The new condo market in Vancouver, and Canada more broadly, is struggling as developers encounter challenging conditions in the form of higher costs and reduced demand.
While the issue may be more acute in Toronto, the report said pre-sale activity in Vancouver is also depressed, as investors may lose money on renting out units and unsold inventory accumulates. Some buyers may also have trouble closing on purchases of new condos. PwC and ULI expect these market conditions to persist into 2025, with developers already pricing in future rate cuts by the Bank of Canada. Meanwhile, potential buyers are adopting a wait-and-see posture as they anticipate further price corrections and lower interest rates.
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