"Sky high condo prices" are absolutely a supply problem.  If there was more supply, condos would be cheaper by virtue of cheaper land.  The fact that land constitutes a significant proportion of the development cost and developable land for multi-units are problematic because of municipal government approvals which can take years.  That's risk.  Then when it does get approved, development charges (which were originally a means of recovery of costs for infrastructure, and is now a cash flow tax) take their toll, along with HST.  In fact, the government take is greater than most developer profit.  The answer -- make land easier to develop, increase densities, and get used to the idea that detached homes are inefficient, ineffective means of accommodating a large population.