More than 14,000 new condominiums remained unsold across Metro Vancouver at the end of June 2026, according to Rennie’s Fall 2026 market report. That figure spans every stage of development: 15% were in projects where construction had not yet started, 56% (nearly 8,000 homes) were under construction, and the remaining 29% (roughly 4,000 homes) were already completed and sitting unsold — meaning the under-construction pipeline is now about double the size of the completed, unsold inventory.
Demand has not kept pace with that supply. Only 1,340 new condominiums sold across the region in the first six months of 2026 — a record low, Rennie says. “Metro Vancouver’s condo market isn’t really a pre-sale market anymore — it’s a new-home market,” said Ryan Wyse, the firm’s market intelligence manager and lead analyst, adding that completed-and-unsold inventory is expected to keep rising “before this cycle turns.” Separately, MLA Canada’s data shows pre-sale launches have nearly dried up: only two projects released a combined 32 homes in September 2026, with neither launch reporting a single sale — about 96% below the five-year average of roughly seven launches and 870 homes for that month. MLA Canada’s analyst, Melissa Nestoruk, pointed to uncertainty ahead of B.C.’s October 2026 municipal and provincial elections as one reason buyers and developers were holding back.
For anyone weighing a new-build or pre-sale purchase in Metro Vancouver, the numbers point to a buyer’s market on paper: resale listings were 24.3% above the 10-year seasonal average in Greater Vancouver and 31% above average in the Fraser Valley as of September 2026, and MLA Canada’s rent tracking shows average advertised rents in newer buildings easing slightly, to $2,671 a month in September from $2,711 in August. The flip side is Rennie’s own warning — with so much supply still working through construction and sales at a record low, further price concessions from developers are plausible, but so is a longer wait for any given project to reach completion, since few new presale projects are launching to replace the inventory being sold down.
