Housing prices increased 111 per cent in Toronto and 82 per cent in Vancouver.
In some Canadian cities, housing costs grew more than 50 per cent faster than incomes.
Rising incomes and low interest rates have generated tremendous demand for housing across the country.
Cities that build more homes when they’re most needed tend to see less home-price volatility.
In the greater Toronto and Vancouver areas, rents keep rising and rental vacancies remain low.
Housing unit completions in B.C. have remained relatively flat over the last decade.
The situation in California has important implications for Canada’s least-affordable cities including Vancouver and Toronto.
The more floors allowed in new projects, the more feasible they become.
Increasing demand for something in short supply will result in higher prices.