I don't think you are correct. Lets take Toronto as an example. This city built condo projects by the dozens. The GTA (greater toronto area) is so sprawled out, I recall a statistic that it was 1/4 the size of England. The transportation infrastructure cannot take it ... major roads like the DVP and 401 are always clogged. Farmland in some of the far away areas is being converted to houses. The problem here is the price of land is so highly inflated, you now have no choice but to pay a million buckeros for a modest detached house. Condos in areas near the subway and restaurants are also priced stupid ... one of the areas we considered was priced at $680 a square foot (in an area called North York). The problem is cheap, free money. People who got in on it early own 2-3 condos.