Statscan numbers

[CalgaryTiger]

I think they built the wrong thing, as has been said. The crazy thing is that wrong thing is still way overpriced to the point where it isn't affordable. They're in this weird spot where they have investors trying to sell their condo they bought preconstruction at a loss and that is still too expensive to sell. Sure, if you're in a good building and you're priced right you're selling but otherwise you're staying on the market. I don't feel bad at all that speculative preconstruction markets have fall off. Condo-Karma.

 

[darwink]

I think they built the wrong thing, as has been said. The crazy thing is that wrong thing is still way overpriced to the point where it isn't affordable. They're in this weird spot where they have investors trying to sell their condo they bought preconstruction at a loss and that is still too expensive to sell. Sure, if you're in a good building and you're priced right you're selling but otherwise you're staying on the market. I don't feel bad at all that speculative preconstruction markets have fall off. Condo-Karma.

Yeah. I’ve read that there are decidedly middle class folks who’ve ridden the condo presale game for 15 years now, and are stuck trying to close on 5 units that they’re all underwater on. All their earnings from previous presale went directly back into new presales and now they will loose everything.

A hard lesson to learn.

 

[CalgaryTiger]

Yeah. I’ve read that there are decidedly middle class folks who’ve ridden the condo presale game for 15 years now, and are stuck trying to close on 5 units that they’re all underwater on. All their earnings from previous presale went directly back into new presales and now they will loose everything.

A hard lesson to learn.

When I read that I do feel a little bad but also, know when to cash out.

Edit:

More than 2,000 condos sitting empty in Metro Vancouver amid housing crisis - BC | Globalnews.ca

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

globalnews.ca

This article doesn't mention one important point about why places are not selling.

A month old but this does...

Vancouver Housing Market | 2025 Home Prices - nesto.ca

Read nesto's latest report on the Vancouver Housing Market Outlook for 2025. Get the real estate insights to guide your house hunting in Vancouver.

www.nesto.ca

• The average selling price of a condo in Vancouver decreased by 0.9% year-over-year to $767,300 in March 2025.

Who can afford that? My wife and I do well and we cannot afford that for a house let alone a condo. Condos being a bad investment is long overdue. Those places need to be for people to live in them, thing is no one really wants to live in them because they're so small and otherwise depressing places to live. The condo market correction is better late than never. It might actually be a good thing that Calgary never saw a condo building boom, it means we don't have too many unlivable, asset first, condos.

 

[trtcttc]

Yeah. I’ve read that there are decidedly middle class folks who’ve ridden the condo presale game for 15 years now, and are stuck trying to close on 5 units that they’re all underwater on. All their earnings from previous presale went directly back into new presales and now they will loose everything.

A hard lesson to learn.

Have no sympathy for investors. Just like I have no issues when the market price rose and they made a profit. Although I do think there's a lot of non-investors impacted as well. I'm in the age cohort (late 20s/early 30s) where people are getting into home ownership. And I know many people that bought these condos in 2021-2024 to live in. They don't have kids, and with prices rising the way they were, people wanted to get on the property ladder. As foolish as that may seem now, it was simply to replicate what those even 5 years older did. Bought a small condo when they're single, use those gains to eventually move to a townhouse further out from the core once they're married or have kids. It's like those entering the job market in 2008 or now, the timing, which is out of your control, just sets you back so far.