Metro Vancouver’s housing crunch exists primarily because there aren’t enough new homes getting built.
The price of homes—like the price of anything—is determined by both demand and supply.
Brooklyn is as populous as Toronto but less than a third as large geographically.
Both New York and London are more than twice as dense as Toronto.
In Toronto the approvals process costs nearly $47,000 per housing unit (on average), compared to $21,000 in Hamilton.
In 2011, average rents were just over $1,000—in 2016, they jumped to $1,242.
Rent control could devastate the rental market in Toronto.
If selling condos is more lucrative, that’s what property developers will do.
Long and uncertain building permit approval timelines make it more difficult to build in cities like Toronto.
On average, it takes more than 15 months to get a permit to build a new housing unit in Vancouver.