23,000 homes were just completed in the last year, 43,000 more are supposed to be under construction. But Greater Vancouver new home sales have dropped nearly -90%. Builders have hit the pause button on new projects, meaning layoffs in the real estate and construction sector are on their way. Listings are at a 5-year high, although pre-sales listings are down -65%. Good. The last thing we need is more constructed supply, and we certainly don't need more speculative money sitting around in pre-sales. Already, over half of all homes in our city aren't even being used by their owners. They are either rentals or just sitting empty. We have so many empty homes we could house all of North Vancouver with them. The City of Vancouver is capitalizing on it and charging these reckless speculators over $40+ million a year in taxes just to continue to keep them empty. Slowly, the empties are coming to market as the financial burden of taxation is combined with their evaporated equity. Other cities look to follow suit on taxing empty homes. Good. Home sales across Greater Vancouver are now off to their slowest start through the first half of the year since the turn of the century. Detached home prices have dropped -14% year-over-year. Condos dropped -9%. On average, every home in Greater Vancouver is losing -$10,000/month in evaporated equity. Owners are trying to quickly recoup some of the losses by renting them out. But $2000/month doesn't go very far when you're netting a -$8000/month loss. Every month you avoid a purchase in this toxic market, and rather sit back and watch the implosion, it puts $10,000 in your pocket. Enjoy.
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