With many Canadian homeowners facing a sharp rise in mortgage payments, many of them have decided to bail, resulting in the highest number of Toronto housing units for sale in more than a decade and signaling a big drop in prices in the coming months. In Toronto, a city where two-thirds of the country's condominiums are sold, considered a bellwether for other big metropolitan areas, inventories have pushed past highs reached 10 years ago, data showed. Rising inventories with anemic sales show a high degree of stress in Canada's biggest property market, real estate consultants said.
From what I understand, it’s not the building that increases in value, but the property it’s on.
That’s why developers have no problem leveling homes to build something else. The land is what they paid for.
But, I could be wrong. 😬