Approximately 41% of the YTD population growth in Canada this year has been in Ontario. Here's a slide from a recent presentation by Zonda Urban:

So there's an argument to be made that demand is still outpacing new housing supply in most of our major markets:

Why then are new home sales continuing to slide? A reasonable answer would be that -- by design -- this new housing isn't attainable to most:

The result seems to be a long-term structural shift toward more rental housing: