TEK Tower (30 Francis) | 45 fl | U/C

[tomh009]

Well, people will have to manage.

Literal worse case is someone absolutely cannot close and they sell to someone that can at a major loss or bankruptcy and bank sells. Units may stay empty during all that.

Better case is owners manage. They bleed 1200 to 2k a month renting it out at the going rate (about 1600 to 2300) and just take the perpetual L. There is a slight blip in the condo resale market in 2 to 5 years and they sell for 100 to 150k loss + the thousands/year they were in red monthly.

CRA might take issue with that.

It would be a business loss. Assuming that one is declaring the real estate activities as a business on the tax returns. If one were simply using them as an investment, then it would be a capital loss (but I don't think that works with rental income, as low as it might be).