Although developers in Vancouver are urged to build more homes to ease the city’s housing crunch, they have been struggling to attract enough buyers. Mortgage rates remain high, hindering early interest in condo projects. Developers must secure significant pre-sales for financing, often challenging due to market conditions. British Columbia’s strict law gives developers just 12 months to market, collect deposits, and secure financing, with extensions risking deposit refunds. The 12-month limit is criticized for impeding housing development, and industry voices are advocating for longer marketing timelines.

Vancouver’s housing crisis has worsened with skyrocketing prices, limited land, and low vacancy rates. The REDMA time constraint poses difficulties, unlike cities like Toronto with more flexible pre-sale periods. Developers are seeking loan restructuring to meet deadlines and continue selling post-construction. Sales have dipped while inventory rises, particularly for condos, making it difficult for developers to continue with their projects.