More than 2,000 condos sitting empty in Metro Vancouver amid housing crisis – BC [Video]

A report published last month states that more than 2,000 new condos in Metro Vancouver are sitting unsold and empty.

The report found that the number is predicted to rise to nearly 3,500 condos by the end of the year.

“Condo listings are probably the highest we’ve seen them in years,” Realtor Adil Dinani said.

“Sixteen thousand listings overall in the Greater Vancouver Real Estate Board. It’s the first time in 10 years.”

In addition, pre-sales are so low that it is forcing some developers to rethink current 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,” Dinani said.

Bryan Yu, a chief economist with credit union Central 1, told Global News that despite the availability, buyers still seem to be hesitant to purchase homes.

“I think it’s just a reflection of a couple of factors,” he said. “Low affordability …