Canada EXPLODES After 100,000 LAYOFFS Are Coming Due To HOUSING MARKET CRASH!

Only 269 new homes were sold in the GTA

last month, making it the worst January

in the home building industry since

1981.

>> Construction comes to an end, the

industry will be slowing down, and we're

looking at the potential for about

100,000 layoffs across uh across the

province.

>> We've had over 100,000 job losses in the

last 9 months in Canada. Canada is

exploding as a 100,000 layoffs loom

because the housing market is crashing

in plain sight. The slowdown story

coming out of Ottawa doesn't match the

data. Sales have fallen to levels not

seen in decades. Projects are being

cancelled and construction pipelines are

drying up. Month after month, the

numbers break new records. And the

federal government keeps treating it

like background noise while the economic

damage spreads.

The latest real estate numbers are out

for Toronto and the GTA, and there was a

decline in December compared to the same

period a year earlier. Let's start with

the basics. December 2025, new home

sales across the GTA came in at 240

units. 240.

That is 82% below the 10-year average.

82. How does a market lose four-fifths

of its buyers and still get called

cyclical?

Who exactly thinks that's normal?

>> The sales slump leading to deferred or

cancelled projects.

>> Come 2728,

we're going to start to see a shortage

of product out there.

>> Then January hit, only 269 new homes

sold, the worst January since 1981. That

is 36% lower than the year before and

80% below the decade average. We'll have

to go back more than 40 years to find

numbers this bad. Back when interest

rates were in the double digits and MTV

had just launched, but you know, this is

just a temporary adjustment, right?

>> With 269 homes sold last month, that's

36% less than the year before and a

whopping 80% drop from the 10-year

January average.

>> Lowest January on record. The head of

Chestnut Hill Developments has six

projects in the works with digging for

the wild slated to begin later this

summer.

>> We came to market uh uh early last year.

We're about 50% sold.

>> February didn't save anyone either. Only

359 new homes sold, down 48%

year-over-year and 82% below the 10-year

average. That makes eight straight

months of historic lows. At what point

does Ottawa stop blaming weather and

start admitting that the housing engine

has stalled? And it gets worse in

condos. Q3 2025 condo sales in the GTA

totaled 316 units. That's a 35-year low.

Sales are sitting 92% below the 10-year

average. When nine out of 10 buyers

vanish, you're not in a slowdown. You

are watching an industry fall apart in

real time. and it's following on uh the

worst year on record, which was uh 2025.

>> Only 85 condos sold last month, which is

a 50% drop compared to last year, and

down 89% from a 10-year average.

>> For the full year of 2025, total new

condo sales came in at 1,599

units, down 60% from 2024 and 91% below

the normal average. That is not a market

taking a breath. That is oxygen getting

cut off. Developers cannot build without

pre-sales. Banks will not finance

projects without demand. So projects

freeze. Cranes stop moving. Workers get

pink slips.

Across the GTA, home sales have dipped

and so too have prices. Not surprising,

says real estate agent Gus Papaenu, who

also points to an oversaturated condo

market. But here's the part that really

exposes the fantasy coming out of

Ottawa. Inventories everywhere. The GTA

is sitting on 7 months of condo supply.

That is the highest level in 20 years.

There are about 15,000 condos and nearly

6,000 single family homes sitting

unsold. That is over 21,000 units

waiting for buyers who are not showing

up. I think the biggest cause right now

is a lack of confidence on the on the

buyer side.

>> Meanwhile, 184 single family homes sold,

which is a 26% drop compared to the year

before. and 68% lower than the 10-year

average.

>> Metro Vancouver has 2500 brand new

condos sitting empty, double last year.

Brand new towers with fresh paint, no

one moving in. These are not distressed

crack dens. They are brand new buildings

and people still won't touch them. Why

would they? Confidence is gone.

>> The market's been pretty flat. Just

listings are a lot higher. There's a lot

of choice for buyers right now. The

Toronto Regional Real Estate Board

reports more than 3,300 homes were sold

in December, down 1.8% from the same

time a year ago. Resale condo prices are

down 13% to 14% from the 2022 peak. New

home prices have moderated about 20%

from the top. Developers are saying that

they have hit the build cost floor. They

can't go lower because construction

inflation, development costs, land

costs, and taxes eat everything. So

buyers get discounts and still walk

away.

>> So the construction that you see

occurring today is a result of past

sales activity occurring 2 3 4 years

ago. Once that uh construction comes to

an end, the industry will be slowing

down.

>> Let me ask you something simple. If

prices were down 20% and interest rates

were lower, why are buyers still on the

sidelines? The Bank of Canada has cut

rates to 2.25%.

That is near the lowest level since

2023.

Rate relief was supposed to reignite

demand. Instead, sales are stuck at

historic lows. So, what is really

happening? People do not trust the

future. They don't trust job security

stability. They don't trust policy

direction. They see headlines about

tariffs, inflation, layoffs, and

mortgage resets coming in 2026.

Nearly onethird of Canadian mortgages

are about to reset at higher payments

next year. That doesn't inspire

confidence.

>> If you don't have anything in the

pipeline that comes after that, um

you're you're looking at very tight

supply conditions that will in in the

end drive up cost.

>> And Ottawa keeps acting shocked as if

they didn't spend years piling on taxes,

fees, and regulatory costs. Development

charges in Ontario are the highest in

North America. Government fees make up a

huge chunk of the cost of a new home.

Then politicians step in front of the

cameras and ask, "Why is housing

expensive?" How does that make sense?

Builders are openly warning that housing

starts are already declining. Sales lead

starts. When sales collapse,

construction slows 2 to 3 years later.

That means today's collapse sets up an

even worse supply crunch by 2027 or

2028. So, we get the worst of both

worlds. No sales now, no supply later.

>> At present, there is a lot of inventory

out there, close to 15,000 condos and

nearly 6,000 single family dwellings.

>> The small units, 300 ft, 400 ft², which

are twocar garage units, which are not

habitable. And that's where the the bulk

of the the the product that we have in

our city right now are on the market and

can't sell cuz people can't live in

them. This project here is open. It's

totally sold out. And through all of

this, federal leadership talks about

long-term visions and global strategy.

Regular Canadians are watching their

biggest asset lose value. They are

watching projects get cancelled. They

are watching neighbors list homes and

slash prices. This is not theory. This

is real money disappearing. The housing

market is the backbone of the Canadian

economy. It drives construction,

materials, retail, appliances, services,

and local businesses. When housing

freezes, everything connected to it

starts to crack. And we are already

seeing that crack spread.

>> We've had over 100,000 job losses in the

last 9 months in Canada.

>> Now, let's talk about the part nobody in

Ottawa wants to say out loud, jobs.

Because this housing crash is not just

about prices on a screen. It is about

paychecks disappearing. The construction

sector in Ontario employs about 225,000

people directly and indirectly. Industry

leaders are warning that 100,000 of

those jobs are at risk if sales don't

return to historic levels. That's nearly

half of the workforce. And this is not

some fringe blog prediction. It is

coming from the building industry and

land development association.

>> Well, a new report shows that new home

sales in GTA were stuck at lows that we

haven't seen in decades. Only 359

properties changed hands in July. This

is according to the Building Industry

and Land Development Association. That's

down 48% from the same month last year

and 82%.

Think about that number. 100,000

electricians, plumbers, framers, crane

operators, site supervisors, inspectors,

truck drivers, entire families tied to

those incomes. When projects get delayed

or canceled, those jobs don't quietly

shrink, they vanish. And layoffs are

already happening. Developers are

confirming cuts across projects because

financing is drying up. If you cannot

hit pre-sale targets, banks won't

release funds. No funds means no

groundbreaking. No groundbreaking means

no crews. It's literally that simple.

>> These neighborhoods that have highly

rated schools, transit, walkability will

always be sought after.

>> To the east, he says there are more

affordable options.

>> Even if you're willing to go to the edge

of Scar Bro or into Scar Bro, you can

find homes in that $1 million mark. Uh

whether it's a semi- detach or possibly

even a detached bungalow that needs a

lot of work. The wider labor market is

already flashing warning signs. Q4 2025

recorded 259,000

job cuts. That was the worst quarter

since 2008, worse than the COVID

lockdown period. The government sector

alone cut 308,000 jobs in 2025. The tech

sector cut 154,000.

Part-time jobs nationally dropped by

almost 1 million. That is not background

noise. That is deterioration.

There are 1.8 million Canadians who have

been actively looking for work for 27

weeks or longer. These are not people on

vacation. These are people trying every

single day to find something stable.

Now, imagine adding a h 100,000

construction workers to that pile. And

then comes the economic shock wave.

Industry estimates say Ontario could

lose 20 billion in economic activity if

the housing slowdown continues. That is

not just builders. That is suppliers,

hardware stores, appliance retailers,

restaurants near job sites, trunking

companies moving materials. December is

typically a slow month, but experts say

right now buyers have more power to

negotiate.

>> Bidding wars, they've come and gone with

the exception of a couple neighborhoods

and a couple home types such as

detached. You can take your time. You

can do your due diligence. You can go

even go visit the home.

>> Housing touches everything. When 240

homes sell in a month instead of a few

thousand, that ripple moves outward,

each kitchen cabinet not installed,

every furnace not ordered, every

landscaping contract that never happens.

Communities feel that loss immediately.

Then there is a mortgage time bomb.

Nearly onethird of Canadian mortgages

will reset in 2026 at higher payments.

Families who locked in low rates during

the boom will face monthly increases.

Some will manage, some will not. Power

sales are already up 90% in recent

months.

>> Uh so, Bill, it's really symptomatic

that people are still sitting on the

sidelines as it applies to the

purchasing of new homes. Uh this is a

trend that's been going on for about 8

months now where we've seen historic

lows across uh across the GTA.

>> One example, east of Toronto says

everything. A home bought in September

2024 for $2.3 million, sold recently for

1.2 million. That is a $1.1 million loss

in about a year. That is not a paper

loss. That is equity erased. How many

households could survive that kind of

hit? And just when you think it can't

get worse, look at the pipeline. Over

the next 18 months, about 26,000 condo

units are scheduled to complete in the

GTA. At the same time, absorption rates

remain weak. Developers need strong

pre-sales to finance new projects and

they are not getting them.

>> Are not habitable and that's where the

the bulk of the the product that we have

in our city right now are on the market

and can't sell cuz people can't live in

them. This project here is open. It's

totally sold out.

>> But Ralph Deluca says if you build

livable homes, there will be buyers with

build predicting a supply drop that will

drive up price starting in late 2027.

Housing starts are already declining.

Builders are openly saying that 2 to

three years from now, supply will fall

off a cliff. Urban Nation research

projects that by 2029, there could be

virtually no new condos ready for sale

in the GTA pipeline. Not a slowdown, not

a dip, close to zero. So, what does that

mean? It means today's crash turns into

tomorrow's shortage. Workers leave the

industry. Apprentices do not get

trained. Skills disappear. When demand

eventually returns, there may not be

enough crews left to build anything

quickly.

>> Uh and uh it's resulting in the levels

of sales that uh that this report has

indicated. 359 new homes. That's 83% of

the 10-year average.

>> And so these are new homes. Like we have

shots right now from Chopper 24 showing

like established, you know, communities

that have been there for decades. Are we

talking new builds that have never been

lived in before? Yeah, we're talking new

builds, new condominiums, uh new new

communities, um pre pre-construction

sales.

>> And Ottawa's response so far has been

small tweaks. Some talk about reducing

development charges, some HST relief for

firsttime buyers under $1 million. But

the structural problem remains.

Confidence is shattered. Policy

uncertainty is high. Builders cannot

make the math work. You cannot tax,

regulate, and inflate costs for years

and then act surprised when the engine

stalls. Government fees, land costs,

construction inflation, they all stack

up. Prices hit a build cost floor.

Buyers stepped back, sales collapsed,

starts are falling, layoffs loom. This

is not an abstract economic cycle. It is

real people on Zoom calls being told

that their position is eliminated

effective immediately. It is young

professionals who finally landed jobs

now asking how to apply for

unemployment.

It is families wondering how to pay

mortgages that are about to reset

higher.

>> So why why do we think that is? Is is it

because people either sitting on the

sidelines or they just simply don't want

that kind of house.

>> No, it really is a factor of they're

sitting in the sidelines. We we we've uh

interest rates are still uh albeit

they've come down from their peak, but

they're higher than they have been in in

the the previous decade.

>> Canada's housing market was the growth

story for over a decade. It drove GDP.

It fueled consumer spending. It

supported hundreds of thousands of jobs.

Now that engine is sputtering and

instead of facing the scale of the

problem, leadership keeps describing it

as mixed conditions or different

recovery cycles. There is nothing mixed

about 82% drops. There is nothing

cyclical about 92% collapses in condo

sales. And there is nothing temporary

about a 100,000 potential layoffs.