The condo market in Vancouver and across Canada is facing a significant slowdown due to higher construction costs and reduced demand, exacerbated by the current interest-rate environment. Developers are struggling as many investors pull back, leading to a "grinding halt" in new condo projects. Pre-sale activity is low, and unsold inventory is accumulating. While larger developers may continue existing projects, smaller ones are at risk, potentially leading to more real estate receiverships in 2025. However, pent-up demand could eventually stimulate recovery.
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