I disagree with no shortage. there is a shortage of housing in Toronto. The city under political pressure to slow down construction has resulted in a shortage of housing. There are 15,000 condos completed each year (thats all the trades can build each year - supply constraint) and based on population growth via immigration , birth rates and migration the demand is 20,000 homes are needed to service demand. There are 100,000 new residents each year coming to the Toronto GTA. There is also the 80/20 principle as 80% of demand is for low rise but the supply is only 20%  so there is more demand for this type of housing that results in bidding wars. We need more supply but we cannot build them fast enough. Also we need to take speculators out of the market as I bet a lot of condos are being bought by investors using their equity lines of credit that put pressure on prices. 75% of  all new condo sales are buy investors which is good for the rental market as a side benefit.