How are people just holding on like this?

I'm looking at a low-rise condo (around ~10 years old) with few amenities/no security way out in the suburbs, about 50-60Km away from Toronto. Area is not walkable, nothing special to be honest. The price per square foot is around $900 and there's now 22+ units up for sale. There's not that many units in the building, so this is like 15-20% of units trying to sell!

I've been keeping my eye on it since there were 14 units up for sale, expecting it to go down, but no! Nobody seems willing to lower prices though some of the units have been terminated and relisted because they just won't go!

EDIT: most of them are investment condos and not primary residences by the look of things, so maybe that explains it? But then again, I would expect someone living there to have more reason to stick to their pricing