Yes Snarf, but others disagree and produce different math.

http://www.ryerson.ca/content/dam/citybuilding/pdfs/2017/CBI%20POLICY%20PAPER-In%20High%20Demand-March20171.pdf

http://www.neptis.org/publications/no-shortage-land-homes-greater-toronto-and-hamilton-area

http://www.neptis.org/latest/news/ontarios-land-plan-driving-housing-prices-higher