Supply elasticity is a central factor in any analysis of home-price growth.
Without the OMB as a scapegoat, councillors must now make tough decisions themselves.
In the Greater Golden Horseshoe, per-unit building costs to comply with regulation amount to nearly $50,000.
It takes 21 months, on average, for Vancouver to approve housing projects compared to seven months in Burnaby.
Since sprawl is limited, to grow its housing supply, Toronto must build up.
Compliance costs and fees in Toronto are typically more than twice what they are in Hamilton.
To reduce the cost of housing in Vancouver, more units must be built.
To enhance affordability, Queen’s Park and city halls across the Greater Toronto Area should reduce barriers to new homebuilding.
Despite Vancouver’s image as a city of glass towers, most of the city is zoned for single-dwelling housing.