Toronto’s population is now 2,731,571 as of 2016 (last census). Over 2016 the population rose by an astronomical 116,511 people. The industry completed 34,672 (according to numbers from Canada Mortgage and Housing Corporation) new houses and condos in 2016. If you are wondering why prices have jolted upwards, wonder no more. More people want homes than there are available to purchase. This is a supply problem. Anyone who tries to paint a different story is not being honest. The City of Toronto needs to DRAMATICALLY increase density for high condo housing. They also need to stop deliberately dragging their feet on approving files and permits. This tactic is costing years more in development time. 905 municipalities need to be pressured by the Province to fast track lot growth in the 905 there is plenty of land outside of the Greenbelt. If we don’t do this immediately we will see prices double in the next 7-10 years.
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