This is a completely irresponsible and misguided column. Ms Wente didn't even bother to consult the research. Wendell Cox is an economist connected to organizations that are funded by developer money. There is no way supply constraints can get Toronto to the prices it sees now. Zero chance. Not even close. What is fueling the crazy market is foreign money, speculation, low interest rates and population growth. If you don't believe it consult some actual research on the question:

http://www.ryerson.ca/content/dam/citybuilding/pdfs/2017/CBI%20POLICY%20PAPER-In%20High%20Demand-March20171.pdf

http://realosophyrealty.blob.core.windows.net/static/InvestorDemandHouses.pdf