In early 2022, it looked like Canada’s condo market would never slow down. For older buyers with a little extra cash in hand, buying one may have seemed like a smart way to set themselves up for retirement.

Three years on, experts warn that the condo crash makes these units a bad investment — especially if you’re planning to use them as a nest egg.

According to Statistics Canada , nearly two in five condominium apartments (38.9 per cent) in Toronto in 2022 were investment properties, while this was the case for about one in three (34.2 per cent) in Vancouver.

In addition to having a lower entry point for first-time homebuyers, the condo market made it easier to make a quick buck with rental income.

But Canadians are increasingly wary of investing in condos, research shows.

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