Unsold New Condos in Metro Vancouver by City: Where the Glut Sits and What's Still Coming (2026)

4,588: Vancouver CMA: finished, unsold condo apartments (Sept 2026), the highest month in CMHC's table, which starts in January 1990 and has no published data for January 2023 to June 2025 Source: CMHC (2026)

Key Takeaways

• 5,481 Finished, unsold condo units of every dwelling type in the Vancouver CMA in September 2026, townhouses included (CMHC). (CMHC, 2026)
• 31,733 Condo apartments under construction in the Vancouver CMA in September 2026, presold or not (CMHC). (CMHC, 2026)
• 1,161 Finished, unsold condo apartments in Burnaby in September 2026, the most of any municipality (CMHC). (CMHC, 2026)
• 158.9% Coquitlam's finished, unsold new condo apartments as a share of its active MLS condo listings (CMHC, September 2026; Strawhomes MLS data, October 2026). (Strawhomes calculations, 2026)
• 8,442 Condo apartments under construction in Burnaby in September 2026, the largest pipeline in the region (CMHC). (CMHC, 2026)
• 14,000 More than this many new condos were unsold at every stage across Metro Vancouver at the end of June 2026, according to an industry count reported by Daily Hive. (Daily Hive, 2026)
• -8.0% Change in Burnaby's average MLS condo sold price, October 2025 to October 2026 (Strawhomes MLS data). (Strawhomes MLS market data, 2026)

Metro Vancouver had 4,588 finished condo apartments with no committed buyer in September 2026, the highest count in CMHC's monthly table, which starts in January 1990 but has no published data for January 2023 to June 2025 (CMHC, 2026). That is up 1,738 from a year earlier. Counting condo townhouses and other condo units, CMHC's total was 5,481.

The regional total hides where those units sit and what is still coming behind them. This analysis sets CMHC's municipal counts beside the condo apartments still under construction in each city, and beside each city's condo listings and sales on MLS from Strawhomes MLS data for October 2026. Burnaby holds the most finished, unsold units, 1,161, and the largest pipeline, 8,442 under construction. In Coquitlam, finished, unsold new condo apartments outnumber the condos listed on MLS: they equal 158.9% of its active MLS condo listings.

Where the newly built, unsold condos are sitting: four cities hold most of them

Four municipalities hold most of the region's finished, unsold condo apartments: Burnaby with 1,161, Coquitlam with 923, Richmond with 581 and Vancouver with 541, as of September 2026 (CMHC, 2026). Surrey, which has the second-largest pipeline of condos under construction, had only 260 finished condo apartments waiting for a buyer.

CMHC data put the glut in the suburban transit hubs, not downtown. CMHC's Downtown zone held just 64 finished, unsold condo apartments in September 2026, while its Central Park/Metrotown zone in Burnaby held 631 and its Tri-Cities zone held 990 (CMHC, 2026). Those zone figures are the ones most coverage quotes, and they do not follow city limits: the Tri-Cities zone is Coquitlam's 923, Port Moody's 62 and Port Coquitlam's 5 together. The city table above uses CMHC's municipal counts instead, so each row lines up with the same city on our monthly market reports.

A unit is absorbed only once a qualified buyer has signed a binding contract secured by a non-refundable deposit, and the survey runs only in census metropolitan areas of at least 100,000 people (CMHC, 2026). So every unit here is finished and still has no committed buyer. Burnaby's total is spread across three CMHC zones, Central Park/Metrotown, Southeast Burnaby and North Burnaby, so anyone comparing Burnaby condos for sale faces finished new units in more than one part of the city.

Burnaby, Surrey and Coquitlam have the most new construction still coming

Burnaby has 8,442 condo apartments under construction on top of its 1,161 finished, unsold ones, the largest pipeline in the region (CMHC, 2026). Surrey has 6,244 under construction against 260 finished and unsold, and Coquitlam has 5,820. Across the Vancouver CMA, 31,733 condo apartments were being built in September 2026.

Read the under-construction column as where completions will land, not as unsold stock. CMHC's Starts and Completions Survey counts every new construction home being built, and its Market Absorption Survey tracks sales only once a building is finished, so these totals include units in new developments that buyers committed to years ago. We found no public source that splits the unsold part of the pipeline by city. According to the same industry count reported by Daily Hive, nearly 8,000 of the region's unsold new condos were under construction at the end of June 2026, or 56 per cent of its unsold total (Daily Hive, 2026).

Set the two columns side by side and three patterns appear. Surrey has few finished units waiting but a pipeline 24.0 times as large, so its test comes as those towers complete; its Surrey market report tracks its MLS condo listings month by month. Burnaby (7.3), Langley (7.4) and Vancouver (8.6) carry both a large finished stock and a pipeline several times its size, with Coquitlam close behind at 6.3. Richmond and North Vancouver sit at the other end, with about 1.6 condo apartments under construction for each finished, unsold one, so a much larger share of their new supply is already finished than in Surrey or Burnaby.

In three cities, finished new condos for sale outnumber MLS condo listings

In Coquitlam, finished, unsold new condo apartments equal 158.9% of the condos listed on MLS, and in Burnaby 105.6%. At October's pace of MLS condo sales, Coquitlam's finished, unsold new stock alone would take 11.3 months to absorb and Burnaby's 8.7, against 1.9 in Vancouver.

This is the supply buyers rarely see side by side. MLS listing counts include only homes listed on MLS, so a buyer comparing Coquitlam condos for sale sees the MLS supply but not necessarily all the new builds developers still hold. At the end of October, Coquitlam had 581 condos listed on MLS, while CMHC had counted 923 finished new condo apartments there with no buyer a month earlier. Maple Ridge (119.6%) and Burnaby are the other cities where the finished, unsold count tops the MLS listings.

Months of demand is a stress test, not a forecast. It divides each city's finished, unsold new condo apartments by the condos sold on MLS there in October, as if every buyer chose a new unit instead. It borrows the logic of months of inventory, the measure used to tell a buyers' market from a sellers' market. Vancouver's finished, unsold stock equals about 1.9 months of its MLS condo sales because its condo market is so large, while Coquitlam's equals 11.3. Maple Ridge, West Vancouver, Port Moody and White Rock each had fewer than thirty MLS condo sales in October, so their months of demand are marked as a thin sample.

Why the counts disagree: finished units versus presale condos still being built

Counts of Metro Vancouver's unsold new condos run from CMHC's 4,588 to the industry count's more than 14,000 because they measure different things. CMHC counts finished condo apartments with no committed buyer in September 2026. The industry count covers unsold condos at every stage at the end of June 2026, including buildings not yet started (Daily Hive, 2026).

The gap between CMHC's and the industry count's numbers is mostly about stage. The industry count describes the unsold units under construction as roughly twice the number already finished and awaiting buyers, which would put its finished count at about half that figure, in the same range as CMHC's 4,470 for June 2026 (CMHC, 2026). The industry count also covers unsold units in projects where construction had not begun, 15 per cent of its total, which CMHC does not track at all. CMHC's all-condo figure of 5,481 adds condo townhomes and other condo units to the apartment count.

So never add these figures together or read them as one measure. The industry count's total already includes its under-construction figure, and CMHC's pipeline of 31,733 includes presold units that the industry's unsold count leaves out. The area labels differ, the Vancouver census metropolitan area for CMHC and Metro Vancouver for the industry count, but both describe the same region, so the gap is about stage and date rather than area.

Condo pricing: MLS sold prices are falling, but not fastest where the glut is

Condo prices on MLS fell in most cities over the year, according to Strawhomes MLS market data. Between October 2025 and October 2026 the average MLS condo sold price was down in Burnaby (-8.0%), Coquitlam (-9.0%), Vancouver (-9.8%) and Langley (-16.9%). The cities with the biggest finished glut did not fall the most.

If the glut alone set condo prices, Coquitlam and Burnaby would lead the declines. They do not. Langley (-16.9%) and New Westminster (-11.7%) fell further, while Richmond, with the third-largest finished stock, slipped least among the large markets (-3.8%). Port Coquitlam, with almost no finished, unsold stock, was the one large-sample city where the average rose (+1.9%).

Two things blunt the link. Developers are slow to cut list prices because construction lenders set a floor. KSW Lawyers partner Aman Bindra told The Globe and Mail that loan terms typically bar sales below 90 or 95 per cent of the lender's unit valuation without its consent (Aman Bindra via The Globe and Mail, 2026). And a single month's average moves with the mix of units sold. For a steadier read, follow several months on a city's report, such as the Vancouver housing market report.

The Vancouver real estate market outlook: more completions now, fewer new developments later

More finished units are coming before fewer arrive. Industry analysts cited by Daily Hive expect completed and unsold inventory to keep rising before this cycle turns, with nearly 8,000 unsold condos still under construction region-wide at the end of June 2026 (Daily Hive, 2026). Further out, supply shrinks: new presale launches have almost stopped, and the drop in condo apartments under construction suggests fewer are being started than finished.

For Metro Vancouver presale condo buyers closing into this market, the risk sits in the appraisal. A lender funds against the appraised value at completion, not the price signed years earlier, so a buyer whose unit appraises low must cover the gap or risk the presale deposit. An assignment sale is the other way out, but it needs a buyer willing to take over the contract. Contracts are not always enforceable: developers of BC new condo projects must keep disclosing material developments, and in KingSett v. Lumina Eclipse the BC Supreme Court held 39 presale agreements unenforceable because the developer failed to; those contracts totalled about $30.5 million (BLG, 2026).

For buyers, the leverage is greatest where the finished, unsold stock is large against the MLS supply: Coquitlam, Maple Ridge and Burnaby. Ask developers about finished inventory and any incentive on it, as well as presales, weigh it against resale condos and other pre-construction options nearby, and have your realtor use the stock figures in these tables when you negotiate on price. For owners selling a resale condo in those cities, the competition is not only the listings you can see.

Condo budget checker: unsold new condos and MLS condo prices by city

How These Numbers Work

Finished, unsold condo apartments are CMHC's completed and unabsorbed units from its Market Absorption Survey: dwelling type apartment, intended market condo rather than rental, by census subdivision, as of September 2026 (CMHC, 2026). A unit counts as absorbed once a qualified buyer has signed a binding contract secured by a non-refundable deposit (CMHC, 2026). Condo apartments under construction are CMHC's Starts and Completions Survey count of condo apartments started and not yet complete at the end of September 2026; they include presold units, because CMHC records sales only once a building is finished. We found no public source that splits unsold presale stock by city: the industry count's unsold figures, as reported by Daily Hive, cover Metro Vancouver as a whole. Both CMHC counts are month-end snapshots of sales status, not occupancy, so an unsold unit is not necessarily unoccupied.

MLS condos are Strawhomes MLS market data, drawn from the real estate boards' MLS listings, for condos in each city for October 2026, the latest complete month: active listings at month end, plus sales that went firm (offers accepted) in the month and the average sold price of those sales, the same figures our market analytics show on each city's market report. MLS listings include resale units and some new units listed by developers or by presale buyers at completion, so the two sides of the share and months-of-demand columns can overlap. Prices compare October 2026 with October 2025 and are single-month averages, not a price index.

Under construction per finished, unsold unit divides the two CMHC counts for the same city and month. The share column divides finished, unsold new condo apartments by active MLS condo listings, and months of demand divides them by condos sold on MLS in October. Each share and months-of-demand figure divides new condo apartments counted by CMHC in September 2026 by MLS condos listed or sold in October 2026, so the two sides differ in item type and month. Months of demand is shown only where a city had thirty or more MLS condo sales in October. The year-over-year increase compares the same CMHC count for the same area in September 2025 and September 2026.

From CMHC zones to cities: CMHC publishes these series by survey zone and by census subdivision, and this article uses the census subdivisions, matched to the cities on Strawhomes market reports. Every census subdivision CMHC lists for the Vancouver area lies in the Metro Vancouver Regional District, the region often called Greater Vancouver, and they follow 2021 Census boundaries. Burnaby is Burnaby (CY), the sum of CMHC's Central Park/Metrotown (631), North Burnaby (207) and Southeast Burnaby (323) zones. The Tri-Cities zone (990) is Coquitlam, Port Coquitlam and Port Moody, plus Anmore and Belcarra, which had none. Vancouver (CY), the City of Vancouver, spans ten zones from Downtown (64) to Southeast Vancouver, while CMHC's University Endowment Lands zone is Metro Vancouver A, outside the city.

Langley adds CMHC's Langley (CY) and Langley (DM) census subdivisions, which MLS reports as one city. North Vancouver adds CMHC's North Vancouver (CY) and North Vancouver (DM) census subdivisions, which MLS reports as one city. Those are the City of North Vancouver, which takes in Lower Lonsdale, and the District of North Vancouver. Maple Ridge and Pitt Meadows share a CMHC zone, and Pitt Meadows had 0 finished, unsold condo apartments. Delta (CY) had 0, and the First Nations lands row (38) is reserve land that CMHC reports as its own census subdivision. Richmond, Surrey, New Westminster, West Vancouver and White Rock are one zone and one census subdivision each.

Frequently Asked Questions

How many unsold new condos are there in Metro Vancouver?

CMHC counted 4,588 finished condo apartments still unsold in the Vancouver census metropolitan area in September 2026, and 5,481 counting condo townhouses and other condo units. That is the highest apartment count in CMHC's monthly table, which starts in January 1990, though the table has no data for January 2023 to June 2025. The industry's wider count, including condos not yet finished, was more than 14,000 in June 2026. (CMHC, 2026)

Which Metro Vancouver cities have the most unsold new condos, and where does North Vancouver rank?

Burnaby, with 1,161 finished, unsold condo apartments in September 2026, followed by Coquitlam with 923, Richmond with 581 and Vancouver with 541, according to CMHC's municipal tables. Those four hold most of the region's finished, unsold stock. North Vancouver ranks sixth with 285, adding the City and the District of North Vancouver. (CMHC, 2026)

How many Metro Vancouver new condos are under construction, and does that include presale condos?

CMHC counted 31,733 condo apartments under construction in the Vancouver census metropolitan area in September 2026, down from 35,518 a year earlier. Burnaby had 8,442, Surrey 6,244 and Coquitlam 5,820. The count includes presale condos already sold, because CMHC tracks sales only after a building is complete. (CMHC, 2026)

Why do reports of unsold condos in Vancouver give different numbers, and which snapshot should I use?

They count different things. CMHC's 4,588 is finished condo apartments with no signed, deposit-backed sale in September 2026, across the census metropolitan area. The industry count's figure of more than 14,000 at the end of June 2026 adds unsold units in buildings still under construction or not yet started, and CMHC's all-condo count adds townhouses. For finished stock, use CMHC's monthly snapshot; for the whole pipeline, use the industry count. (Daily Hive, 2026)

Is the Vancouver condo market crashing?

Prices are falling, not collapsing. The average condo sold price on MLS fell 8.0% in Burnaby, 9.0% in Coquitlam and 9.8% in Vancouver between October 2025 and October 2026, according to Strawhomes MLS market data. A single month's average moves with the mix of units sold, so treat it as a direction rather than a precise measure of value. (Strawhomes MLS market data, 2026)

What happens if a presale condo buyer cannot close, and do BC new condo disclosure rules help?

The buyer still owes the contract price, and the lender funds only against the appraised value, so a buyer whose unit appraises low must cover the gap or risk losing the deposit. The disclosure rules can help: developers must keep disclosing material developments, and in KingSett v. Lumina Eclipse the BC Supreme Court held 39 presale agreements unenforceable because the developer did not, as BLG reported. (BLG, 2026)

Will unsold condos keep rising, and are developers still launching new homes?

Industry analysts cited by Daily Hive expect completed and unsold inventory to keep rising before the cycle turns, because nearly 8,000 unsold condos were still under construction across Metro Vancouver at the end of June 2026 and only 1,340 new condos sold in the first half of the year, a record low. Developers have nearly stopped launching: the analysts counted no concrete tower presale launches in 2026 so far, which should shrink supply later. (Daily Hive, 2026)

Is it a good time for a first-time buyer or an investor to buy a condo in Metro Vancouver, new or resale?

It is a better time to negotiate than to rush. Finished, unsold new condo apartments equal 158.9% of the condos listed on MLS in Coquitlam and 105.6% in Burnaby, and average MLS condo sold prices fell 8.0% in Burnaby and 9.8% in Vancouver in the year to October. Someone buying a first home can compare finished units with presales sold from floor plans; for an investor, the case for a new unit as an investment rests on falling prices. (Strawhomes calculations, 2026)

Methodology

The join key is the city (a CMHC census subdivision, or two of them for Langley and North Vancouver, matched to the Strawhomes city as set out in How These Numbers Work) and the month. CMHC inputs are the published Housing Market Information Portal tables 1.2.4 (completed and unabsorbed) and 1.2.3 (under construction), intended market condo, apartment column, pulled November 7, 2026; rental buildings, which CMHC counts as homes built to rent, are excluded. September 2026 is the latest month CMHC has published; October data were not yet out. Strawhomes, a Vancouver BC real estate site, supplied the MLS inputs for October 2026, read from the same database that feeds each city's market report: listings at month end, and sales counted and priced by the month the sale went firm. Formulas: the pipeline ratio is under construction divided by finished, unsold; the share is finished, unsold divided by active MLS condo listings, as a percentage; months of demand is finished, unsold divided by MLS condo sales in the month. Table 1.2.4 carries CMHC's notice that it "is conducting a methodology review of the unabsorbed inventory data series in the Ontario context" and asks users to "use the data with caution". The published table shows no data for January 2023 to June 2025; CMHC's CSV download of the same table does carry figures for those months, and the highest of them is 2,717, below both September 2026 and December 1995, so the record holds either way. This article uses the published table. That housing starts have fallen behind completions is our inference from the falling under-construction count, not a CMHC statement. Industry figures are as reported by Daily Hive on November 2, 2026; we did not see the original reports. The history table gives quarterly readings, the quarter-end months of CMHC's monthly series. Degraded stages: in the earlier topic research, DataForSEO returned redirect links that had to be patched, 52 of them were filled through ScrapeCreators, 61% of SERP results came back as full URLs, and one query for this topic failed in an earlier run. The angle pass and the fact, build and QA stages for this article ran without degradation: every source page was fetched and its figure found on it.

Sources consulted: 71

Sources cited: 65

Data freshness: current year: 65, last year: 0, older: 0

Data range: December 1995 (series high before 2026); September 2025 to September 2026 (CMHC) and October 2025 to October 2026 (MLS); pulled November 7, 2026

Research date: 2026-11-07

Update schedule: Monthly, after each CMHC release

Limitations: CMHC publishes no unabsorbed data for January 2023 to June 2025 and is reviewing the series' method. CMHC's under-construction count includes presold units, and no public source splits unsold presale stock by city that we found (industry analysts publish region totals, as reported). MLS condo prices are single-month averages.

Sources & References

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