I think the government is not ignoring the issue. They want to intensify by encouraging condo buildings in or closer to GTA.
For Multi Family, Toronto is ranked 20th. So I think highest appreciation for investors in Toronto is for single family homes as per PWC.
As Canadian dollar going on sale and/or unemployment rate coming down, more investors may show interest in multifamily home investments.
If the rent goes up due to new mortgage rules that prevent first time buyers, cap rate also could get more attractive in GTA on multifamily buildings.
Also with uncertain markets in U.S. (due to election), Europe (due to economic conditions), India (due to controlling black money) and middle east (due to wars), foreign investment money could poor into multifamily buildings. (Did I missed any other messed up markets?)
If more investors show interest in multifamily buildings, they could potentially appreciate much faster than expected.