Why 80% of BC Buyers Can't Afford New Condos (And What Actually Works)

By Uzair Muhammad, REALTOR® — Real Broker BC · Published 9 February 2026

Updated October 2026

Construction costs have pushed new condos out of reach for 80% of BC residents. But the current buyer's market has created legitimate alternatives—from developer incentives to suburban townhomes—that make homeownership more accessible than headlines suggest.

PresaleProperties.com is the buyer-focused representation practice of Uzair Muhammad (REALTOR, Real Broker BC), serving presale and new construction buyers across Metro Vancouver and the Fraser Valley from 3211 152 St, Building C, Suite 402, Surrey BC V3Z 1H8 — (672) 258-1100.

Construction costs have skyrocketed, pushing new condos out of reach for 80% of BC residents. But there are still paths to homeownership—if you know where to look and what strategies actually work.

The Affordability Crisis: The Numbers That Hurt

Construction costs in Vancouver have skyrocketed over the past decade. Labor, materials, land acquisition, and regulatory fees have all climbed dramatically—and these costs flow directly into the price tag of every new unit. According to Vancouver House Finders, skyrocketing construction costs have pushed new condos out of financial reach for an estimated 80 percent of local residents.

If you're a first-time buyer, a young professional, or a family trying to build wealth through homeownership, the new condo market isn't just expensive—it's essentially closed to you. The math simply doesn't work.

Why This Happened: The Perfect Storm

The Silver Lining: Alternatives That Actually Work

While new condos may be out of reach for most, the current market has created several legitimate alternatives:

1. Presale Townhomes (Not Condos)

Townhomes remain more affordable than condos in many markets. They offer more space per dollar and often come with the same 2-5-10 warranty protection. In the Fraser Valley and outer suburbs, presale townhomes are genuinely more accessible than downtown condos.

2. Resale Condos with Equity

Instead of buying new, consider a 5–10 year old condo. You'll pay significantly less per square foot, and you can negotiate more aggressively in today's buyer-friendly market. You gain immediate equity and lower entry costs.

3. Suburban & Valley Expansion

The Fraser Valley, Chilliwack, Abbotsford, and other suburban markets offer dramatically better value. Yes, you're further from downtown, but you get more space, lower prices, and often better quality of life.

4. Developer Incentives (The Secret Weapon)

Here's something most buyers don't know: developers are desperate. Presale sales are down 50%+ from peak levels, and they're offering the most aggressive incentives since 2018.

5. Timing the Market Correctly

The current slowdown is temporary. Presale launches are at decade lows, and developers are sitting on land rather than building. When the market recovers—and it will—supply will be limited. Buying now at discounted prices with aggressive incentives positions you for significant appreciation when demand returns.

The Path Forward

If you're feeling priced out, here's your action plan:

Conclusion

Yes, 80% of buyers are priced out of the new condo market today. But that statistic also reveals something important: the market has become so disconnected from reality that change is inevitable.

The dream of homeownership hasn't died. It's evolved. And for those willing to adapt their expectations and think strategically, it's more achievable than the headlines suggest.

References

1. Vancouver House Finders - "We Can No Longer Build What People Can Afford" in Vancouver
2. Mike Stewart - Metro Vancouver Presale Condo Sales Have Collapsed

Founded by Uzair Muhammad, REALTOR® — Real Broker BC