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TABRIZI

November 2026: Over 14,000 new condos sit unsold in Metro Vancouver — what it means for Coquitlam

Writer: Sam Tabrizi
Sam Tabrizi
1 minute ago
8 min read
Featured image for Sam Tabrizi blog post on over 14,000 unsold new condos in Metro Vancouver in November 2026


For decades, buying a new condo in Metro Vancouver usually meant buying a presale — signing years before the building was finished. That model has stalled. According to Rennie's Fall 2026 report, more than 14,000 new condominiums were unsold across Metro Vancouver at the end of June 2026, while new-condo sales in the first half of the year fell to a record low. At the same time, MLA Canada reports that almost no new presale projects are launching. The figures were brought together by Daily Hive on Nov. 2, 2026.


Rennie has gone as far as retiring the term "pre-sale market" in favour of "new-home market." As Rennie's Ryan Wyse put it: "Metro Vancouver's condo market isn't really a pre-sale market anymore — it's a new-home market."


A quick note on sources: Rennie and MLA Canada are real estate marketing and advisory firms that track the new-home market, not real estate boards. Resale figures in this post come from Greater Vancouver REALTORS® (GVR). The data also covers different periods — Rennie's unsold count is as of the end of June, while MLA Canada and GVR figures are for September — so think of them as a picture of direction, not a live count of homes for sale today.


The numbers at a glance


  • More than 14,000 new condos were unsold across Metro Vancouver at the end of June 2026 (Rennie). This counts homes at every stage, not just finished, empty units.

  • About 56% of those — nearly 8,000 homes — were still under construction, roughly twice the number already completed and awaiting buyers. Only 15% were in projects where construction had not yet started.

  • Just 1,340 new condos sold across the region in the first six months of 2026 — a record low, according to Rennie.

  • Rennie notes there had been no concrete condo tower presale launches in Metro Vancouver so far in 2026, and it expects many projects that are ready to sell to stay on hold.

  • In September 2026, only two presale projects launched across Metro Vancouver and the Fraser Valley, releasing a combined 32 homes. Neither reported a sale during the month (MLA Canada).

  • That is about 96% below the five-year September average of roughly seven launches and 870 homes, when more than 35% typically sold in the same month.

  • On the rental side, 1,001 secured purpose-built rental homes were completed across six projects in September — the largest monthly total of 2026 — with about 780 more forecast for October (MLA Canada).


Why so much is unsold — and why so little is launching


The short version: investors, who historically bought a large share of presales, have largely stepped back, and buyers who do want a home are taking their time. MLA Canada's Melissa Nestoruk summed up September this way: "September gave buyers more choice and lower prices, but not the confidence to act." MLA Canada also pointed to election-season uncertainty, adding: "A proposed tax on unsold condos has added to the hesitation."


That proposal — a tax on finished condos left unsold for more than a year, starting at 2% of assessed value — was a B.C. NDP campaign pledge, as reported by The Globe and Mail. The B.C. Conservatives went on to win a majority government in the October provincial election, so the province's housing policy direction is now being reset. We will be watching for what the new government does on housing.


Borrowing costs are another headwind. Rennie noted in October that, while the Bank of Canada had been holding steady, mortgage rates had already risen — and the Bank of Canada then raised its policy rate to 2.5% on Oct. 28.


The resale market is soft too. GVR reported 1,717 Metro Vancouver sales in September 2026, down 8.4% from a year earlier and 25% below the 10-year September average. The weakness was concentrated in apartments: apartment sales fell 18.6% year over year, while detached and attached sales were slightly higher. Active listings stood at 16,394, 24.3% above the 10-year seasonal average.


What this looks like in Coquitlam and the Tri-Cities


Rennie's unsold-inventory figures were reported for Metro Vancouver as a whole; a Coquitlam-specific unsold count was not published in the coverage, so we won't guess at one. But there are clear local signals:


  • MLA Canada says September's two small presale launches were in the Fraser Valley and the Tri-Cities — so even here, new launches have slowed to a trickle.

  • Coquitlam apartment benchmark price: $640,100 in September 2026, down 0.9% from August and 7.3% from a year earlier (GVR).

  • Coquitlam composite benchmark (all home types): $971,700 — down 1.0% month over month and 6.3% year over year (GVR).

  • Coquitlam sales: 141 homes in September, including 62 apartments, compared with 165 homes and 76 apartments in September 2025 (GVR).

  • Year to date (January to September), 703 Coquitlam apartments have sold, compared with 783 over the same period in 2025 (GVR).

  • The median Coquitlam apartment sale price was $600,000 in September 2026, compared with $637,500 a year earlier (GVR). Medians can swing month to month, so the benchmark is the better guide to the trend.


Local developers and city officials have been saying the same thing for months. In May 2026, the Tri-Cities Dispatch reported that Wesbild had paused its proposed six-tower, roughly 2,000-unit redevelopment of PoCo Place in Port Coquitlam. The city's director of planning said the market "just doesn't support that" right now, adding that the investor-driven presale tower market had "completely collapsed." Around the same time, Coquitlam Mayor Richard Stewart told council, "We desperately need the housing but we don't have any market," noting that the housing and housing-finance sectors had "pressed pause."


Where there is activity, it is increasingly ground-oriented. In June, the Vancouver Sun reported that Wesbild had begun selling 35 three-bedroom townhouses on Burke Mountain, pitching them to end users moving away from small investor-style condos. Rennie's Fall 2026 report makes the same point: today's new-home buyers are mostly end users buying completed homes, and increasingly townhomes.


What it means for buyers


  • More negotiating room on new homes. With thousands of unsold units and record-low sales, developers with completed or nearly completed inventory have strong reasons to deal. Ask about price reductions, upgrades, lower or restructured deposits, and help with closing costs — and get any incentive in writing in the contract.

  • Buying finished beats buying a promise. Because so much inventory is completed or close to it, you can often see the actual unit, view and finishes before you commit, rather than buying off a floor plan years ahead.

  • Compare against resale, not the brochure. Coquitlam apartment benchmark prices are down 7.3% from a year ago. Measure any new-build price — even after incentives — against recent resale sales of similar homes nearby.

  • Keep the longer view in mind. With very few presales launching today, and many ready projects on hold, fewer new condos will be in the construction pipeline for later in the decade. Because a project launched today typically takes several years to complete, that could tighten new condo supply in roughly the 2028–2030 window if demand recovers. That is our reading of the trend, not a forecast from Rennie or MLA Canada — but it is one reason today's choice and pricing may not last indefinitely.


What it means for sellers and investors


  • Resale condos are competing with new inventory. If you are selling a Coquitlam apartment, your buyer may also be touring brand-new units with incentives attached. Pricing to recent comps and presenting the home well matters more than ever, especially in a segment where sales are down year over year.

  • Detached and townhome owners face a different picture. GVR data shows regional attached and detached sales holding up better than apartments, and developers are leaning toward townhomes. Your strategy should reflect your segment, not the condo headlines.

  • Assignment sellers: plan early. If you bought a presale at peak pricing and are hoping to assign the contract before completion, today's market makes that harder — buyers can often choose a completed unit instead. Check what your contract allows, any developer assignment fees, and whether the B.C. home flipping tax applies (it can apply to profits on presale contracts assigned within 730 days). Get legal and tax advice, and have a realistic look at the value of comparable completed units before you decide between assigning and completing.

  • Investors: run the numbers on today's rents, not yesterday's. More new rentals are coming online (see below), so build your plan around current rents and vacancy, not rents from the peak.


What it means for renters and landlords


  • Renters have more choice. MLA Canada counted 1,001 new purpose-built rental homes completed in September — the strongest month of 2026 — with about 780 more forecast for October. Rennie expects the wave of rental completions that began in early 2025 to continue through 2027.

  • Rents in newer buildings have eased slightly. MLA Canada's average advertised rent for buildings completed in the last five years across the Lower Mainland was $2,671 in September, down 1.5% from August. In Coquitlam, the average in its sample was $2,631.

  • Landlords should expect competition. Rennie's Spring 2026 report noted that Metro Vancouver purpose-built rental completions reached nearly 11,000 in 2025, and that the 2025 purpose-built vacancy rate was 3.7% — a full point above the previous record high. If you own a rental condo, competitive pricing, good presentation and flexibility will help you keep it leased.


The bottom line


This is not a crash headline — it is a market in transition. Most of the 14,000-plus unsold condos are still being built, and Rennie expects completed, unsold inventory to keep rising before this cycle turns. For buyers, that means real choice and negotiating room today. For sellers, especially of resale condos, it means pricing to current comps and preparing for competition from new inventory. For renters, more supply is helping keep rents in check. And with presale launches at a near standstill, it is worth keeping an eye on what that means for supply a few years from now.


October figures from GVR have not been released yet; we will share what they show for Coquitlam once they are out.


Sources



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