if i understand correctly, what's happening is that the money is fleeing the city, even if the result is higher property values (and empty or half empty properties). it's becoming a city of renters, as all of the property owners flee the city. that's not that different than what happened in detroit in the 70s, although the starting demographics are radically different.
i'm not going to make any predictions at this point because i haven't seen any useful data, but i wonder if the liberal strongholds in toronto (which were defined mostly by older white families) might have just thinned themselves out to the point that other parties might find themselves more competitive. i mean, that seems to be the basic movement - wealthy white liberals are moving into conservative ridings, and probably not in large enough numbers to swing them.
it seems counterintuitive right now...
...but the main beneficiary of this migration, as the city hollows out to leave behind less wealthy recent immigrants and white renters, may end up being doug ford. that's his base, and they may have been handed the city by liberals trying to get out as fast as they can.