It's got new home construction tanking, especially in the condo sector, which is faring quite dismally. Looking at the numbers, construction somehow kicked off on more new homes in Alberta (16,749) than in Ontario (16,115) during April, despite us having more than three times that province's population (16.2 million to their 5 million). Even worse, Toronto specifically saw new housing starts fall 25 per cent from April 2024 to April 2025 — Montreal, by comparison, saw a staggering 64 per cent increase, as did Vancouver (of a lesser 6 per cent). This is, the CMHC says, due to a sharp drop in multi-unit starts, a.k.a. is seeing more new home listings each month than anywhere else in Canada, with tens of thousands of existing homes sitting on the market.