But Vancouver is in far worse shape. So is Montreal.
Interestingly, a few buildings going up in Toronto right now that were originally advertised as condos have been switched before construction completed to being rental apartment buildings. I think some developers are seeing the writing on the wall and are hoping to mitigate the bubble a little so it doesn't all collapse at once. I still haven't seen what they're expecting to charge for these rental properties, but I suspect they won't be exactly low-income housing given their locations.
And I feel like the NDP and the Liberals can't afford to care. Developers are huge driving economic forces, and they don't care if there are empty condos owned by foreign investors, so long as they sell their units. Those developers are a powerful lobbying force, and also a huge source of income to the various regulatory bodies they have to pay for permits, inspections, etc... no level of government in Canada is going to stand up to developers, you can take that to the bank.
To say nothing of my suspicions of arson on behalf of the developers. A small fire breaks out in an old house in a heritage neighbourhood in Toronto, and THE NEXT DAY (no exaggeration) the sign goes up that this is now the sales office for a new development. Super sketch.
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