I haven't had a chance to analyse the details of this as yet.:
TheStar.com - Suburban sprawl hits green wall
From the reports, the restrictions on new development leave a supply of land available for new homes and business for a number of years. "How many years" appears to be the question of debate. Regardless, the market will begin to factor in impending shortage of land quite quickly. The already high price of single family homes will see an additional upward boost quite quickly - as the land will fetch a premium.
The real problem - a few years down the road - will be the impact on the GTA's ability to attract and retain head office operations. The location of a company's head-office must be attractive to mid-level and senior professionals - who will continue to demand affordable dwellings suitable for their families - including chidren. A loft conversion at King and Jarvis will not cut it.
Companies will decide either the pay a wage premium for locating in the GTA - or pack and and move to Calgary or Montreal. Companies seeking industrial sites will move further afield: - up the escarpment to London, Guelph and Sarnia.