Insufficient supply relative to demand means fewer homes available to renters and buyers alike.
The situation in California has important implications for Canada’s least-affordable cities including Vancouver and Toronto.
The typical number of approval bodies with veto power over rezoning increased in many cities.
Increasing demand for something in short supply will result in higher prices.
Average rents grew by 2.5 per cent, amounting to about $30 more per month.
In the Greater Golden Horseshoe, approval timelines average one-and-a-half years.
Housing affordability was easily the top issue on the campaign trail.
At last count, the GTA rental vacancy rate was 1.1 per cent.
Horgan government will spend $492 million on 4,900 subsidized rental units.
On average, it takes one-and-a-half years before builders can break ground in Toronto.