Toronto housing demand outpaces construction supply

Toronto faces a severe housing affordability crisis amid record population growth, with nearly 300,000 shovel-ready homes idle due to financial and regulatory barriers. Despite federal tax relief for first-time buyers, average home prices remain above $1.1 million. High development fees, restrictive zoning, and outdated planning hinder new construction, causing new home sales to hit record lows and worsening the supply-demand imbalance.