Thursday, October 10, 2019

Toronto Discovers Free Markets: The Toronto Apartment Boom Miracle?

Well, how about that, Toronto’s apartment crunch is finally easing, reports Bloomberg.

The city is starting to see vacancies again.

The vacancy rate rose to 1.5% in the second quarter, the highest since 2015 and things are looking up.

Nine new buildings totaling 3,078 units began occupancy in the 12 months through June, a 25-year high for annual completions. And things are only going to get much better.

The number of units proposed by builders reached a record 44,093 units in the second quarter.

The secret ingredient that is causing the Toronto apartment boom miracle? Free markets.

“The growth in purpose-built rental applications follows the provincial government’s recent removal of rent control for new buildings,” according to the research firm Urbanation.

Someone should forward this news to California Governor Gavin Newsom (See: California Governor Signs Law to Prevent Easing of Housing Crisis).



  1. You could show a true believer 100 examples of their ideas being stupid, whether it's showing Venezuela being a disaster or Toronto being a success, and it's not going to matter. Newsom goes by what his crowd wants, and they'll rationalize this away in the unlikely event that they even hear about it.

  2. Rent control or no rent control, just two sides to the same coin when politically imposed. The idea that government power should be used to take from some to give to others is still acceptable by most people. In fact in Toronto rent control still applies to all buildings built and occupied before November, 2018. This action will only cause more conflict as those renters not covered by rent control will resent those who are. Eventually they will demand their own rent control. This won't change until most people realize that all forms of theft, including rent control are wrong. Its morally wrong and practically dysfunctional because human nature requires each individual be treated as a sovereign person with an inalienable right to life. Otherwise the law of association and the division of labor are replaced by might makes right and impoverishment. People must stop supporting the prevailing political system and solve their conflicts personally as best they can. Stay local. Don't vote.