Condos Sit Unsold
2500+
‘We can no longer build what people can afford’
About 2,500 new condos are sitting unsold and empty in Metro Vancouver, according to the Canada Mortgage and Housing Corporation (CMHC).
That number is double what it was last year, according to CMHC.
Costs have escalated so much in the last 10 years that to build a unit is out of the price range of 80 per cent of the public in the Metro Vancouver area.
Some developers are now giving deposits back to buyers because they’re not meeting pre-sale targets to secure bank financing for new projects.
The market slowdown has been happening since March 2022.
Some say that builders need to get to a point where they can deliver inventory as an industry, as a province, at $700 to $900 a square foot. That’s $200 to $300 above where the market is today.
CBC News