Part 1/7:
The Struggling Condo Market in Metro Vancouver
Metro Vancouver’s condo market is currently facing significant challenges, characterized by declining activity and an oversupply of unsold units. Recent reports reveal a concerning trend: more than 2,000 newly completed condos are sitting empty, with projections indicating that this number could rise to nearly 3,500 by the year's end. This situation comes alongside a surge in overall condo listings, which has reached levels not seen for a decade. A total of 16,000 listings have been tallied by the Greater Vancouver Real Estate Board, marking a stark contrast to the market conditions experienced in previous years.