Ep. 47 - Are Toronto Sellers Are Missing the Market?

In this episode of The Last Honest Realtor, David Fleming breaks down the harsh realities behind Toronto’s bloated condo market—starting with a seller who demanded nearly double her unit’s market value.

This isn’t just one bad pricing story—it’s a portrait of a market flooded with delusion. From stale investor units and overpriced micro-condos to media hysteria and agent complacency, David maps out the structural cracks no one wants to talk about.

This isn’t a crash. It’s a slow bleed. And for serious buyers, sellers, or agents trying to navigate it—understanding the terrain is everything.

In This Episode:

• The psychology of overpricing—and why some sellers still won’t listen
• How 9,000+ active listings are hiding the real problem: dummy inventory
• Why “see it to believe it” is the new seller tactic—and why it fails
• What micro-condos tell us about the investor glut
• How paused development today creates a guaranteed supply crunch by 2028
• Why most buyers won’t catch a falling knife—and what that means for recovery
• The real cost of seller denial, weak listing agents, and misread metrics

Timestamps:
00:00 – A seller wants 2x her condo’s value—seriously
05:00 – Inventory is up, but quality is way down
12:00 – Buyers aren’t rushing in—and they’re not wrong
18:00 – The pre-construction collapse and its long-term fallout
24:00 – What’s really in that 9,000+ condo listing count?
28:00 – Why builders won’t save us in 2028
34:00 – What smart agents, buyers, and sellers should be doing now

If you’re trying to make sense of Toronto’s condo market—or if you're just tired of pretending everything's fine—this is the episode you’ve been waiting for.

Subscribe, leave a comment, and share with someone who needs to hear the truth.

Bosley Real Estate
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Chapters

• 0:00 A seller wants 2x her condo’s value—seriously
• 5:00 Inventory is up, but quality is way down
• 12:00 Buyers aren’t rushing in—and they’re not wrong
• 18:00 The pre-construction collapse and its long-term fallout
• 24:00 What’s really in that 9,000+ condo listing count?
• 28:00 Why builders won’t save us in 2028

Transcript

SPEAKER_00: 0:00

A prospective condo seller in downtown Toronto tells me that she's looking for approximately double what the condominium is currently worth. Is that in any way normal? Hello, everybody, and welcome back to the Last Honest Realtor podcast. I'm your host, David Fleming. Thank you so much for joining me here today as we talk about everybody's favorite subject. the condominium market. Now, just the words, the condominium market, it's going to get clicks, it's going to get eyes, it's going to get sneers, and it's going to get cynical results. When I say everyone's favorite topic, I mean that there are some people, maybe the people that frequent BlogTO who have been championing the market crash for the last 10 years or however long the publication's been in existence, the folks that just want to see the blood, proverbial, in the condominium market, and then there are the folks that actually kind of want to know what's really happening. They want the statistics, they want the stories, and I do tell a lot of those here on the podcast, but we continue to see so many headlines about the condominium market that I might say the media, as they usually do, exacerbating it, fanning the flames, if you will, but in the opening there, I offered you something that is, honest to goodness, a true story. Yes, somebody did reach out to me looking for approximately double what the condominium is worth. Let me start with that conversation. So I've been getting a lot of emails and phone calls from prospective condo sellers. Full transparency, I have 13 condominium listings right now. We just got an offer on one of them. That's great. One of them sold conditionally, but I'm completely realistic about where this market is. One of the things that I do when I speak to prospective condominium sellers, and this is, I would say, new in the last couple of months, is I ask them, are you realistic about the condominium market? Now, I don't want to sound unsympathetic. I don't want to sound ungrateful. And as I've mentioned before in this podcast on the blog, I will be honest, I have skin in the game. I bought not one, but two condominiums in 2024 because I thought the market had bottomed. Well, I was wrong. Now, I have a 20-year timeline. I mean, or 100-year timeline. I mean, these are long-term investment properties. But I have skin in the game. So when I tell you the following story, don't think I'm a jerk or that I'm unsympathetic. I'm trying to be, above all things, realistic. I received an email last night from somebody that says, among other things, I have a fabulous condo. I'm currently interviewing agents. And I wanted to know how you leverage modern marketing techniques to get people into a property such as mine. I looked the property up. This individual had it listed last year for$1,780 a square foot with a discount agent in Kingston, Ontario, because that's who you want listing your largest asset. And it was one of those what you call mirror postings. Do not contact the listing agent. The listing agent accepts no responsibility. Contact the seller directly. I'm sorry, that's a huge red flag to me. I know we'll get a comment in the comment section there of YouTube, people saying, yeah, I sold my own place or what have you, or you don't need a real estate agent, but well, yeah, the mirror posting with the Kingston agent, probably not the best thing to do. So I looked the unit up and it was priced, as I said, over 1,700 a square. And then I looked at the most recent sale. Now here's the funny thing, not funny, I use that word ironically. In 2024, In this building, ask me how many two-bed, two-bath units sold. One. For those listening, I very dramatically took a fist, maybe making you think there's as many as five units that have sold, and I put up one finger. One unit has sold. That's out of 30 listings. Tough building. I get it. So, I'll work with some numbers here. I'm trying to provide some anonymity to the individual. I don't know why, but essentially, you have a unit that is priced at almost double what it's currently worth. Now, the market has fallen since this person listed with the aforementioned discount agent in Kingston, and I spoke to the individual, and I said, listen, I want to have a quick five-minute phone call just to see if there's an opportunity to work together. And really it's a feeling out process. The individual said, would you like to come down and see the property? And I said, let's have a phone call first. So I said, full transparency. I want to have conversations with folks like yourself because I need to ask just a couple of questions to get us started. Number one, are you realistic about the current market? And she said, what does that mean? Okay. I'm trying to be honest. I'm trying to be transparent. Already I can see that, you know, I'm not being positive enough. And I said, are you realistic about the current market? We are in what is potentially the worst condo market in history. I've been in the business for 21 years. I mentioned, of course, hey, listen, I've got skin in the game. I bought two condos last year. I totally understand. And she started to tell me that I wasn't giving her the vibe that she was looking for right off the bat. to which I said, what is it that you were looking for? And she said, I need someone that's gonna see the benefits of my condo. I need someone that's gonna be positive. I need someone that's really gonna understand the unique nature of what I have. And I said, okay, you were listed last year for$1.5 million. Your identical model sold last year for$1 million. And she said, yeah. but my unit's a lot better. I have really great finishes. Guys, I can't work with that. I can't. And when I said one million, okay, I'll use a real price, it was actually$930,000. And when you subtract for where the market has moved, that unit today is what, eight? 70, 880, and this person was on the market for$1.5 million. This person was listed for almost double what this unit is currently worth. Long story short, the phone call didn't last very long. I tried to be nice. I tried to be courteous. I said, I'm asking you if you're realistic about the market. Are you aware of the market conditions that we're in? I brought up the fact that there are two units on the same floor as hers currently available for sale. She was at 1.5. These things are listed for$1 million. which are still overpriced and haven't moved. And she said, well, you have to see it to believe it. So listen, guys, that's a story that is very similar to others that I could tell here, which I'm not going to get into because I want to get into some data, everyone's favorite thing. And a lot of real estate agents that I'm speaking to are singing the same tune. Now, again, I risk coming off as unsympathetic. Or a cynic might say, you know, where was this attitude in 2022 when, you know, you guys were all pumping tires and selling? Look, we work in the market that we're in. And I want to use another analogy here. If you've seen the movie Wall Street, 1987, Oliver Stone, remember the scene where Charlie Sheen is pumping up the value of the stock. I think it was Blue Star. And the entire room full of people are all selling, selling, selling. And then I believe the character played by John C. McGinley, he comes over and he says, this baby's going to hit the moon. And what does Charlie Sheen do? He says, sell. And John C. McKinley says, sell, what are you crazy? He says, sell, everyone sell. Well, everyone starts massively selling. The point in the movie, which if you haven't seen it, you absolutely have to, is that it was all manipulation. It was one individual and they were manipulating a stock. And that was before we had the internet and the trading systems that we do now. But they were able to use fear of missing out and use hysteria to pump the value up and then turn around and start selling it and bring the value back down. In periods of boom... the market is exacerbated. And if you go back to 2020, 2020, and if you go back through that to let's say 2022, the fear of missing out in the condo market was ever present. And that was what was driving the market. Now it's the opposite. It's the fear of the market going lower. So in 2020, So 2022, people were pushing the market up and they were paying more than what was reasonable because they were so worried they would miss out. Now the opposite is true. Now you can get a great deal. You can move in. Remember, it's not just an investment. You are actually living there. But people are afraid that it's going to go a little bit lower. So I told you that story earlier. At the onset, I want to get into some actual data here. And I read somewhere that, and this was funny because I did not notice this. I'll give credit to somebody I saw on Twitter or something else. We just passed 9,000 active condo listings the first time ever. I looked it up. I spent this morning putting data into a spreadsheet. 9,702 active listings for condos. That means nothing to you. But what I will say in active listings is how many properties are listed for sale at the end of the month. The last day of the month has nothing to do with new listings, except what we'll get into is the relationship between supply and demand leads to the number of active listings. This number in April, is up 38.3% since April of last year. Now that's just active listings. That was just a headline to me. But the point is that the relationship between supply and demand decides how much inventory is out there. So if you've got a factory and they're making widgets and they make 100 a month and you're selling 100 a month, that's great. If you're selling 90 a month and you continue to make 100 a month, every month you've got 10 left over. Now, month after month after month after month, that inventory will continue to pile up. So after six months, hey, you've got 60 widgets sitting there left over, but you're still producing the 100. So the point in this case is that in times of boom, there are simply not enough units. Say there's 100 units listed for sale, you have 200 buyers vying for those. Now we're in this position where where inventories up, sales are down, and the number of active listings at the end of the month is continuing to increase. So work with me here. If you don't like stats, just listen. Listings in April. So this is year over year. Listings in the 416 are actually down 5%. That's crazy, right? This is condo listings. But sales are down 29.3%. So if you have fewer listings at 5% and you have fewer sales at 5%, we're at equilibrium. But sales are down 29.3%, so you're going to have inventory pile up. Now, 905 listings, are you ready for this? In April, they are up 16%, but sales are down 28%. Think about that for a moment. Listings are up 16%, sales are down 28.3%. That is a recipe for, I don't wanna say disaster, but for more units being left on the market. So that's why we're seeing here, the number of active listings continue to increase as more and more inventory piles up. Now that leads me into the first thing that I wanna talk about today, which is what I would call a misreading of the inventory. So this is gonna sound kinda salesy, and you might say, well, you're trying to explain the problem away. I have mentioned many times before that if a tree falls in the woods and no one's around to hear it, it doesn't make a sound. Work with me here. If a condo's listed for sale at a price that absolutely positively no one's going to pay, might as well not be for sale. And that is part of the reason why we're not seeing more sales. So I have also mentioned, take the place I had on Downs earlier this year. I'm listed at$599, the same unit. One floor up's listed for$699. It's the same unit. Exactly the same thing. But if I'm at$599 and it's not like I have a different stove or or a different view,$100,000 difference. So go back to that girl that called me yesterday. I talked to her this morning just before we decided to film this podcast. And I'm saying to her, you were on the market for 1.5 million last year and your model sold for, what did I say, 935 or something like that? Explain that to me. Discount brokerage from Kingston on the market for 220 days and like the worst photos you've ever seen, right? Like you might as well have had a bong sitting in the dining room table as a centerpiece. that individual didn't really seem perturbed by that at all in any way. That's a lot of what's happening in the market right now. We have a lot of what I would call dummy inventory. So a lot of the units that are available right now fall into this narrow product band. High density, high price, low functionality. Brings me to the next point. And we've seen a lot written about this so far this year is the micro condos and the small units. So when you have a supply and demand equation that is such that there is just way more demand than supply, that's where you have people that make compromises. And so I'll tell you in the freehold market, I've got this saying. When the market's ripping, buyers will sell for 7 out of 10 things on their must-have list. When the market's cold, they'll settle for 12 out of 10. And what I mean by that is that they want everything and then they want more. So you've got a buyer that finds the absolute perfect property. And while they're in there, they go, you know what? We need a garage. You need a garage. You've never mentioned this at any point during our search. Yeah, I just, I'm looking around and I'm thinking, we really need a garage. Okay, great. You can afford to do that because of the market that we're in. Now, when you're in a market like 2020, I mean, to be honest, 2018 to 2022, You compromise, and that is why so many of these smaller units sold that now people are saying are unsellable. And hell, I have a couple of them listed. So you're seeing the media attention right now talking about these micro condos that nobody wants. No one wants them. And so what I'm seeing right now is that you've got units that are priced too high, units that have no functionality, units that are way too small, and then you've got investor-held units that are priced beyond what a buyer's willing to pay. And when you sift through all this, you have too few units that people actually want. And the buyers have the opportunity right now to say no to them. That's part of the reason why I think we're not seeing more sales in the condo market. The inventory just sucks. So again, you go back to a 2022, someone says, I'd love a 550 square foot unit. Well, I can't afford it. So I'll settle for a 450 square foot unit. Now, We can talk about pre-construction another day, which we have, but by way of introduction, the reason why we have so many micro condos in the city, of course, is because pre-construction is only built when it's pre-sold. It's only pre-sold to investors. Investors want the lowest absolute price. So developers, while prices are increasing, will shrink the size of the units. That is what history will show is the reason for all of the micro condos. It wasn't like the market demanded it. Society didn't get together and say, you know what? we should start living in 300 square feet instead of 600. No, prices went up as costs went up. Developers realized that investors are what's buying pre-construction. So if a$300,000 condo then is 750,000 now and buyers of pre-condo don't want to spend 750, let's just make the condos a hell of a lot smaller to keep the absolute price of 450 to$500,000, which is what buyers in the pre-construction market are comfortable with. And we'll just shrink the units. That's why we've got this glut of inventory. And that is what is so much representative of so much of the market right now. The micro condos, people don't want them. And now the buyer pool has the opportunity to say no. So the next point I wanna make is about timing, or rather the lack of any sort of rush or urgency in the market. So I received an email the other day from somebody that said, I'm thinking about getting into the condo market from the investment standpoint. Can you get a two-bedroom condo under$500,000? Now, once upon a time, that was an absolutely ludicrous suggestion. We're not quite there yet. But I sent this person a couple of places on Joe Schuster Way, not exactly the highest quality building in the city of Toronto. But if you're looking for a certain price point, hey, here's a unit that's on the market for$522,000. It's beat up. Maybe you could pull that for sub$500,000. And the individual wrote back and said... I think things could fall off further. I'm gonna wait a bit. Now, absolutely, positively, don't blame you in that thinking. But once again, I would say that is a reason why so many people aren't jumping in now. So I would offer this. If you were a couple and you were pregnant and that baby's coming, right? It's pretty much nine months automatic, right? And you're looking for a single family dwelling and you're saying, we really wanna be in before the baby comes. Well, that's certainly going to affect the timeline, wouldn't it? That's certainly going to affect when you pull the trigger. Now, there are people out there that might say, you know what, we'll have the baby in the rental or we'll stay in the condo or what have you. But when you look at it from the standpoint of, and you know where I'm going with this, this is not just an asset and an investment. This is a lifestyle. This is a home. This is something that you do own and it's worth a lot of money. But you're also... watching your baby's first steps. You're putting up your Christmas tree. You're having your grandmother's 90th. I'm trying to romanticize it. But the point is those folks, yeah, there might be a timeline that works. There might be an urgency. The investors aren't seeing that. The investors are strictly looking at the numbers. They're looking at the number of active listings that are going up. They're looking at the average condo price, which to be honest is somewhat flat. But this individual said, yeah, you know what? I'm going to take a wait and see approach. Listen, as I said, I bought two condos last year. I'm happy with them. I'm going to make the argument that I got ridiculous deals on them at the time. And hey, why don't I be honest and say that while I did buy them for significantly under market, the market has now retreated to a point where At best, I'm at par. There's an admission, and I might say, yeah, I like them. They're great buildings, great locations, solid tenants. I've got a 20-year timeline, right? I bought those because why not? I'm entering the space for the long term. When you have somebody, like this individual that emailed me and said, I'm going to wait a little bit longer, if the market did turn around and this person lost a couple of percentage points and they're buying on the way back up, yeah, okay, sure, why not? But it's about the risk-reward proposition. If the market turn went up 5%, versus if the market continued to drop and went down 10%. I mean, I don't know, that's kind of like first year university, what do you call it, the probability tree. In that case, why not wait for that individual? It seems to make sense. So I put this all together, guys, and here's what I'm seeing. You've got really bad inventory on the market because too many micro condos, too many things that are overpriced, too many things people don't want. You've got a lot of buyers who, that are sitting back and saying, I don't need to do this. I don't need to enter this space. Primarily made up investors. You've got far few end users that are that proverbial romanticized couple that are expecting a baby that are buying the freehold. Those people aren't buying the condo market. So even the users don't seem to be in this rush. You have a ton of inventory from a numbers standpoint doesn't look great. Then you have a media that is fanning the flames of this. And is there any wonder why the condo market isn't moving? Now, let me give you an example of some of our current listings. We just got an offer on one of our townhouse condos. It's a beautiful townhouse. It's a phenomenal space. And it's been on the market for over 40 days. We've reduced the price once. We have an offer on it. Now, we have a very small condo on King Street, which was listed for$499 in a glut of other units that are at$499. We've only had a handful of showings. So the question I'm gonna ask you, the viewer is, is there a difference between 499, 489 and 479? Wouldn't the buyer out there who wants to offer 450 make that offer? I wanna introduce the next point that I wanted to talk about. I'm finding that there are agents out there on the buy side that are just, let's do it, let's try. And they're going out there and they'll offer 800 on 899. 80% of negotiations meet in the middle and maybe they end up at 850, great. And then there are a lot of the agents out there that at$499, they would never offer$450. It's too low. It's too low. And so again, tell me, hey, David, you were working in 2022 when a$499 list got 14 offers and you sold it for$620. You complete jerk. You're driving up the price, yada, yada. Fine, but it's 2025. And now I'm saying that that offer should be made. Bring that offer of$450 on$499. Why not? So I wanna blame everyone involved in this, right? I wanna blame the media. I wanna blame the sellers that have ridiculous expectations. I wanna blame the investors that are waiting a little bit longer. I wanna blame the real estate agents that are sitting back and doing nothing. There's just a cornucopia of reasons why we're not seeing more transactions in the condo market. And the fewer sales that we're seeing with the increased number of listings means that the active listings are going up. Now, builders are not building. So here's where I run the risk of painting this entire thing with such a rosy picture. Let me give you a hypothetical. When we saw a market boom, condo market exploding, it was about supply and demand. There was simply not enough on the market to satisfy the demand. Right now, we have way too much inventory, but what if? Developers right now are delaying and canceling launches. We're not seeing anything being built. We're not seeing anything sold. Remember that freed building? I think I wrote about it on my blog last year. They came out at prices over$2,000 a foot. What's happening with that building? I heard anecdotally they sold a handful of units in pre-construction, which is a handful more than I would have expected. What's happening in a building like that? That building's not going to go ahead. Now, all of the other projects around the city, nothing. All of the pieces of land, nothing. And I did read an article not too long ago that said that the way to get things built is to punish developers who are sitting on land on which is ready to be built upon. That seems like the most insane thing I've ever heard of. Developers, let me think, they run businesses. They don't build at losses. You can't force someone to lose money. So developer has a plot of land and they're like, wow, we actually can't afford to build on this, so we're not going to. And the idea among some folks is, Let's tax those people. Let's financially punish them. Let's force them to build. Wow, man. Okay, yeah, no, if that's the best idea that we have, we're in serious trouble. So we're not seeing anything pre-sold because why would anyone pay$1,800 a foot for something that's worth$1,100 a foot, right? I've been saying that for 17 years. We're not seeing anything pre-sold. We're not seeing anything pre-built. So the what if. What if none of these projects get off the ground? It's a recalibration of future supply, and it's happening a lot faster than the public realizes. So here's what I'm gonna say next, folks. A supply crunch is coming. And right now, I can feel people putting this on pause and getting ready to write something nasty, but guys, I'm not talking about today. I'm talking about 2028, 2029. Just think about it. Bookmark this in your mind. Think about 2028 and 2029. think about nothing being built today. Think about nothing being pre-sold. When this inventory is absorbed, and it will be, and nothing is built, we're going to have a massive deficit in four to five years. And I want to get my colleague and friend Ben Rabideau on this podcast. I'm going to try to do that next week because he has been saying this for quite some time. Him and I are very aligned in terms of what's happening in the You know, the fault lines last year, especially when it came to all this pre-construction nonsense, right, with all these people that, you know, they paid$1,800 a square foot for their magic beans when, you know, comparable resale was$1,200. And it's fine if the market continues to go up forever. But now that the$1,200 resale is$1,000 and their magic beans that they paid$1,800 for, yeah, what are they going to do? So they're defaulting en masse. And Ben and I have talked about this in the podcast before, I've talked about it on the blog. We started to see this last year, and that is one of the problems that we're having right now. But Ben and I have also talked about what happens if nothing is built, what happens if nothing is pre-sold, and you're gonna see, right, a typical condo takes three to five years to reach occupancy, so this halt in 2024, 2025, and maybe even into 2026 translates into a very dry market in 2028. So the timeline of your typical buyer right now It's not that someone's gonna be like, oh no, I waited too long, four years, and now I can't get in. But what I will say is that if somebody is looking at a condo to actually live in or to actually invest in, yes, you can continue to wait on the sidelines and watch to see what happens with prices. Are they dropping? If I was a betting man, I don't think that I would put my money on the condo market's getting better. I would say it's going to remain flat. It's not as bad as the stats and the media's making it out to be, But for the rest of this year, absolutely. The question is how long to wait. And it's that expression, no one wants to catch a falling knife. But I've made this point before, and I'm going to do it again because it's such a great analogy. I probably do this in every podcast. If you take a widget or a stock or a product that is trading at$100, and it goes to 95 and to 90 and to 85 and to 80 and to 75, the buyer that's interested at 75 is overcome with fear that that it goes to 70. They can't do it. They can't pull the trigger, at least 99%. So they make the decision not to, and then it goes to 70, and that buyer says, thank God I didn't buy. Now it goes up to 75, and then to 80. And the buyer's waiting. I don't know. I've seen this before. I don't know. It goes up to 85, and the buyer buys in at 93. And then when it goes back up over 100, the buyer's like, yeah, man, I got a sick deal. You know, this thing was at 100. I got it at 93. It's now at 106. Completely ignoring the fact that the buyer could have got it at 75. That is how 99% of the buyers work in a market that is falling. No one wants to catch a falling knife. And that is where we are in the condo market. So as I said, I'm a real estate agent. I drive a living from real estate. I decided, why not? I'll jump into the condo market long term. Buy a unit a year, right? That was Creating Wealth by Robert G. Allen. I read that book so long ago. I think it's from the 80s. Buy one property per year. You should read that. It's hysterical. I actually did a blog on it. Taking 80s real estate advice and applying it to today, it's so completely out of date. But long story short, I saw opportunity last year and I jumped in and I said, sure, okay, let's do it. Catching a falling knife, I think in a long enough time horizon, We should all be very bullish about the real estate market in Toronto, but as it pertains to right now, this very second, those folks on that graph of things going down, and I use the example of something at 100 going down to 70, someone buying back in at 93, that is what most people do. So for the rest of you, I don't know. I think you take that wait and see approach. And ask yourself, Why am I buying a condo? If it's to live in, what are your alternatives? Do you want to leave mom and dad's basement? Do you want to stop renting? Do you and your roommate want to stop fighting? Hey, if you paid 500 grand for a place and the same unit, one level up next month, sold for 490, it's not going to kill you. If you're an investor, yeah, you can absolutely positively wait. But what are your long-term goals? So I'll finish with this, guys. Buyer, seller, and agent. Okay, we'll start with the sellers. You got to be realistic. That phone call I had this morning was wild. Someone that's basically priced, and albeit it was last year, but it was kind of funny, basically priced at twice what the unit is now currently worth. Sellers have to be realistic. The conversations I'm having, and it's not because I'm a jerk or unsympathetic. We think that I protest too much. It's because I'm trying to get out ahead of it. I am asking people, are you realistic about the market? So if the market's ripping, And you're a buyer, I'm going to say, are you realistic about the market? Which I have done many times. I have said, hey, do you realize that you can't offer the list price with three conditions when there's 14 offers? I can play both sides of this. That was when the market's hot. And now I'm talking specifically in the condo market. Mr. Seller, are you realistic? Do you understand what's happening out there? Agents, once again, be realistic. Listing agents, stop flexing. Put your hand out. Extend it. olive branch, hand that feeds, whatever you want to call it. I have heard some absolute horror stories in this building. Agents that have an offer on a condo and the listing agent just slaps them away. It's arrogance, it's inexperience, and it's ego. Listing agents need to understand where we are. And last but not least, buyers, which I just previously alluded to, ask yourself what your motivation is. And I would say you have the absolute right to be choosy You don't have to settle, but you've got to realize that so much of the inventory out there is what I call dummy. Dummy because it doesn't exist. From the math term dummy variable, you've got stuff that's overpriced. You've got micro condos no one wants. You've got stuff that's tenanted. If you're a first-time buyer, don't even think about buying a tenanted condo. You do not want to invite the potential that the tenant doesn't leave into your world. But that's probably a topic for another day. So folks, I hope you enjoyed that very brief overview filled with anecdotal stories today on The Last Honest Realtor. Thank you so much for watching, as always. And feel free to drop us a comment there if you're watching on YouTube. I always like reading those. Please remember to like, comment, or subscribe wherever you get your podcasts. And here's hoping the condo market gets a little bit better. Thanks again, guys. And we'll see you here next time on The Last Honest Realtor.