Following a record number of condo starts in Canada three to four years ago, developers are now contending with hundreds of unsold, never-lived-in units in big cities.

“We haven’t seen that since about 2001, that’s really the last time there was this level of available inventory,” said Greg Zayadi, the president of Vancouver-based development company Rennie.

In two of B.C.’s major cities there are thousands of new condos currently sitting empty.

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In Vancouver, its about 2,500. In Victoria, it’s lower: 350 for August. But that number is double compared to what it was last year, a trend has been observed similarly month over month for the past year.

“A lot of this has is related to caps on our international students and non-permanent citizens. They are mostly rent

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