BUT: I look around me and I see oodles of space and very little new building going on. 2.7% growth should not be impossible to deal with.
When I first moved to Toronto, I was shocked to discover that there are not only actual houses in the downtown area, but entire zero-rise neighbourhoods.
I now live in Calgary, which is where half of Ontario is moving, and according to this [0] we had a "record" new housing starts last year of 5700 houses and 7700 apartments in Calgary. We probably need closer to 57000 and 77000; we have the financial system to support that, and we have enough room for it. Finding that many tradespeople might be a challenge, but we aren't even trying.
[0] - https://calgaryherald.com/business/local-business/calgary-ho....