At last count, the GTA rental vacancy rate was 1.1 per cent.
City hall can reduce the cost of building new apartments on expensive lots by zoning for greater density.
The Horgan government now says it will peg allowable rent increases to inflation, estimated at 2.5 per cent for 2019.
Home prices in the GTA have risen almost 50 per cent since the last provincial election in 2014.
Ontario’s housing plan limits rent increases to 1.5 per cent annually.
Ontario’s government has doubled-down on rent controls, which mandate how much landlords can charge renters.
In 2011, average rents were just over $1,000—in 2016, they jumped to $1,242.
Recently 1,000 units initially intended for the rental market have been converted into condo units.
By capping rents, governments create a disincentive for prospective builders to construct new units.
If selling condos is more lucrative, that’s what property developers will do.