Homebuyers Shun New Real Estate in Vancouver, Hurting Builders
- ‘Never been as expensive to own a home anywhere in Canada’
- Projects struggle for financing as unsold inventories rise
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Politicians are desperate for developers in Vancouver to build more homes to alleviate pressure in one of the continent’s most expensive real estate markets. There’s just one problem — not enough buyers are showing up.
With mortgage rates still near their highest levels in more than a decade, some condo developers are struggling to generate enough early interest in projects to get them built. Homebuilders in the province of British Columbia are constantly against the clock: it has a law that gives them just 12 months to market their projects, collect enough deposits and secure the financing to build.