More than 800 empty condos in Coquitlam: CMHC report

There are nearly 900 empty condos across the Tri-Cities, including 814 built but unoccupied in Coquitlam.

Many of those vacant condos are in Burquitlam, noted Andy Yan, the director of Simon Fraser University’s city program.

“We’ve seen really high levels of unabsorbed condominiums,” Yan said.

While it’s not the only version of an empty unit, the data is significant, Yan said, noting the number of unsold apartments/condos in Coquitlam is the highest it’s been in 36 years.

Across Metro Vancouver, about one-third of condos are investor-owned, Yan said. While some of those investors are looking to rent out their condos, some speculators are primarily hoping to see their asset rise in value.

However, as the condo market has flattened, possibly due to higher interest rates and more stringent lending practices, many speculators may be reconsidering how a Coquitlam condo fits into their investment portfolio, Yan suggested.

Approximately three-quarters of the unsold condos are priced between $500,000 and $1 million. Another six percent are priced below $500,000 with 19 percent listed at more than $1 million, Yan noted.

The number of empty condos in Coquitlam has jumped from 101 units in August 2022 to 412 empty condos at the same point in 2025.

There are 73 empty condos in Port Moody and seven in Port Coquitlam, according to Canada Mortgage and Housing Corporation data from August 2026.

When California’s condo market softened, many developers pivoted to rentals, Yan said.

However, there’s also a possibility developers with projects in the pipeline will still seek a rezoning so they can sell their land along with that new rezoning.

At that point, it becomes more about inflating land value rather than providing housing.

“Was there ever an intention to build or was it about just rezoning and extracting a higher value from the land?” Yan asked.

Rental apartments accounted for about 60 percent of 2026 housing starts, rising sharply compared to 2025, according to CMHC.

“Municipal incentives, rental-specific zoning policies, development charge relief and favourable financing programs have helped maintain rental project viability,” stated a CMHC report.