I am speculating as to why, but it could be a lot of different factors. 

I have been working with CMHA for 10 years, 100s of move in and outs ,I deal with them weekly, so I am not speculating, 

You can probably get a construction loan to build on it, but just to buy without an immediate building plan on just to speculate that land prices will go up, unlikely, as there's no income stream. 

My speculative guess is that you see a further decline of 15% to 20% off the peak (August 2023 – here) and interest rate declining to 4.5% in the next 18 months to bring the market to a more affordable level.

Merely speculating but my guess is this is a lower value house that struggles to absorb cap ex.

I had read 50% is a fair number to use for calculations which would raise the NOI by, drumroll...15%, but this is purely speculative) and perhaps the funds or energy to go through an upgrade if they're looking to get out of it anyway.

Again, that is total speculation from me....just following the possibility to its logical conclusion - but tax law isn't always logical.And, if I wasn't clear enough about this earlier - I am NOT a tax professional.

All speculative, but food for thought. 

You are arguing that investors should want even less, in a very speculative marketSure, investors could buy bigger and better in upmarket, but how will they service their debt when they are new investors?

I think it's a bit speculative as the exact effects are hard to judge, particularly given how off many of the models have been.