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Toronto's problems are very different from San Francisco's. Toronto currently has more cranes in the sky than New York City, Los Angeles, Seattle and Boston combined.

1: https://www.blogto.com/real-estate-toronto/2019/07/toronto-c...

So there's lots of construction, but prices and rents keep going up. But there are signs of it softening a little.

https://www.thestar.com/news/gta/2019/07/12/apartment-vacanc...

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Maybe I’m missing something but 120 buildings doesn’t seem a lot. Also only 27 new buildings in the whole New York seems wrong by at least an order of magnitude. What am I missing with this crane index?

It may seem like a lot of cranes and a lot of construction, but like tigershark notes below, on a relative basis it’s not even close to the amount of construction needed to meet demand (and thereby induce lower prices). Today’s building boom is a pittance relative to population.

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