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24 year low in Vancouver

Executives in Vancouver's real estate industry are warning of a glut of newly built condos sitting unsold and empty. About 2,500 new condos are sitting unsold and empty in Metro Vancouver. That number is double what it was last year. Costs have escalated so much that to build a unit is out of the price range of 80% of the public in Vancouver.
There is a potential storm coming and it's frightening.
There is hope that cities in the region will review their various policies and requirements, including those for non-market rental housing and energy step codes.
Vancouver-based development company Rennie said the market slowdown has been happening since March 2022.
"But over the last year it's gotten very real,"
The real estate industry had a really good 20 years, but the recent decline in sales of new condos will have big ripple effects in the labour market.
"The last time we saw this level of developer-owned unsold inventory was 24 years ago”.