The situation in California has important implications for Canada’s least-affordable cities including Vancouver and Toronto.
More than 80 per cent of Canadians live in towns, cities and suburbs.
On average, it takes one-and-a-half years before builders can break ground in Toronto.
Mayor-elect Kennedy Stewart wants to reach 85,000 new housing units over 10 years.
The cost of buying and renting is driven upward by a scarcity of available homes.
The imbalance between the number of available units and the number of would-be renters drives up rents.
The Wynne government almost exclusively targeted housing demand—not supply.
Building permit approval timelines averaged almost 18 months in Toronto and 21 months in Vancouver.
Ontario’s unemployment rate crept up slightly to 5.9 per cent in October.