035; implies ~478,000 net completions per year (range 430,000-480,000) → source
Units needed to return the total vacancy rate to its 2000-2019 average (6.4%) by 2035 and absorb suppressed household formation; implies ~290,000 completions per year → source
Why they differ: Different target definitions, not different data: CMHC models the supply needed to restore a chosen affordability level; PBO models the supply needed to normalize vacancy rates and absorb suppressed households. PBO's report states that CMHC's target would imply a ~13% total vacancy rate, which PBO characterizes as abnormally high.
The demand side
Housing supply does not move in isolation. The record also shows how population pressure and rent have moved alongside construction over recent quarters -- co-movement, stated as observed, never as cause.
Population growth per housing start: 0.8 (was 1.8 a year earlier)
In the four quarters to 2026 Q3, Canada added 189,425 residents while housing starts averaged 252,329 units (annualized). A ratio near or below average household size (~2.5 persons per dwelling) suggests supply keeping pace with population-driven demand; the ratio moved from 1.8 to 0.8. Inference assumes starts translate into completions with a lag and ignores household-formation shifts and non-permanent housing demand.
People added per housing start and Rent CPI, % y/y moved together over the 12 quarters to 2026-07 (r=+0.97). Correlation is not causation.
Rent CPI, % y/y and Housing starts, actual, trailing 4 quarters moved in opposite directions over the 12 quarters to 2026-07 (r=-0.60). Correlation is not causation.
What the record cannot say
Three limits are named rather than smoothed over. Each is part of the finding, not an omission from it.
How many homes is Canada actually completing right now?
What is missing: Narrowed September 8, 2026: a documented CMHC Excel route now supplies reproducible June and July 2026 metropolitan starts, under-construction stocks and gross completions, with July intended-market detail. The three held Statistics Canada completion mirrors still end in 2022. The broader CMHC provincial totals include smaller-centre values despite conflicting survey-coverage notes, so this reading uses the explicitly labelled metropolitan tables. A current, verified all-areas completion series and national net-additions measure remain outside the comparable evidence held here. Update September 30, 2026: the matching August workbooks extend the same metropolitan record, including intended-market detail; all area totals reconcile. The national coverage and net-additions limits remain.
Consequence: The machine-readable-route branch of the original closing criterion is met for metropolitan counts. This is a narrowing, not restoration of all-areas coverage or a national benchmark-compliance measure. Gross monthly completions on metropolitan geography cannot be divided by either institution’s national annual net-additions benchmark. Cancellation and occupancy outcomes remain separate gaps.
How many authorized or started homes are cancelled before completion?
What is missing: No continuously updated machine-readable cancellation count or rate is held on a verified comparable basis for this reading. The qualified CMHC construction tables report starts, stocks and completions; stock adjustments for cessation or unit-count changes do not isolate cancellations. The separately unfetched Market Absorption Survey concerns absorption after completion, not pre-completion cancellation; it is not activated by this source admission.
Consequence: The Housing Delivery module now observes separate construction stages. It still cannot measure a cancellation rate, a linked permit-to-completion conversion rate or occupancy. Missing cancellations are never imputed as zero; broader source discovery remains open under the registered criterion.
How fast are new households forming right now?
What is missing: No official sub-annual household-formation series exists for Canada. The official household count (StatsCan 17-10-0159) is annual (July 1 reference, published each November, based on the 2021 Census adjusted for undercoverage plus the T1 Family File and postcensal estimates).
Consequence: Quarterly or monthly comparisons of housing supply against 'household formation' necessarily use modelled formation (e.g., PBO's projections) or population-based proxies. Countability publishes population-per-completion (observed) quarterly and completions-per-formation (observed) annually, and labels any sub-annual formation figure as modelled.
Is Canada building family-sized homes?
What is missing: A qualified CMHC Q2 2026 apartment-completions workbook now provides bedroom counts for a limited subset. Five metropolitan areas and the Manitoba provincial view pass both rental and condominium reconciliation checks. National counts do not reconcile, and no matching earlier-quarter comparison is qualified.
Consequence: The workbook narrows the original source-absence gap; it does not supply a national bedroom share. Provincial and metropolitan geographies overlap and cannot be added. Bedroom count is not a measure of family suitability, affordability or occupancy.
October 27, 2026: current scope reconciled with the qualified evidence already held; earlier wording and any dated resolution remain historical.
Read the qualified current evidence →
Wording replaced on 27 October 2026.
What was missing: Bedroom-count detail for new supply exists only in CMHC's Housing Market Information Portal, which has no machine-readable public API. The StatsCan mirror (34-10-0148) provides dwelling type (single/semi/row/apartment) but not bedroom counts.
Consequence: Countability uses dwelling-type composition (ground-oriented vs apartment) as a stated proxy for family-sized supply.
What would close it: CMHC publishing bedroom-level starts/completions as open data.
Is Canada reaching 24,000 non-market housing starts a year?
What is missing: Countability has not yet identified a public, regularly updated series that separates non-market housing starts from all starts.
Consequence: The goal is registered as stated. No progress reading is published.
Is Build Canada Homes on a path to 200,000 new homes in the next decade?
What is missing: Countability has not yet identified a public, regularly updated count of homes delivered through Build Canada Homes.
Consequence: The goal is registered as stated. No progress reading is published.
Source trail & method
- Housing shortages in Canada (2022/2023 framework, superseded modelled benchmark) — CMHC
- Canada's Housing Supply Shortages: Moving to a New Framework (2025, modelled benchmark) — CMHC
- Fall 2026 Housing Supply Report (modelled annual starts range) — CMHC
- Household Formation and the Housing Stock: Estimating the Housing Gap in 2035 (modelled benchmark) — PBO
- Population estimates, quarterly — Statistics Canada
- Housing starts, under construction and completions, all areas, quarterly — Statistics Canada / CMHC
- Housing starts, all areas, SAAR — Statistics Canada / CMHC
Each claim carries its evidence tier, confidence and source. Correlation means observed co-movement, not cause. Missing links in the evidence are identified, and every figure belongs to a cited member of the published record.
Where this sits in the record
- Big Question: Can governments still solve housing shortages? →
- Monitor: Canadian Capacity Monitor →
This Deep Dive and its underlying question are published in full. See Work with Countability for a commissioned one.
Work with Countability