[a2tech]

I mean, they could, but there's no incentive for the builders to sell them. You can make way more money with rentals (if the demand is there) then you can with condos. Condos are a way time hit of money, rentals are smaller profit, but comes reliably.

[bombcar]

Right now holding rental apartments is a "good deal" and they'll have buyers for that (the builders don't want to hold anything usually, they want to sell, sell, sell and get building the next thing) - just larger institutional buyers.

When the market turns around (and every time in the past it was "only going up" it eventually ended) then suddenly you have apartment complexes turning into condos to sell off capital and stop the bleeding.

The problem for people "on the ground/in the rentals" is that can force you to act when you're not financially prepared to - it's easy to find situations where someone can afford the rent; even afford the mortgage to BUY the apartment as a condo; but cannot afford the downpayment (or otherwise qualify for the loan).