There are a lot of issues, and densification is certainly happening in the downtown cores, but I don't believe it is enough to keep up with the demands put on i

There are a lot of issues, and densification is certainly happening in the downtown cores, but I don't believe it is enough to keep up with the demands put on it by population increases. More anecdata: I live walking distance to Downtown Vancouver, and within a block of 4 bus routes. There is an empty lot next to me that has been in the permitting process for more than two years for a lowrise mixed-use building. I wouldn't be surprised if the cost imposed by the permitting process is close to $1mm when you factor in interest, salaries to hire the people who know people at city hall, the cost of the actual permits, etc. Other things that factor heavily are cheap money (interest rates are lower than inflation on mortgages right now, around 1.7%), cultural normalization (buying a home for 10x your yearly income is considered normal), lack of opportunity outside of cities.