How Condos Went from Hot to Not

Monday, September 8, 2025

This week from The Walrus:

No One Wants to Buy a Condo

Canadians piled into real estate investment. Now their units are worth less than their mortgages

BY KATHY CHOW

A condominium building covered in signs that say for sale.

Many condos built between the late 2010s and early 2020s were constructed not for living but for investment. Since 2000, there has been a steady increase in the proportion of condos used as investment properties. To my surprise, most of the investors were not faceless corporations or foreign investors. Research done by Statistics Canada shows that the typical condo owner is a middle-aged, middle-class Canadian couple. The reigning logic for the middle class was that buying a condo, renting it out to pay for the mortgage, and eventually selling the unit was a solid way to make money. This was especially true in the late 2010s, a period of low interest rates and weak rent control policies. Steady demand for housing, partially caused by increasing immigration, made real estate seem like a sure bet.

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Photo shows two cars at a border crossing along a highway, with the words 'United States' and three green signboards looming over them.

Why Ottawa Blinked on US Counter Tariffs

Critics see capitulation. Supporters see a long game to keep Canada’s access to its most important market

BY CARMINE STARNINO, PASCAL CHAN

Mark Carney walks in a hallway looking concerned.

Carney Promised a Deal with the US. It’s Time for Him to Deliver, or Move On

By setting expectations high, the government left little room for delay—or excuses

BY DAVID MOSCROP

A photo illustration of Mark Carney against a red background. His face is a collage of other parts of portraits of him.

Who Is Mark Carney, Really?

We hired the guy with the best résumé. He’s now using power in ways few other prime ministers have dared

BY MARK BOURRIE

A composite photo that shows two portraits next to each other, one of Hugh Tudor in military uniform, and the other of Winston Churchill.

The Mystery of the Assassination Attempt on Churchill’s War‐Tainted Friend in Canada

Notorious for his brutal crackdown on Irish freedom fighters, Hugh Tudor tried to live a quiet life selling codfish in Newfoundland

BY LINDEN MACINTYRE

Photo illustration of a map of Canada outlined by clusters of lentils of various colours like orange, yellow, green, brown.

Canada Grows a Hell of a Lot of Lentils. Why Won’t We Eat Them?

It’s time for the humble legume to cross the bridge from crop to cuisine

BY KHALIL AKHTAR

Today’s Quiz Question

Prime Minister Mark Carney has brought deadlines, hard choices, and an unforgiving to‐do list to Ottawa, an approach that seemingly extends to his strategy for national defence. Up to what percentage of gross domestic product has Carney pledged to increase Canada’s military spending by 2035?

Yes, I Know the Answer

A photograph of a wasp on the top of a pop can.

In Defence of Wasps

They sting. They destroy picnics. But, honestly, they’re not all bad

BY ARNO KOPECKY

Under a hazy sky, thousands of people, some walking alone, others clustered in groups, some with vehicles, carry heavy white sacks on their shoulders or heads

Israel’s Supposed Aid Scheme Is Killing Palestinians

The US‐backed Gaza Humanitarian Foundation is forcing people to seek food under gunfire in militarized zones

BY GHADA ABDULFATTAH

Connecting passionate people with purposeful work since 1995. For thirty years, CharityVillage has been the go-to job board to help individuals find meaningful and impactful careers in Canada. Learn more.

When animals thrive, we all do. Join us at The Walrus Talks The Power of Animals for an insightful evening exploring the ethical, environmental, and scientific impacts of animal welfare in Canada and worldwide.

Don’t miss this opportunity to engage with innovative thinkers and connect with a community that cares about creating a more compassionate world for all living beings.

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In this episode of What Happened Next, host Nathan Whitlock is joined by Jon Klassen. Jon is the creator of the beloved, bestselling, and award‐winning “Hat” picture book series—I Want My Hat Back, This Is Not My Hat, and We Found a Hat—in addition to The Rock from the Sky and The Skull. His most recent books are a series of board books: Your Forest, Your Farm, and Your Island. Jon and Nathan talk about his childhood belief that inanimate objects have feelings, about the book of his that is not only his favourite but which he believes got published only because of the success of the “Hat” series, and about their shared love of children’s author William Steig—and their shared dislike of the films based on Steig’s most famous book, Shrek!