Allow housing supply to react to housing demand in Toronto, Vancouver and beyond

To date, the discussion on housing affordability, dominated by handwringing over foreign homebuyers and low interest rates, has primarily focused on demand-side issues while ignoring the fact that when a good is in high-demand, it generally spurs greater supply.But a recent study by the Fraser Institute takes a closer look at the gap between demand and supply in several large Canadian urban regions, including Toronto and Vancouver, and finds that long and uncertain approval timelines for building permits, as well as onerous fees and local opposition to new homes, contribute to the housing supply’s inability to keep up with demand.

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