I might snap up a unit at the Reflections condo development in Langford, B.C. (my home-town), where they are being auctioned off by desperate developers for as much as $100,000 under market.
This bit's interesting:
A couple of years ago, as the Reflections development was being built, sales were brisk. But as the economy tanked, so too did the interest of buyers. Dozens of them walked away, rather than completing their purchases.
If this kind of thing starts happening in T.O. (and I've been told it already has), then all the legislation passed years ago to prevent buyers from getting stuck with a hole in the ground will have been for nothing.