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Not sure why that is relevant. Many also can’t close on the new builds are under water. New construction planning often starts decade in advance

You said "the last few years have been an awful time to invest in most Canadian real estate".

Investors buy older homes and buildings. Depending on the size of the lot, they all tear them down the existing buildings and construct new detached homes to condominiums high-rise building. New construction planning doesn't take a decade especially for single detached homes.
 
With an $800K CAD budget, I’d look beyond Toronto and Vancouver if your priority is rental ROI. Calgary and Edmonton are worth researching for a combination of population growth, relatively affordable property prices, and rental demand. Winnipeg can also offer stronger rental yields, while Halifax may be interesting for longer-term appreciation. I’d also consider speaking with a local expert such as Eisendrath Team to compare neighborhoods and current market conditions. Focus on properties with legal secondary suites, duplexes, or small multi-unit buildings rather than putting the entire budget into a single expensive house. Just make sure to calculate the true ROI after property taxes, insurance, maintenance, vacancy, property management, and financing costs.