Rent control is necessary  to protect tenants  in a market that is not free. It is a joke to call the real estate market a free market in Toronto. The real estate market is full of regulation and rules .The same can be said for the macro economic  picture where you have governments promoting  people resettlement programs for refugees and immigrants and phony tax write offs for their favored development policies. There is also environmental regulations affecting the supply of land for development, and you have interest rates set by the central bank that have little to do with the free market for money. 
If thee is no incentive as these developers claim why are so many investors buying condos to rent out  than to live in Meanwhile the developers are greedily looking to make  more wealth on the backs of the consumers who have little power of choice.