So, if there is plenty of land to support densification and according to the 2016 Canadian census Toronto only grew 6.2%, the lowest since the 1970's, and TREB confirmed that foreign buyers make up only 5%  .. then really the only thing left is greed and speculation that the price of real estate will always go up. Let's forget the warnings: the Bank of Canada, OSFI, FRFIs, economists, real estate board, news agencies, and my mom). Opening the greenbelt would only encourage further speculation. 

Toronto is a deer in the headlights, we see the danger but are too blinded to get out of the way! The Bank of Canada is too polarized, unsure of what step to make given the crisis and improving GDP, thanks in part to improving household consumption (Canadians are leaders in debt to income ratio @ 170%).  I'm not sure what koolaid Torontonians are drinking to be naive / geocentric as to believe they are the next NYC. Raise the interest rates and you will see instant supply and lower prices o/n!