Metro Vancouver has 14,000 unsold new condos as presales stall

Developers sold just 1,340 new condominiums in Metro Vancouver in the first half of 2026, a record low, and more than 14,000 new units were still unsold at the end of June, according to Rennie figures reported by Daily Hive Vancouver.

Most of that stock is already going up: 56 per cent, nearly 8,000 homes, was under construction, and only 15 per cent was in projects yet to start. Rennie analyst Ryan Wyse said the condo market is now a new-home market rather than a pre-sale market. Rennie expects unsold inventory to keep rising while many projects otherwise ready to sell stay on hold, which would thin the pipeline of future homes.

September brought no turnaround. MLA Canada counted two presale launches across Metro Vancouver and the Fraser Valley, releasing 32 homes, about 96 per cent below the five-year September average. Melissa Nestoruk said buyers had more choice and lower prices but not the confidence to act, citing uncertainty over housing policy before the October municipal and provincial elections. GVR recorded 1,717 sales, and condo resales fell 18.6 per cent from September 2025. Active listings stood at 16,394 on the GVR and 9,763 in the Fraser Valley.

Rental supply is moving the other way. MLA Canada counted 1,001 market rental homes completed across six projects, the most in a month this year, though only 15 per cent were leased in September. Average advertised rent in Lower Mainland buildings finished in the last five years, including privately owned rental condos, slipped to $2,671 from $2,711. Vancouver Westside was highest at $3,136.

Another 780 rentals are due in October, with completions expected through 2027.