Executives in Vancouver's real estate industry are warning of a glut of newly built condos sitting unsold and empty throughout the region.
About 2,500 new condos are sitting unsold and empty in Metro Vancouver, according to the Canada Mortgage and Housing Corporation (CMHC).
That number is double what it was last year, according to CMHC.
Anne McMullin, president and CEO of Urban Development Institute, says the reason is that condos cost more to build than local residents can afford.
"Costs have escalated so much in the last 10 years that to build a unit is
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