CMHC report finds more than 800 vacant condos in Coquitlam

Canada Mortgage and Housing Corporation data for August 2026 show nearly 900 vacant condos across the Tri-Cities, including 814 built but unoccupied units in Coquitlam. Port Moody had 73 vacant condos and Port Coquitlam had seven.

Andy Yan, director of Simon Fraser University’s city program, said many of the vacant units are in Burquitlam. He said Coquitlam’s number of unsold apartments and condos is at its highest point in 36 years.

About one-third of condos across Metro Vancouver are investor-owned, Yan said. Some investors intend to rent their units, while others are primarily seeking an increase in asset value. With the condo market flattening, possibly because of higher interest rates and stricter lending practices, some speculators may be reconsidering the role of Coquitlam condos in their investment portfolios, he suggested.

About three-quarters of unsold condos are priced between $500,000 and $1 million, Yan said. Six per cent are below $500,000 and 19 per cent are listed above $1 million. Coquitlam’s vacant-condo count rose from 101 units in August 2022 to 412 at the same point in 2025.

Rental apartments accounted for about 60 per cent of 2026 housing starts, rising sharply from 2025, according to CMHC. The agency said municipal incentives, rental-specific zoning policies, development-charge relief and favourable financing programs have helped keep rental projects viable.

Yan said developers shifted to rental projects when California’s condo market softened. But he said developers with projects in the pipeline could still seek rezoning in order to sell their land with the new zoning, a move he suggested may be more about increasing land value than providing housing.