Reframing the Condo Investor Narrative: It’s Time for Empathy, Not Blame

This may be my “Jerry Maguire moment” — a call from the heart, not just as a real estate professional, but as a fellow human being. Over the last few years, I’ve watched with increasing discomfort how people who purchased pre-construction or resale condominiums have been vilified in both media and public discourse. We’ve labelled them “speculators,” as if they were reckless gamblers — faceless actors causing harm. But that’s not the whole story. It’s not even close.

It’s time to reframe the narrative.

The truth is, many of these individuals weren’t professional investors or opportunistic flippers. They were everyday people — teachers, nurses, single parents, newcomers, small business owners, professionals — all trying to make sound financial decisions in an environment that encouraged them to do so.

They looked at the facts: Canada’s population was growing rapidly. Immigration targets were at historic highs. Interest rates were at historic lows. Housing, especially in urban centers like Toronto, was in persistent short supply. Real estate had long been considered a stable, long-term investment — something tangible, something safe.

So yes, they acted rationally.

Despite what textbooks say, real people don’t operate in perfect models. We make decisions based on available information, expert guidance, and a sense of hope for our families. And at the time, buying a condo made sense. Real estate was a hedge against inflation. It was a forced savings plan. It offered utility, stability, and potential upside.

What no one — not even the experts—could have reasonably predicted was the unprecedented pace and scale of interest rate hikes, or the volatile patchwork of housing policies introduced at all levels of government. We now live in an environment where one of the most stable asset classes — housing — is being treated like a commodity to be day-traded, with rules that shift monthly. No wonder people are overwhelmed.

It’s not just unfair — it’s misleading — to reduce these purchasers to “speculators.”

Let’s also address how condominiums are portrayed. News stories often cherry-pick the smallest, least functional unit in a building and use it to indict the entire project or market. This is disingenuous. Many buildings offer a range of unit sizes and layouts, and most feature robust amenities — including gyms, pools, lounges, and play areas — that are valuable to families and individuals alike.

Urban living may not suit every Canadian ideal — we are, after all, a country in love with space — but in cities across the world, families thrive in smaller homes when they’re supported by good infrastructure and community design. There is dignity and practicality in vertical living when done well.
And let’s not forget: investors — or as I prefer to call them, individual purchasers — have quietly provided the backbone of Ontario’s rental housing for decades. Without them, we would not have the stock we rely on today. If we’re honest, most of the rental units available right now were purchased by individuals who wanted to build wealth over time, not at the expense of others, but as a way to participate in a system that had, for the most part, worked for generations.

So why are we turning on them now?

Yes, some people are over-leveraged. Yes, some will face difficult decisions. But rather than moralizing or pointing fingers, we should offer empathy. Life is full of uncertainty — from the companies we work for to the markets we invest in. We make the best decisions we can with the knowledge available to us at the time. That is not speculation. That is life.

To the parents who saved diligently.
To the professionals who took a calculated risk.
To the immigrants who believed in Canada’s promise.
To everyone who chose to invest in building our communities, thank you.

You are not villains. You are not irrational. You are not to blame for the unpredictable forces that have reshaped our market. You acted with courage and intention. And while things are undoubtedly challenging right now, I believe many will come through this storm stronger and wiser.

Let’s stop the blame game. Let’s stop using “speculator” as a slur. Let’s start acknowledging each other’s humanity — and offering the grace and support that this moment demands.