I've covered this before elsewhere on the forum, so I'll be brief here. Essentially, there's no way supply can keep up the way the Feds have been pumping money into the economy and people into the country over the last 5-10 years. Until the excessive demand and financialization of housing are addressed, supply is a red herring.
There's two sides to the equation: supply and demand. Everyone always talks about the former, but there's unfortunately a massive taboo on the later.
Note: I'm not opposed to gentle and midrise density.
And yes, we're building an extreme number of units (20k per year in Toronto, albeit of poor quality). When was the last time, if ever, we built that many?