Canada

The reason older condos/townhouses sell is because they were built when there were inspectors actually doing their jobs. Step-daughter moved into a new teeny-tiny condo, and shower door fell off after 4 months. Gaps developing in the “luxury” vinyl plank flooring. Cupboard doors coming off because screws aren’t long enough. They’re garbage homes.

“The new inventory tends to sit on the market,” he said.

Because they are too small, and poorly built, a huge liability waiting to happen with no reserve funds to deal with it. Never, ever, buy a new or preconstruction condo, they are basically kickstarter housing.

Everyone's saying housing is too expensive, groceries are too expensive. Everything is too expensive. Which is more likely, that all of those many things are ALL too expensive, or just one simple fact, you make too little?

Just bind wages to a real cost of living.

Another reason why this may be the case is that there are a lot of new condos in sprawl-y suburbs. Not everyone wants to live on the outskirts of a city and need to rely on driving for everything.