CMHC projects that housing starts will fall about 4% a year for the next couple of years. They will be about 30,000 units lower than they were in 2023. It's housing sales, preconstruction sales, that are in absolute free fall. In the GTA, condo preconstruction sales are down about 90%. Ground-oriented home sales are down about 70%. Today's sales are next year or the year after's housing starts. It's why we're seeing housing starts fall in the future, because we're just not seeing those new home and preconstruction sales today.
