Of the 338,000 hectares of land in the Toronto region covered by the plan, the report says 16,000 are vacant land where housing development could still occur and only 3,000 hectares, or 23 per cent of that land, are at the stage in which development applications are in process.
“The other 77 per cent is not remotely close to being designated or approved,” the report says. “And at this rate, much of that land will take years to find its way to the market.”
The report predicts the supply gap will widen further because the land first released for use was “low-hanging fruit” that was ready for development when the growth plan was implemented. Some of the land already had construction projects launched.
The report also argues that policy makers are underestimating the long-term housing demand in Toronto and Vancouver from new immigrants and non-permanent residents, primarily students and foreign workers.
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