I think the bigger reason is that living in inner city is basically considered a penalty these days post-covid. The demand for condos just isn't there.
However, the other thing that I'm seeing is that the rental market is going sky high and some friends that were previously content just renting a condo are now looking into buying those same condos as the mortgage is cheaper than rapidly rising rents. I'm not sure how big of a market this demographic is but it does exist and will push the price a bit higher.
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