More than 2,000 new condos in Metro Vancouver are sitting unsold and empty despite an ongoing housing crisis and steep rental prices, according to a recent report.
The report by real estate agency rennie found the number is predicted to rise to nearly 3,500 condos by the end of 2025. In addition, pre-sales are so low that it is forcing some developers to rethink current projects.
As Alissa Thibault reports, at least one analyst say it’s a combination of economic uncertainty and low affordability.
For more info, please go to https://globalnews.ca/news/11186814/condos-empty-metro-vancouver-housing-crisis/
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![Report Text [INDONESIA IS THE WORLD’S SECOND PLASTIC WASTE CONTRIBUTOR] News anchor](https://i.ytimg.com/vi/FR8VtwCgehY/maxresdefault.jpg "Report Text [INDONESIA IS THE WORLD’S SECOND PLASTIC WASTE CONTRIBUTOR] News anchor")
2:01 yes, buyers have strong negotiation powers. But do they have a strong stomach when the falling knife they are catching actually cuts them. This point of the market is still the "bull trap" for those who trade stocks.
🤔🤔🤔🤔
When will the Western Provinces Bolt ?
Government is not equipped to run a busiess or project as it lacks practical experience and competency. What is has is over educated, lazy, unagile, beurocratic minions
I am so happy to hear such a news😅so the government maybe can do something about this crisis..
Looks like China
The world needs a proper housing crisis. Its all getting way overpriced.
I don’t think I will ever see this headline in Australia. Empty properties?
My cousin brought a condo like this in Spain for $150,000 and the area is nice, close to the beach, with a nice pool for a few condos.
Protect the boomers
hahahahaha. to hell with it.
Canada is cooked
When Democracy responds to Capitalism and not backwards, this is the result. A government must function first for people and second for money, NOT backwards….
Let them prices drop baby
Absolute ponzi scheme created by low interest rates for too long in combination with greed. Median household income in Vancouver is 90K, the price of housing should sit between 3 and 6 times of median income, therefore 270 to 540 k. At the moment the price is triple that amount. It will take a few decades before prices come down and incomes catch up.
Too expensive and too many fees. No thanks.
people need urgent home should go open thd doors and makit home
Party on in the free world
And now they are making places in and around Vancouver First Nation title.
Don’t buy a condo or townhouse with a HOA!they do up at least 20 percent a year and some are not managed well and are corrupt.this is what’s going on in California anyways.
It’s due to the Trump’s China tariffs. The Chinese are no longer flush with cash to buy these overpriced real estate. RIP Vancouver
We desperately need rent control measures. It’s been a free for all for far too long. If landlords don’t agree with this then they need to get real jobs like the rest of us. Where are the ethics and moral values? Real estate is primarily responsible for the cost of living. Once that’s reduced significantly, everything else should follow! Let’s pray for change y’all!
TOOO MUCH $$$$$$$$$$$$$$$$$$$
Vancouver is a dump.
Would never buy or rent in Surrey BC rent alone is $2500 and up . Was just looking at houses to see the prices and mortgage say a townhouse in Surrey BC $589,999 3 bedroom 2 washroom 1145 SQF town house property TAXRS $2,820,35 and the building is 46 years old 😮🙄 NO THANKS. It rains constantly there crime is up way would I want to live in a place that is dark and rains constantly. In 1970 my uncle bought a detached house in Vancouver for 80,000 he later sold that house n the 2000s for 1 or 2 million know the new house he has is 3-4 million 😮 people that for I to real rate when the prices were low had it easer . Personally having a huge hose in Vancouver is just drawing attention to yourself considering crime is up in Canada
That's what hedge fund do – buy up property, take if off the market, artificially increase rent prices. And they pay off governments to let them.
looooooooooooool
All this material were resold after like scraps it's worthless so what makes it better now? Yeah like a camry, what makes it better now lol 😂
🤣🤣🤣🤣🤣🤣 maybe stop gouging buyers. Now it’s time to be gouged back. If wages won’t keep up, then these “apartments “ can come down to a more reasonable price to meet people’s income.
You mean the banks right.
$500-1500/Month Vacancy tax
Hopefully this will cause realtors to get real jobs, unfortunately they have no real skill set other than counting doors and making disturbing commissions off of people’s lives work.
Condo fees not worth it.
Still wayyyyy too high