Thousands of Condos Sitting Empty as Market Crashes (Video)
In this 28 May 2026 published video, host Michael Bordenaro talks about how the condo market is experiencing its most severe slump since the 2008 financial crisis. Thousands of newly built and existing units are sitting empty in major urban hubs across North America, driven by cratering investor demand. Prices have sharply reversed from their pandemic peaks, leaving over 10 percent of owners with properties worth less than their purchase price.
High interest rates are making monthly payments unmanageable. Simultaneously, homeowner association (HOA) fees and property insurance premiums have skyrocketed, particularly in coastal regions and aging complexes. In cities like Toronto, the market was dominated by investors hoping to flip pre-construction contracts or rely on rental income. With plummeting valuations, thousands of units sit vacant as buyers refuse—or fail to qualify—to close their purchases. Post-Surfside regulations have prompted stricter rules from entities like Fannie Mae and Freddie Mac. Buildings with deferred maintenance or inadequate reserve funds face severe lending restrictions, freezing out standard buyers and forcing developers into all-cash deals. Remote work flexibility has permanently reduced the imperative to live in densely populated urban centers, softening demand for metropolitan high-rises.
Developers are increasingly pivoting toward institutional rental structures and bulk distress sales to offset losses rather than dropping prices low enough to spark a consumer bidding war. Real estate analysts indicate that while single-family homes remain relatively stable, the condominium sector will likely face protracted downward pressure without immediate relief from interest rates or insurance mandates.
https://youtu.be/eajzXGL1SeU
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