The housing situation in Toronto ans Vancouver has reached to a point where developers are suggesting increasing the number of construction to three times the number of homes built in the previous year to address the supply issue especially for those finding it difficult to find a home as a result of affordability.
According to a reports from the Canada Mortgage and Housing Corporation, the average home price in Toronto has increased by 22.6% from the previous year. The vacancy rates have been low for the past seven years.
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