There is in fact nowhere left to build.  You are not far from the point despite the sarcasm.  The govt of Ontario imposed stringent land development guidelines under Ontario's Places to grow act that saw sharp limits on land AVAILABLE for development such as the Niagara Escarpment, Oak Ridges Moraine, and Protected Countryside which is more than 4 times the size of GTA's developable area.  This was done to curb congestion, reduce pollution, and put an end to urban sprawl that was occurring in Golden Horseshoe.  This significantly limited supply and with relentless GTA demand resulted in GTA's property prices going skyward.  Now the same Wynne Liberals are trying to boost supply with their doom and gloom position when they are responsible for sharply curbing supply in the first place.  Concurrently, banks who have been throwing mortgages left and right at buyers over the last decade have now tightened underwriting "standards" .  Right.  By July mortgage biz would have fully dried up!