Although we have not had a pandemic like this since 1918, but we've had similar demand shift in Canada and more recently in the UK.Drop in demand in the Montreal market after the referendum for independence in 1996 has altered how one's investment goes in the long run. 

Alterations that include any project that affects the envelope of the building triggers title 24.  

I've been pushing hard for my wife to read Rich Dad Poor Dad, as most would agree this is the best resource to alter your perspective on cash/assets/liabilities, and how they work for/against you.

There would be no alterations to the exterior entrance of the condo. 

In response to your question, converting the home back into a duplex can be expensive and time intensive, depending on how much they altered the original layout.

But so far the central bank has not publicly shown interest in altering its course.

@Brendan M Hornung unfortunately you aren't going to get much in the $200k price range in the area, maybe a condo or mobile home at best, so if that is the price range you may need to alter your approach, borrow more, invest out of state, save up more for a down payment etc.

The market could drop slightly altering your sale price but you would still keep the cap gains.

A bit paranoid I know, but life/real estate is already complicated enough, and this is basically a long-term relationship and physical alteration affecting the property.

That opens the door for a judge to start thinking about "alter ego" theories and "piercing the veil" from an asset protection perspective.