Insufficient supply relative to demand means fewer homes available to renters and buyers alike.
Toronto plans to overhaul zoning and housing approvals by early this year.
In the 1970s roughly one home was built annually for every 1.2 new Ontarians compared to 2.4 new Ontarians in the most recent decade.
The best way to increase housing affordability is to build more homes.
Toronto had 360 housing units per 1,000 residents in 2020, well below the national average of 424.
Residents in unsubsidized units will pay more so residents in subsidized units pay less.
The federal government plans to spend billions on “affordable” housing over the next several years.
A recent report showed that Canada has fewer housing units per capita than any other G7 country.
In April, the average price for a home in Canada hit $723,500.