The number of private dwellings in the Toronto area rose by 7 per cent, to 2,394,205, between 2016 and 2021. Meanwhile, the area’s population grew by 4.6 per cent, to 6,202,225 residents, according to the census figures, which were released on Wednesday.
“The fact that the number of dwellings has risen strongly, and even faster than the overall population in both the past five and 10 years, suggests that a big supply response is not going to magically solve this issue all by itself,” said Douglas Porter, chief economist with Bank of Montreal. “Policy makers will also need to address the demand side.”