The problem with the Greater Toronto Area is that there is tons of technically redevelopable land that aren't intensified because public policy shields single family homes from development pressure - this limits new housing to either the urban boundary, formerly industrial brownfields OR high-rise condos at very selected locations - which coupled with the rapidly increasing population is the cause of the problem.

There are some commonalities with Singapore though - in that housing is considered an asset for future retirement needs, which makes policy gearing towards popping the asset bubble unpopular to the subset of demographic/voters currently in power. But unlike Singapore where government public rental housing is a thing, it really isn't here in the GTA (or North America in general) for all except the lowest-income population. Relegating housing entirely to pretty much the private sector alone is a giant public policy failure.