\Metro Vancouver’s condo market is on track to end 2025 with its highest level of unsold inventory in years, according to a new report by Rennie.
The region’s “housing market may feel balanced on the surface, but inventory trends are telling a different story,” the report states. Rennie projects a sharp 60 per cent rise in unsold condo units across the region by year’s end, jumping from the current 2,179 to an estimated 3,493.
“If the current trajectory holds, we’ll be ending 2025 with the highest level of unsold condo inventory in years,” said Ryan Berlin, head economist and vice president of intelligence at Rennie. “That has real implications, not just for what gets built next, but for how the region manages affordability, absorption, and future growth.”
The spike in unsold inventory comes as newly completed condos increasingly outpace buyer demand. While rental builds have gained momentum, Rennie notes pre-sale activity remains “sluggish.” Recent changes extended the marketing window under B.C.’s Real Estate Development Marketing Act from 12 to 18 months, but “still, higher interest rates, policy shifts, and investor uncertainty are contributing to elevated—and growing—unsold inventory levels.”
The report also outlines broader economic issues adding to market uncertainty, including prolonged labour market stress, demographic shifts and weakening immigration numbers that could lead to population decline in Metro Vancouver.
Lower interest rates from the Bank of Canada have reignited consumer credit growth, yet many homeowners will still face higher mortgage payments upon renewal this year. The good news? “While arrears rates are ticking up, they remain historically low.” Meanwhile, the Canadian dollar continues to lag behind the U.S. dollar, pressured by ongoing trade tensions.
Read the full report here.
