Canada is in the grip of a deepening housing crisis as nearly half of Canadians (45 per cent) report serious concerns about affording a home, and over one in five renter households spend more than 30 per cent of their income on shelter costs.
Yet in Metro Vancouver, over 2,000 newly built condominiums stand empty, even as countless residents face housing insecurity. This number is projected to rise to nearly 3,500 by the end of the year.
Also Read: Ontario’s housing plan in crisis
"Condo listings are probably the highest we've seen in years," notes realtor Adil Dinani. "Sixteen thousand listings overall in the Greater Vancouver Real Estate Board. It's the first time in 10 years."
The oversupply has led to significant market hesitancy. Pre-sales are so low that developers are reconsidering projects. "We heard of one last week in Burnaby where the developer decided not to proceed with the project and as a result, returned all the deposits," said Dinani.
Economist Bryan Yu from Central 1 Credit Union attributes the stagnation to broader economic uncertainties. "I think it's just a reflection of a couple of factors," he explains. "Low affordability and a lot of the uncertainty around the economy and those trade shocks right now."
On the political front, Prime Minister Mark Carney, during a media availability in Rome, reaffirmed his campaign promise to double housing starts.
"Once we increase, as a country, the rate of home building, then that is going to make home prices much lower than they otherwise would be," Carney stated.
However, newly appointed Housing Minister Gregor Robertson offers a different perspective when he said, "I think that we need to deliver more supply, make sure the market is stable."
Also Read: Canada's smallest town about to be vacated
He emphasizes the need to focus on building affordable housing, noting, "The government of Canada has not been building affordable housing since the '90s and we've created a huge shortage across Canada."
Yet in Metro Vancouver, over 2,000 newly built condominiums stand empty, even as countless residents face housing insecurity. This number is projected to rise to nearly 3,500 by the end of the year.
Also Read: Ontario’s housing plan in crisis
"Condo listings are probably the highest we've seen in years," notes realtor Adil Dinani. "Sixteen thousand listings overall in the Greater Vancouver Real Estate Board. It's the first time in 10 years."
The oversupply has led to significant market hesitancy. Pre-sales are so low that developers are reconsidering projects. "We heard of one last week in Burnaby where the developer decided not to proceed with the project and as a result, returned all the deposits," said Dinani.
Economist Bryan Yu from Central 1 Credit Union attributes the stagnation to broader economic uncertainties. "I think it's just a reflection of a couple of factors," he explains. "Low affordability and a lot of the uncertainty around the economy and those trade shocks right now."
On the political front, Prime Minister Mark Carney, during a media availability in Rome, reaffirmed his campaign promise to double housing starts.
"Once we increase, as a country, the rate of home building, then that is going to make home prices much lower than they otherwise would be," Carney stated.
However, newly appointed Housing Minister Gregor Robertson offers a different perspective when he said, "I think that we need to deliver more supply, make sure the market is stable."
Also Read: Canada's smallest town about to be vacated
He emphasizes the need to focus on building affordable housing, noting, "The government of Canada has not been building affordable housing since the '90s and we've created a huge shortage across Canada."
