Metro Vancouver’s once-booming condo market is hitting a wall — and fast. Executives in the region’s real estate industry are sounding the alarm as thousands of newly built condos sit empty and unsold.

According to new data from the Canada Mortgage and Housing Corporation (CMHC), around 2,500 new condos remain vacant across Metro Vancouver, double the amount from just a year ago. Industry leaders say the root of the problem lies in a mismatch between what homes cost to build and what people can actually afford.

“Costs have escalated so much in the last 10 years that to build a unit is out of the price range of 80% of the public,” said Anne McMullin, president and CEO of the Urban Development Institute. She added that government policies at all levels, combined with soaring labour and material costs, have made it nearly impossible to build affordable homes. “You're not going to build to lose money,” she said.

Some developers have even returned pre-sale deposits after failing to hit sales targets needed to secure financing. Others have entered receivership, caught in the fallout of rising costs and dwindling demand.

According to Greg Zayadi, president of Vancouver-based Rennie, the slowdown has been simmering since March 2022, but has become “very real” over the last year. “The last time we saw this level of developer-owned unsold inventory was 24 years ago,” he said.

So what’s keeping buyers away? For one, people spending $800,000 or more aren’t interested in 450-square-foot shoeboxes. They want real space — 800 to 1,500 square feet — for that price. But delivering that at a feasible cost would require building at $700 to $900 per square foot, well above current market levels.

The problem is especially visible in Burnaby, Coquitlam, and parts of Surrey, where many of the unsold condos are concentrated. Some of these units lack appeal due to small layouts or limited parking, making them tough to sell or rent.

In an effort to move inventory, developers are offering incentives like free parking stalls, storage lockers, and even cash-back on completion. But that may not be enough if buyers simply aren’t interested in the product being offered.

Zayadi and others say too much focus has been placed on catering to investors, not people who actually want to live in these homes. “Right now, a lot of condos [are] coming online that people don't really want to live in,” said one expert.

With developers pulling back, projects stalling, and buyer confidence slipping, the industry faces a critical moment.

It’s time for policymakers, developers, and city planners to come together, rethink priorities, and find real solutions to make housing more accessible. The future of Metro Vancouver’s housing market depends on it.

✨ We’re back with some of our amazing colleagues for a Fall Food Drive & Paper Shredding Morning! ✨

📦 Please consider collecting non-perishable food and other items to help support food banks in both Langley & Surrey.

🗓 Date: Saturday, September 27, 2025
⏰ Time: 10:00 AM – 12:00 Noon
📍 Location: Royal LePage Wolstencroft
19664 64th Ave, Langley

🔒 Confidential Paper Shredding On Site!
We’ve got the folks from Shred Wise joining us to help clear out all that extra paper clutter. While you’re cleaning out your pantry, don’t forget to check your workspaces too! 🗂

💛 Together, let’s support our community and make a difference this fall!

#FallFoodDrive #LangleyEvents #SurreyCommunity #PaperShredding #CommunitySupport #LangleyRealtor #CloverdaleRealtor

Summer is winding down, kids are back in school, and families are settling back into routine. For real estate, that shift usually means one thing: September gets busy.

Traditionally, the fall market picks up as people return from vacations, get back to work, and start making real estate decisions before the holidays. This year is no different — in fact, there’s even more buzz than usual.

Interest Rates on Everyone’s Mind

One of the biggest factors right now is the expectation that the Bank of Canada may cut interest rates again this month. Even a small change can impact affordability and boost confidence among buyers who have been sitting on the sidelines. Sellers are watching too, since lower rates can translate into stronger demand.

Why September Matters

    •    Back to reality: With kids in school and summer distractions behind us, buyers and sellers tend to re-focus on real estate goals.

    •    Time-sensitive decisions: Many want to move before the weather turns or before year-end, creating a sense of urgency in the fall.

    •    Realtors back at it: The industry as a whole kicks into gear in September — more listings come online, open houses are busier, and opportunities increase.

What This Means for You

    •    Buyers: If you’ve been waiting for rates to drop, now’s the time to get pre-approved and ready. A busier market means more competition, but also more choice as new listings come online.

    •    Sellers: September is an excellent window to list — motivated buyers are active, and a rate cut could work in your favour by widening the pool of qualified buyers.

Final Thoughts

The fall market is short but powerful. Whether you’re thinking about buying or selling, this is the season to re-evaluate your plans and take advantage of momentum.

If you’d like to talk through your options — whether it’s getting a home ready for market or figuring out your buying power in today’s conditions — let’s connect.