Homes sales and prices continue to ease in Toronto after last year’s housing bubble, but it’s not all good news. Canada’s Mortgage and Housing Corporation said recently that the city’s market has responded to surging demand for homes with a housing supply that is “significantly weaker than other Canadian metropolitan areas.”

The gap between supply and demand coupled with the ongoing affordability crisis had real estate agents speculating that prospective buyers would continue to put off home purchases.

The rental market isn’t looking much better, according to local city councilors, who reportedly called for immediate efforts to stop the “Manhattanization” of Toronto, but also approved a 2.1 percent property tax increase this week.