Canada's housing system continued to evolve in 2025, shaped by strong demand, regional supply conditions and changing economic factors. Canada Mortgage and Housing Corporation (CMHC) supported housing outcomes across the country through financing tools, housing programs and research that informed decision-making.

Our 2025 Annual Report highlights CMHC's work, results and the housing conditions experienced over the past year, showing how collaboration and investment are helping to ensure stability and improve housing supply for Canadians.

A year shaped by housing pressure and economic change

Housing demand remained strong across Canada in 2025, particularly in urban centres where rental demand continued to grow. Housing conditions varied by region. Some markets experienced tight supply and ongoing affordability pressures, while others moved toward more balanced conditions.

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