There are a TONNE of these folks around in Toronto...  all cash flow negative - hoping and praying for capital gains...  now that Ontario has tightened the screws on rent control and interest rates are rising...  the cash flow numbers are gonna look a LOT worse in the next business cycle.  We'll see if that leads a flood of "for sale" listings for typical investor condos (500-700 square feet  $400-$550K price range)