{"id":26789,"date":"2025-11-25T11:11:43","date_gmt":"2025-11-25T19:11:43","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=26789"},"modified":"2025-11-24T09:00:56","modified_gmt":"2025-11-24T17:00:56","slug":"vancouver-condo-market-downturn-causing-developers-to-rethink-strategy","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2025\/11\/vancouver-condo-market-downturn-causing-developers-to-rethink-strategy\/","title":{"rendered":"Vancouver Condo Market Downturn Causing Developers to Rethink Strategy"},"content":{"rendered":"<p style=\"text-align: justify;\">Vancouver\u2019s condo market is seeing low margins, rising inventory and paused projects, with developers trying different strategies to manage the current downturn, according to a Wednesday report by PwC and the Urban Land Institute.<\/p>\n<p style=\"text-align: justify;\">\u201cSome [clients] that are in stronger financial conditions can look to ride out slower times like this. They can also look to participate in maybe lower-margin projects to keep their people busy,\u201d said David Neale, a Vancouver-based partner with the global accounting firm.<\/p>\n<p style=\"text-align: justify;\">\u201cBut then we also have some that are in a tougher spot, and they\u2019re being forced to look to sell assets and lay off staff, unfortunately. So you have companies and organizations sort of running the full spectrum there as they&#8217;re dealing with this downturn.\u201d<\/p>\n<p style=\"text-align: justify;\">Some developers are pivoting to purpose-built rental, and some well-capitalized ones are buying up insolvent projects. Some contrarians are even \u201cmusing this might be a time to initiate projects again\u201d to prepare for an expected lack of supply in several years, said the Nov. 12 report.<\/p>\n<p style=\"text-align: justify;\">\u201cIf and when things turn around, people that are active or maybe pursuing projects sooner than others could benefit from having projects ready in a market where demand comes back,&#8221; Neale said.<\/p>\n<p style=\"text-align: justify;\">But the consensus is that it\u2019s still too early to resume business as usual, said the PwC report.<\/p>\n<p style=\"text-align: justify;\">The Vancouver market is in &#8220;a time of transition,&#8221; Neale said. While people have historically left Vancouver for smaller, more affordable markets in BC and Alberta, big changes to federal immigration policy mean that international immigration may no longer make up for those outflows, he said.<\/p>\n<p style=\"text-align: justify;\">\u201cIt\u2019s sort of bizarre to think about, but you\u2019re going to see a population decline in Vancouver for the first time in 40 years, which is a different dynamic than obviously we\u2019ve been seeing in BC for a long time,\u201d he said.<\/p>\n<p style=\"text-align: justify;\">Some developers may try to tap into government funding for Build Canada Homes (BCH) and other programs, though Neale said the federal budget unveiled Nov. 4 was underwhelming to some observers. The budget allocated $7 billion for BCH toward a five-year commitment of $13 billion.<\/p>\n<p style=\"text-align: justify;\">\u201cWe are still hopeful that the further investment in that [BCH] program can drive that change or at least keep some of these developers busy and healthy during this downturn so that they\u2019re in place and ready to build as things come back,\u201d Neale said.<\/p>\n<p style=\"text-align: justify;\">\u201cBut I think there [are] questions as to whether the actions that were taken, and the actions that are being taken, are sufficient to drive that significant an increase in homebuilding.\u201d<\/p>\n<p style=\"text-align: justify;\">Investors are considering other asset classes, Neale said. Industrial is a \u201cpretty safe bet\u201d due to the region\u2019s land limitations, while office is seeing brisk leasing for high-quality inventory. It will take time to solve the region\u2019s hotel shortage, though the FIFA World Cup could add momentum for more hotel supply, he said.<\/p>\n<p style=\"text-align: justify;\">The PwC report also said retail remains resilient, particularly grocery-anchored assets and essential services in mixed-use and suburban projects.<\/p>\n<p style=\"text-align: justify;\">&#8220;We think slow times for condos for the next couple years, steady for office, industrial and retail &#8230; and just a lot of questions around what can be done &#8230;.. to get some of these developers active again,&#8221; Neale said.<\/p>\n<p><a href=\"https:\/\/www.biv.com\/news\/real-estate\/vancouver-condo-market-could-struggle-for-next-two-years-says-report-11480913\" target=\"_blank\" rel=\"noopener\">PwC Report : Vancouver Condo Market Could Struggle for Next Two Years<\/a> by Jami Makan | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vancouver\u2019s condo market is seeing low margins, rising inventory and paused projects, with developers trying different strategies to manage the current downturn, according to a Wednesday report by PwC and &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2025\/11\/vancouver-condo-market-downturn-causing-developers-to-rethink-strategy\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27,13],"tags":[],"class_list":["post-26789","post","type-post","status-publish","format-standard","hentry","category-pre-sale-projects","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Vancouver Condo Market Downturn Causing Developers to Rethink Strategy &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2025\/11\/vancouver-condo-market-downturn-causing-developers-to-rethink-strategy\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Vancouver Condo Market Downturn Causing Developers to Rethink Strategy &#8226; 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