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.
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.
According to a report commissioned by the province, more than 115,000 new housing units were awaiting approval in six Metro Vancouver municipalities.
The cost of buying and renting is driven upward by a scarcity of available homes.
Developer fees comprised 13.2 per cent of municipal revenue in the City of Vancouver in 2016.
Both Toronto and Vancouver require at least one space per residential unit in most of the city.
The Horgan government now says it will peg allowable rent increases to inflation, estimated at 2.5 per cent for 2019.