Surrey, Metro Vancouver Condo Market Shows Resilience Amid Changes

A 24-storey condo project in Surrey, halted due to foreclosure, is now under contract with construction paused at the 6th floor. The site includes 167 units and underground parking, with over $23 million spent so far. Another City Centre site for 500 units is also up for court-ordered sale. Condo construction and sales face challenges due to weak presales, high costs, and rising unsold inventory, especially in Surrey, Vancouver, and Burnaby. Rental development is increasing as ownership housing declines.