Toronto & Other Cities To Be Forced More Construction

[Economy 52,851]

https://www.google.ca/amp/s/www.thestar.com/amp/news/gta/2018/03/02/the-gtas-population-is-booming-but-not-necessarily-in-the-right-places.html

 

The city of Toronto is seriously struggling to keep up infrastructure for a population that grows 100,000 a year and often delays construction projects from developers up to a decade

 

This has led to the famous sky high prices and rents as vacancies reach record lows of less than 1% in many regions

 

The Province now has set up a new process that builders can take to the Province to get construction done in any city that the municipal Government denies and will be considered on a case by case basis

 

Basically if a city like Toronto says no to a new building the Province can overule the decision and let builders build.

 

Construction of new housing supply in Toronto is estimated to be 20% below demographic growth needs on an annual basis