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A broker puts up a For Sale sign before an open house in Toronto in this 2015 file photo. (Darren Calabrese For The Globe and Mail)
A broker puts up a For Sale sign before an open house in Toronto in this 2015 file photo. (Darren Calabrese For The Globe and Mail)

Big demand, tight supply: Greater Toronto's housing imbalance Add to ...

A rapid uptick in prices driven in large part by robust demand combined with a tight supply of both resale and new homes has created a vicious circle for buyers in the Greater Toronto Area housing market. Many potential move-up buyers are frequently outbid in multiple-offer situations, causing an even more drastic supply shortage for first-time buyers

The Neptis Foundation estimates 10,800 of the 56,200 hectares designated for urbanization inside the Greenbelt by the Ontario government in 2006 were developed by 2016. Neptis said in an October, 2016, report that that ‘leaves 80 per cent of the designated land supply to accommodate another 15 years’ worth of growth to 2031 and possibly beyond.’

Toronto Real Estate

Board boundary

Greenbelt

Regional

boundaries

Developed

areas

Lake

Simcoe

CFB

Borden

Barrie

Shelburne

New

Tecumseth

DURHAM

Newmarket

Orangeville

YORK

Oshawa

Ajax

Markham

Vaughan

PEEL

Brampton

TORONTO

Mississauga

HALTON

Lake Ontario

Oakville

NEW YORK

0

20

Hamilton

St. Catharines

KM

Active housing resale listings by region

February

2017

2016

5,070

1,929

1,933

928

2,298

710

897

1,059

398

538

TORONTO

DURHAM

HALTON

YORK

PEEL

Housing supply

Active resale listings, February*

 

Toronto

Rest

2012

6,090

8,456

2013

6,335

9,634

2014

5,797

8,222

2015

5,506

7,287

2016

5,070

5,832

2017

2,298

3,102

Remaining new home inventory

Monthly, in thousands

25

20

15

High-rise

10

5

Low-rise

0

‘07

‘09

‘11

‘13

‘15

‘17

Toronto CMA** growth

Dwellings

Population

5,928,040

5,583,064

2,235,145

2,079,459

2011

2016

*Toronto Real Estate Board data include co-listings with The Barrie & District Association of Realtors and the Orangeville & District Real Estate Board

 

**Toronto Real Estate Board and Statistics Canada’s Toronto census metropolitan area (CMA) boundaries differ

michael bird and john sopinski/

the globe and mail, sources: TORONTO REAL

ESTATE BOARD; CANADA mortgage and HOUSING

CORP.; STATISTICS CANADA; Building Industry &

Land Development Assoc.; Altus Group Ltd.

The Neptis Foundation estimates 10,800 of the 56,200 hectares designated for urbanization inside the Greenbelt by the Ontario government in 2006 were developed by 2016. Neptis said in an October, 2016, report that that ‘leaves 80 per cent of the designated land supply to accommodate another 15 years’ worth of growth to 2031 and possibly beyond.’

LEGEND

Greenbelt

Developed

areas

Regional

boundaries

Toronto Real Estate

Board boundary

Lake

Simcoe

CFB

Borden

Barrie

Shelburne

New

Tecumseth

DURHAM

Newmarket

Orangeville

YORK

Oshawa

Ajax

Markham

Vaughan

PEEL

Brampton

TORONTO

Mississauga

HALTON

Lake Ontario

Oakville

NEW YORK

0

20

Hamilton

St. Catharines

KM

Active housing resale listings by region

February

2017

2016

5,070

1,929

1,933

928

2,298

710

897

1,059

398

538

TORONTO

DURHAM

HALTON

YORK

PEEL

Housing supply

Active resale listings, February*

 

Toronto

Rest

2012

6,090

8,456

2013

6,335

9,634

2014

5,797

8,222

2015

5,506

7,287

2016

5,070

5,832

2017

2,298

3,102

Remaining new home inventory

Monthly, in thousands

25

20

15

High-rise

10

5

Low-rise

0

‘07

‘09

‘11

‘13

‘15

‘17

Toronto CMA** growth

Dwellings

Population

5,928,040

5,583,064

2,235,145

2,079,459

2011

2016

*Toronto Real Estate Board data include co-listings with The Barrie & District Association of Realtors and the Orangeville & District Real Estate Board

 

**Toronto Real Estate Board and Statistics Canada’s Toronto census metropolitan area (CMA) boundaries differ

michael bird and john sopinski/

the globe and mail, sources: TORONTO REAL

ESTATE BOARD; CANADA mortgage and housing

CORP.; STATISTICS CANADA; Building Industry &

Land Development Assoc.; Altus Group Ltd.

The Neptis Foundation estimates 10,800 of the 56,200 hectares designated for urbanization inside the Greenbelt by the Ontario government in 2006 were developed by 2016. Neptis said in an October, 2016, report that that ‘leaves 80 per cent of the designated land supply to accommodate another 15 years’ worth of growth to 2031 and possibly beyond.’

Lake

Simcoe

0

20

KM

Barrie

CFB

Borden

Shelburne

New

Tecumseth

DURHAM

Newmarket

Orangeville

YORK

400

Oshawa

Ajax

Markham

Vaughan

10

401

407

Brampton

TORONTO

PEEL

Mississauga

Lake Ontario

HALTON

Oakville

403

LEGEND

Greenbelt

Developed areas

Regional boundaries

Hamilton

Toronto Real Estate

Board boundary

St. Catharines

Active housing resale listings by region

February

5,070

2017

2016

1,929

1,933

2,298

928

710

897

1,059

538

398

TORONTO

DURHAM

HALTON

YORK

PEEL

Housing supply

Active resale listings, February*

 

Toronto

Rest

2012

6,090

8,456

2013

6,335

9,634

2014

5,797

8,222

2015

5,506

7,287

5,070

5,832

2016

2017

2,298

3,102

Remaining new home inventory

Monthly, in thousands

25

20

15

High-rise

10

5

Low-rise

0

‘07

‘09

‘11

‘13

‘15

‘17

Toronto CMA** growth

Dwellings

Population

5,928,040

5,583,064

2,235,145

2,079,459

2011

2016

*Toronto Real Estate Board data include co-listings with The Barrie & District Association of Realtors and the Orangeville & District Real Estate Board

 

**Toronto Real Estate Board and Statistics Canada’s Toronto census metropolitan area (CMA) boundaries differ

michael bird and john sopinski/the globe and mail, sources: TORONTO REAL ESTATE BOARD; CANADA mortgage and housing CORP.; STATISTICS CANADA; Building Industry & Land Development Assoc.; Altus Group Ltd.

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