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Not sure why that is relevant. Many also can’t close on the new builds are under water. New construction planning often starts decade in advance

You said "the last few years have been an awful time to invest in most Canadian real estate".

Investors buy older homes and buildings. Depending on the size of the lot, they all tear them down the existing buildings and construct new detached homes to condominiums high-rise building. New construction planning doesn't take a decade especially for single detached homes.