[nox101]

It might depend on the city but this was recommended recently

https://www.cbc.ca/player/play/video/9.6428660

their claim. Developers built to the market, the market being people wanting an investment rental property. The prices got so high that no one can afford to rent them so investors are losing money. It used to be, mortgage payment = $x. rent = $x+($500-$1000) but now it's rent = $x-($500-$1000). Further, they aren't sellable because they were never designed to be a good place to live long term.

at least that's my summary.

They didn't explain if all this is true why the prices haven't dropped 30-80% to the price that people might be willing to buy things they don't really want. As in "hey, this place is way smaller than I want but the price is really low and the location is great". As it is now it's more like "this place as way smaller than I want and even if I could afford it it's not worth the price"

I'm curious if the same thing happened in other cities.