A condo unit goes up in fire from flying embers due to the Woolsey Fire, as firefighters prepare to hose down the flames, in Malibu, California, U.S. November 9, 2018. REUTERS/Gene Blevins - RC11DBC699C0

Firefighters hose down a condo unit during the Woolsey Fire in Malibu, California, U.S. November 9, 2018. REUTERS/Gene Blevins

A condo unit goes up in fire from flying embers as the Woolsey Fire reached the coastline of the Pacific Coach Highway in Malibu, California, U.S. November 9, 2018. REUTERS/Gene Blevins - RC1F3B0DAF00

A firefighter hoses down a condo unit during the Woolsey Fire in Malibu, California, U.S. November 9, 2018. REUTERS/Gene Blevins

A firefighter hoses down a condo unit during the Woolsey Fire in Malibu, California, U.S. November 9, 2018. REUTERS/Gene Blevins

Firefighters hose down a condo unit during the Woolsey Fire in Malibu, California, U.S. November 9, 2018. REUTERS/Gene Blevins

A condo unit goes up in fire from flying embers due to the Woolsey Fire, as firefighters prepare to hose down the flames, in Malibu, California, U.S. November 9, 2018. REUTERS/Gene Blevins

A condo unit goes up in fire from flying embers as the Woolsey Fire reached the coastline of the Pacific Coach Highway in Malibu, California, U.S. November 9, 2018. REUTERS/Gene Blevins

Remains of the name of U.S. president Donald Trump "Trump Place" are seen on a facade of a building, following a vote from the condo's board to strip it, according to local media reports in New York, U.S., October 18, 2018. REUTERS/Shannon Stapleton

Remains of the name of U.S. president Donald Trump "Trump Place" are seen on a facade of a building, following a vote from the condo's board to strip it, according to local media reports in New York, U.S., October 18, 2018. REUTERS/Shannon Stapleton

John Muchmore helps to lay sandbags at the Afterdeck condos ahead of the arrival of Hurricane Florence in Garden City Beach, South Carolina, U.S., September 11, 2018. REUTERS/Randall Hill

John Muchmore helps carrying hurricane shutters at the Afterdeck condos ahead of the arrival of Hurricane Florence in Garden City Beach, South Carolina, U.S., September 11, 2018. REUTERS/Randall Hill

Promotion staff sell their new condo project in a shopping center in Bangkok, Thailand August 25, 2018. Picture taken August 25, 2018. REUTERS/Soe Zeya Tun

Promotion staff sell their new condo project in a shopping center in Bangkok, Thailand August 25, 2018. Picture taken August 25, 2018. REUTERS/Soe Zeya Tun

A girl looks at a new condo project model during a promotion show in a shopping center in Bangkok, Thailand August 25, 2018. Picture taken August 25, 2018. REUTERS/Soe Zeya Tun

Promotion staff sell their new condo project in a shopping center in Bangkok, Thailand August 25, 2018. Picture taken August 25, 2018. REUTERS/Soe Zeya Tun

A notice to take possession sign is seen at the site for the Fortress Real Developments "The Kemp" condo project in Barrie, Ontario, Canada September 5, 2017. Picture taken September 5, 2017. To match Special Report CANADA-MORTGAGES/REGULATOR REUTERS/Mark Blinch

The site for the Fortress Real Developments "The Kemp" condo project is seen in Barrie, Ontario, Canada September 5, 2017. Picture taken September 5, 2017. To match Special Report CANADA-MORTGAGES/REGULATOR REUTERS/Mark Blinch

The site for the Fortress Real Developments "The Kemp" condo project is seen in Barrie, Ontario, Canada September 5, 2017. Picture taken September 5, 2017. To match Special Report CANADA-MORTGAGES/REGULATOR REUTERS/Mark Blinch

Sales of new condominium units have outstripped new product releases over the last few years, consuming nearly all the excess inventory, sending prices skyrocketing.

Sales of new condominium units have outstripped new product releases over the last few years, consuming nearly all the excess inventory, sending prices skyrocketing.

Condo buildings line both sides of Gardiner Expressway in downtown Toronto, Ontario, Canada on August 31, 2017. Picture taken on August 31, 2017. REUTERS/Hyungwon Kang

Condo buildings line both sides of Gardiner Expressway in downtown Toronto, Ontario, Canada on August 31, 2017. Picture taken on August 31, 2017. REUTERS/Hyungwon Kang

An uprooted tree is seen at a condo community in wake of Hurricane Irma making landfall in Kissimmee, Florida, U.S. September 11, 2017. REUTERS/Gregg Newton

Five-year old Owen Hendon snacks as his family from Vero Beach, Florida begin packing up their car after sleeping in a tent and being offered a condo to sleep in to get away from Hurricane Irma at Atlanta Motor Speedway in Hampton, Georgia, U.S., September 10, 2017. REUTERS/Tami Chappell

Izabell Hendon and her mother Cassandra of Vero Beach, Florida begin packing up their car after sleeping in a tent and being offered a condo to sleep in to ride out Hurricane Irma at Atlanta Motor Speedway in Hampton, Georgia, U.S., September 10, 2017. REUTERS/Tami Chappell

Cambodia police stand at a condo where they arrested dozens of young Chinese men and women working on a call centre to carry out a telephone and internet scam on victims in China in Phnom Penh, Cambodia, August 18, 2017. REUTERS/Samrang Pring

Cambodia police stand at a condo where they arrested dozens of young Chinese men and women working on a call centre to carry out a telephone and internet scam on victims in China in Phnom Penh, Cambodia, August 18, 2017. REUTERS/Samrang Pring

A watchman uses his phone's light at a condominium's checkpoint during a power cut in San Cristobal, in the state of Tachira, Venezuela, April 25, 2016. REUTERS/Carlos Eduardo Ramirez.

Jagger Colarossi (L) of Chicago washes dishes and talks with condo owner Howard Jones while he inspects the condo before the group leaves spring break in Panama City Beach, Florida March 13, 2015. The Jones' rented their condo out to Colarossi and his friends and said they have had no problems with the students. Like previous Florida spring break hot spots Fort Lauderdale and Daytona Beach, Panama City Beach is facing a crisis of conscience over the trade-offs involved in hosting a binge for some 300,000 students who arrive through mid-April with coolers, beer funnels and credit cards. Picture taken March 13, 2015. REUTERS/Michael Spooneybarger (UNITED STATES - Tags: BUSINESS EDUCATION SOCIETY TRAVEL)

Members of the indigenous group of San Pedro de Condo participate during the Anata Andina (Andean carnival) parade in Oruro, February 12, 2015. Hundreds of ethnic groups from Oruro province participated in the carnival. REUTERS/David Mercado (BOLIVIA - Tags: SOCIETY)

Workers watch as the last bucket of concrete is hoisted during a topping off ceremony for the newly built 30 Park Place in the Tribeca neighborhood of New York January 21, 2015. 30 Park Place topped out today at 926 feet, was built by Silverstein Properties, Inc. (who also built One World Trade Center) and designed by Robert A.M. Stern Architects, will feature 157 condos, which sit stop a 185-room Four Seasons and will be completed in mid-2016. REUTERS/Brendan McDermid (UNITED STATES - Tags: REAL ESTATE BUSINESS CITYSCAPE CONSTRUCTION)

The American flag hangs from the last bucket of concrete as it is hoisted during a topping off ceremony for the newly built 30 Park Place in the Tribeca neighborhood of New York January 21, 2015. 30 Park Place topped out today at 926 feet, was built by Silverstein Properties, Inc. (who also built One World Trade Center) and designed by Robert A.M. Stern Architects, will feature 157 condos, which sit stop a 185-room Four Seasons and will be completed in mid-2016. REUTERS/Brendan McDermid (UNITED STATES - Tags: REAL ESTATE BUSINESS CITYSCAPE)

The last bucket of concrete is hoisted during a topping off ceremony for the newly built 30 Park Place in the Tribeca neighborhood of New York January 21, 2015. 30 Park Place topped out today at 926 feet, was built by Silverstein Properties, Inc. (who also built One World Trade Center) and designed by Robert A.M. Stern Architects, will feature 157 condos, which sit stop a 185-room Four Seasons and will be completed in mid-2016. REUTERS/Brendan McDermid (UNITED STATES - Tags: REAL ESTATE BUSINESS CONSTRUCTION CITYSCAPE)

The words "Union Made" are written on the wall of a construction hoist attached to the newly built 30 Park Place in the Tribeca neighborhood of New York January 21, 2015. 30 Park Place topped out today at 926 feet, was built by Silverstein Properties, Inc. (who also built One World Trade Center) and designed by Robert A.M. Stern Architects, will feature 157 condos, which sit stop a 185-room Four Seasons and will be completed in mid-2016. REUTERS/Brendan McDermid (UNITED STATES - Tags: REAL ESTATE BUSINESS CITYSCAPE)

Midtown Manhattan is seen from one of the top floors of the newly built 30 Park Place in the Tribeca neighborhood of New York January 21, 2015. 30 Park Place topped out today at 926 feet, was built by Silverstein Properties, Inc. (who also built One World Trade Center) and designed by Robert A.M. Stern Architects, will feature 157 condos, which sit stop a 185-room Four Seasons and will be completed in mid-2016. REUTERS/Brendan McDermid (UNITED STATES - Tags: REAL ESTATE BUSINESS CITYSCAPE)

Visitors look out at Midtown Manhattan from one of the top floors of the newly built 30 Park Place in the Tribeca neighborhood of New York January 21, 2015. 30 Park Place topped out today at 926 feet, was built by Silverstein Properties, Inc. (who also built One World Trade Center) and designed by Robert A.M. Stern Architects, will feature 157 condos, which sit stop a 185-room Four Seasons and will be completed in mid-2016. REUTERS/Brendan McDermid (UNITED STATES - Tags: REAL ESTATE BUSINESS CITYSCAPE)

New York Harbor and the Statue of Liberty are seen from one of the top floors of the newly built 30 Park Place in the Tribeca neighborhood of New York January 21, 2015. 30 Park Place topped out today at 926 feet, was built by Silverstein Properties, Inc. (who also built One World Trade Center) and designed by Robert A.M. Stern Architects, will feature 157 condos, which sit stop a 185-room Four Seasons and will be completed in mid-2016. REUTERS/Brendan McDermid (UNITED STATES - Tags: REAL ESTATE BUSINESS CITYSCAPE)

The Hudson River is seen from one of the top floors of the newly built 30 Park Place in the Tribeca neighborhood of New York January 21, 2015. 30 Park Place topped out today at 926 feet, was built by Silverstein Properties, Inc. (who also built One World Trade Center) and designed by Robert A.M. Stern Architects, will feature 157 condos, which sit stop a 185-room Four Seasons and will be completed in mid-2016. REUTERS/Brendan McDermid (UNITED STATES - Tags: REAL ESTATE BUSINESS CITYSCAPE)

A woman looks at One World Trade Center from one of the top floors of the newly built 30 Park Place in the Tribeca neighborhood of New York January 21, 2015. 30 Park Place topped out today at 926 feet, was built by Silverstein Properties, Inc. (who also built One World Trade Center) and designed by Robert A.M. Stern Architects, will feature 157 condos, which sit stop a 185-room Four Seasons and will be completed in mid-2016. REUTERS/Brendan McDermid (UNITED STATES - Tags: REAL ESTATE BUSINESS CITYSCAPE)

A woman uses her phone to photograph One World Trade Center from one of the top floors of the newly built 30 Park Place in the Tribeca neighborhood of New York January 21, 2015. 30 Park Place topped out today at 926 feet, was built by Silverstein Properties, Inc. (who also built One World Trade Center) and designed by Robert A.M. Stern Architects, will feature 157 condos, which sit stop a 185-room Four Seasons and will be completed in mid-2016. REUTERS/Brendan McDermid (UNITED STATES - Tags: REAL ESTATE BUSINESS CITYSCAPE)

One World Trade Center is seen from one of the top floors of the newly built 30 Park Place in the Tribeca neighborhood of New York January 21, 2015. 30 Park Place topped out today at 926 feet, was built by Silverstein Properties, Inc. (who also built One World Trade Center) and designed by Robert A.M. Stern Architects, will feature 157 condos, which sit stop a 185-room Four Seasons and will be completed in mid-2016. REUTERS/Brendan McDermid (UNITED STATES - Tags: REAL ESTATE BUSINESS CITYSCAPE)

One World Trade Center is seen from one of the top floors of the newly built 30 Park Place in the Tribeca neighborhood of New York January 21, 2015. 30 Park Place topped out today at 926 feet, was built by Silverstein Properties, Inc. (who also built One World Trade Center) and designed by Robert A.M. Stern Architects, will feature 157 condos, which sit stop a 185-room Four Seasons and will be completed in mid-2016. REUTERS/Brendan McDermid (UNITED STATES - Tags: REAL ESTATE BUSINESS CITYSCAPE)

The Woolworth Building (R) towers over the East side of lower Manhattan, as seen from one of the top floors of the newly built 30 Park Place in the Tribeca neighborhood of New York January 21, 2015. 30 Park Place topped out today at 926 feet, was built by Silverstein Properties, Inc. (who also built One World Trade Center) and designed by Robert A.M. Stern Architects, will feature 157 condos, which sit stop a 185-room Four Seasons and will be completed in mid-2016. REUTERS/Brendan McDermid (UNITED STATES - Tags: REAL ESTATE BUSINESS CITYSCAPE)

Water storage tanks are seen on top of old condominiums in Hanoi November 20, 2014. Despite warnings from construction experts on the instability of old condominium structures, residents are still setting up tanks in order to avoid water shortage. REUTERS/Kham (VIETNAM - Tags: ENVIRONMENT BUSINESS CONSTRUCTION SOCIETY)

Water storage tanks are seen on top of old condominiums in Hanoi November 20, 2014. Despite warnings from construction experts on the instability of old condominium structures, residents are still setting up tanks in order to avoid water shortage. REUTERS/Kham (VIETNAM - Tags: ENVIRONMENT BUSINESS CONSTRUCTION SOCIETY)

Water storage tanks are seen on top of old condominiums in Hanoi November 20, 2014. Despite warnings from construction experts on the instability of old condominium structures, residents are still setting up tanks in order to avoid water shortage. REUTERS/Kham (VIETNAM - Tags: ENVIRONMENT BUSINESS CONSTRUCTION SOCIETY)

A vacant building is seen near a high-rise condo development across the street in Reno, Nevada, September 16, 2014. Elon Musk's electric car maker Tesla Motors plans to build a $5 billion factory to produce lithium ion batteries for electric cars in Nevada, helped by more than $1 billion of incentives provided by Nevada. Tesla may employ 6,500 people at the new plant. In the past three years, 50 companies have moved to this area, helping cut unemployment in half and restoring some life to the town of Reno. Picture taken September 16. To match Feature USA-RENO/TESLA REUTERS/Max Whittaker (UNITED STATES - Tags: REAL ESTATE BUSINESS)

A construction worker passes the largely vacant Cape Royale condominium in Sentosa Cove on Singapore's Sentosa island August 19, 2014. There's an eerie silence at night in Sentosa Cove, the man-made island resort billed as Singapore's answer to Monte Carlo and the only place in the country where foreigners can buy landed property. Dozens of houses - complete with their own private yacht berths and multiple swimming pools - sit empty while few lights are on in the apartment blocks overlooking the marina, a few kilometres away from Sentosa's giant casino. Picture taken August 19, 2014. To match SINGAPORE-PROPERTY/ REUTERS/Edgar Su (SINGAPORE - Tags: BUSINESS REAL ESTATE CONSTRUCTION)

An injured worker is seen trapped under the rubble of a collapsed condominium building, which had been under construction, in Pathum Thani province, on the outskirts of Bangkok, August 12, 2014. The six-storey condominium building in Thanyaburi district collapsed on Monday evening, killing at least three people and injuring 19 others, local media reported. As of Monday evening, fourteen people were still believed to be trapped under the rubble. REUTERS/Chaiwat Subprasom (THAILAND - Tags: DISASTER CONSTRUCTION REAL ESTATE TPX IMAGES OF THE DAY)

A construction site in the quickly developing Seventh Street corridor is reflected in the window of a social services mission across the street, in Washington March 1, 2014. At Kafe Bohem, a coffee house in northwest Washington where wine bars and condos are replacing auto repair shops and cheap housing, general manager Lenora Yerkes said the city was becoming whiter, richer and harder to afford. Even as whites move into neighborhoods that have long been mostly black, such as the Seventh Street corridor, the fault lines are forming over income, not race. Picture taken March 1, 2014. To match story USA-INCOME/WASHINGTON REUTERS/Jonathan Ernst (UNITED STATES - Tags: BUSINESS EMPLOYMENT CONSTRUCTION SOCIETY)

A youth walks past a construction site in the quickly developing Seventh Street corridor in Washington March 1, 2014. At Kafe Bohem, a coffee house in northwest Washington where wine bars and condos are replacing auto repair shops and cheap housing, general manager Lenora Yerkes said the city was becoming whiter, richer and harder to afford. Even as whites move into neighborhoods that have long been mostly black, such as the Seventh Street corridor, the fault lines are forming over income, not race. Picture taken March 1, 2014. To match story USA-INCOME/WASHINGTON REUTERS/Jonathan Ernst (UNITED STATES - Tags: BUSINESS EMPLOYMENT CONSTRUCTION REAL ESTATE)

Damon Hill (L) trims Lee Butler's hair (C) at Seventh Street's Ordinary People barber shop in Washington March 1, 2014. At Kafe Bohem, a coffee house in northwest Washington where wine bars and condos are replacing auto repair shops and cheap housing, general manager Lenora Yerkes said the city was becoming whiter, richer and harder to afford. Even as whites move into neighborhoods that have long been mostly black, such as the Seventh Street corridor, the fault lines are forming over income, not race. Picture taken March 1, 2014. To match story USA-INCOME/WASHINGTON REUTERS/Jonathan Ernst (UNITED STATES - Tags: BUSINESS EMPLOYMENT)

Keith Larry (L) waits for a customer at Seventh Street's Ordinary People barber shop in Washington March 1, 2014. At Kafe Bohem, a coffee house in northwest Washington where wine bars and condos are replacing auto repair shops and cheap housing, general manager Lenora Yerkes said the city was becoming whiter, richer and harder to afford. Even as whites move into neighborhoods that have long been mostly black, such as the Seventh Street corridor, the fault lines are forming over income, not race. Picture taken March 1, 2014. To match story USA-INCOME/WASHINGTON REUTERS/Jonathan Ernst (UNITED STATES - Tags: BUSINESS EMPLOYMENT)

The sign on a former homeless shelter remains, even as it is being gutted to be redeveloped as retail and upscale living space in Washington March 1, 2014. Construction workers have gutted the onetime shelter for homeless men to convert it into tony shops and boutique condos, part of the makeover of 14th Street in recent years from a rundown retail strip to an urban playground of upscale restaurants, bars and apartments. Picture taken March 1, 2014. To match story USA-INCOME/WASHINGTON REUTERS/Jonathan Ernst (UNITED STATES - Tags: BUSINESS EMPLOYMENT SOCIETY POVERTY REAL ESTATE)

The "Come Unto Me" sign on a former homeless shelter remains, even as it is being gutted to be redeveloped as retail and upscale living space, in Washington March 1, 2014. Construction workers have gutted the onetime shelter for homeless men to convert it into tony shops and boutique condos, part of the makeover of 14th Street in recent years from a rundown retail strip to an urban playground of upscale restaurants, bars and apartments. Picture taken March 1, 2014. To match story USA-INCOME/WASHINGTON REUTERS/Jonathan Ernst (UNITED STATES - Tags: BUSINESS EMPLOYMENT REAL ESTATE SOCIETY POVERTY)

A potential buyer looks at a model of Riva, one of the latest developments by Sun Hung Kai Properties, in Hong Kong February 19, 2014. When things get choppy at the top of the property ladder, it pays to have your feet planted on the middle rungs, which makes developers Cheung Kong (Holdings) and Sun Hung Kai Properties the best bets to weather the storm brewing in Hong Kong. These powerful property developers are targeting middle-class, first-time buyers who are exempt from the impact of government cooling measures at a time when secondary home transactions are hovering at a 17-year low. Picture taken February 19, 2014. To match story HONGKONG-PROPERTY/ REUTERS/Bobby Yip (CHINA - Tags: BUSINESS REAL ESTATE TPX IMAGES OF THE DAY)

A real estate agent shows a unit to a prospective buyer at a newly completed luxury condominium project in Singapore October 24, 2013. From China to Canada and London, fast-rising property markets are haunting the global economy again, five years after the U.S. subprime mortgage bubble burst and triggered the worst financial crisis since the 1930s. Picture taken October 24, 2013. To match Insight ECONOMY-GLOBAL/PROPERTY REUTERS/Edgar Su (SINGAPORE - Tags: BUSINESS REAL ESTATE)

A general view of a newly completed residential condominium project in Singapore October 24, 2013. From China to Canada and London, fast-rising property markets are haunting the global economy again, five years after the U.S. subprime mortgage bubble burst and triggered the worst financial crisis since the 1930s. Picture taken October 24, 2013. To match Insight ECONOMY-GLOBAL/PROPERTY REUTERS/Edgar Su (SINGAPORE - Tags: BUSINESS REAL ESTATE CONSTRUCTION)

U.S. President Barack Obama (C), Costa Rica's President Laura Chinchilla (R) and NCAE University President Arturo Condo take part in a forum on Inclusive Economic Growth and Development hosted by INCAE, a Costa Rican business school, and the Inter-American Development Bank, in San Jose May 4, 2013. REUTERS/Juan Carlos Ulate (COSTA RICA - Tags: POLITICS BUSINESS EDUCATION)