Exactly. There is a building in the Avondale pocket (just south of Yonge/Sheppard) that currently has 29 units for sale (100 Harrison Garden Blvd). I would also imagine the rental to ownership ratio is quite high, but have no numbers to verify that. I would never consider purchasing in a building with such a high turnaround or a high proportion of renters (even though I am one). 80:20 in favour of owners seems to be a good indicator of a stable, liveable building.
For folks like us, who do want a condo but are turned off by the quality of product, the older units are the only ones we will even look at. But the maintenance fees on those units tend to skew upwards of $800, which is another detriment as the utility metering is not individualized (we as two people do not use as much water or hydro as a family of 4-6), cable TV is often included (we do not want it), and there are other amenities often included that we don't want or need.
It would be great to find an an older unit of, say approx 1200-1400 sq ft, with a cost of $450-500K, monthly fees of $450-550, and which is already renovated/updated, and is in our desired location. Haven't seen anything close to that yet
When the investors move on, it will be difficult for many who bought in at low money down with visions of immediate riches.
Key word is "driving". We are trying to get away from the car. In fact, it sits in the underground 6 out of 7 days, only coming out on the weekend if we decide to head out of town. The goal is to eventually use only transit and/or car share services. Unfortunately, we bought it shortly before moving from Halifax (Toronto was not on the radar yet), so it is still too new to to be worth selling.
For us, living on the subway line with walkable services and amenities is pretty much essential.
I can tell you, you're not going to find anything close to that. 1200-1400 sqft in any building is going to come with much higher fees than $450-550. You're going to need to look for a smaller unit. Also, if you want to pay low maintenance fees then a loft is your best bet. But alas, loft living isn't something I'd recommend for your situation.
I think the problem with condos is there's such limited information on the goings ons. Trying to get information out of anyone is very difficult. So it's difficult to research. You basically have to buy/rent he unit and hope for the best. While having a lot of renters isn't ideal. I'd say it's not the worst thing ever. What's more important to me is the board, property management and the actual builder. If a building is completely owner occupied, if the board, PM, builder suck then you will have a miserable experience there.