528, 533, 550 Lancaster St W | 10, 12, 18, 30, 30 fl | U/C

[tomh009]

I think your scenario assumes individual investors buying condo units (which don't really have positive cash flow even at today's rents, for the most part). This doesn't really reflect purpose-built rentals which are generally held by a single owner for the long term.

If a new unit is built, and someone lives in it, whether owner-occupied or a tenant, that takes away a unit of demand, regardless of what kind of a unit it is.b

And an infinite number of investors? Really?