Toronto finished more homes in September. New starts tell a different story.

Toronto had more homes being finished in September, but far fewer getting started than a year earlier. Both can be true. They're different stages of construction, and they tell you different things about the housing choices ahead.

CMHC's October 16 report recorded 1,440 housing starts in the Toronto metropolitan area in September 2026, compared with 3,678 in September 2025. That's a drop of about 61%.

Completions went the other way over a different comparison period. There were 4,766 in September, up from 2,362 in August. That's roughly double the previous month's total. These figures describe the metropolitan area, not just the City of Toronto.

Finished this month doesn't mean started this month

A housing start records construction beginning. A completion records construction finishing. The homes completed in September came through an earlier construction process. They aren't the same homes counted among September's starts.

Think of a building with dozens of apartments. Its completion can add many homes to one month's total. That doesn't mean the next building is already on its way. CMHC warns that large projects can make monthly figures swing, which is why it also reports a smoother trend measure.

The report shows a weak month for new starts alongside a busy month for completions. It doesn't tell us that every neighbourhood has more homes available, or that prices or rents must move in one direction.

Looking for somewhere to live soon?

Start with the places you can actually view and occupy when you need them. Ask which units are available, what the full monthly cost is and what remains unfinished. A newly completed building across the region isn't much help if it doesn't have the size, location or move date you need.

For a rental, check the actual unit and the written terms rather than assuming a photograph of the building shows what you'll receive. For a purchase, have your Realtor help you compare the property with available alternatives, and ask your lawyer to explain the agreement before you commit.

Buying something that hasn't been built?

Keep the regional construction numbers separate from the project you're considering. Ask for its current construction status and written dates. Have your lawyer explain the provisions covering delays, deposits and the circumstances in which the agreement can end. A market report cannot establish whether that particular project will finish on time.

More completed homes may give some households another option now. Fewer starts raise a different question about the homes coming later. Your decision still needs to begin with the property, the agreement and the date you need to move.

Sources: CMHC's September 2026 construction report, released October 16 and CMHC's explanation of housing starts. Starts compare September with September a year earlier; completions compare September with August. General information, not advice on an individual project, contract or property value.

Illustrative construction photograph in Vaughan, March 2012. Not a project covered by this report or a SirLuckHomes listing. Photo: Raysonho, Wikimedia Commons, CC0.