Yes, real estate prices are heavily inflated but you can rent for a decent price in both of those metropolitan areas. I would find it very difficult to believe 70% of the population around the GTA can not afford to live where they are.
It could work if the city is constantly building enough new housing -- but if the city has the will to allow that, they wouldn't have needed rent control.
[1] https://www.lemonde.fr/logement/article/2017/11/28/apres-lil...
Fortunately there are tens of millions of other metros to live in
On a more serious note, realistically this number is much smaller for each person. After you take into account the ones you could legally live in, ones you can speak the language for, ones with good job prospects. A person in the USA is lucky to have tens of options. For people in smaller countries the options are likely to be under a dozen.
And the housing contagion spreads. For example most of the province of BC that Vancouver has similar housing affordability issues. Same with Toronto and many hours away from it. About %70 of the Canadian population lives somewhere heavily unaffordable.
Then you add the problem that most jobs are in these cities and it makes it even worse.
EDIT:
Look at this list of unaffordable metros for example: http://time.com/money/4193804/hong-kong-least-affordable-cit...
The US stands out as having a good collection of affordable metros, the but rest of the world is worse and california is horrible.