Sponsored by Emerita Resources

Vancouver Condo Glut Grows

Metro Vancouver’s condominium market is in a pickle with approximately 2,500 newly built units sitting vacant and unsold, double the number from a year ago, according to the Canada Mortgage and Housing Corporation.

The average condo price fell to $734,400 in August 2025, representing a 4.4% decline from the previous year. Downtown Vancouver condos dropped from $1,264 per square foot in the first half of 2024 to $1,206 in the same period this year.

Active listings reached 16,242 units in August, up 18% year-over-year and significantly above the five-year average of 11,100, creating a buyer’s market with increased negotiating power.

You can read more on the matter here.

What’s going on?

• US Now Eyes Buying Equity in Australian Critical Mining Firms (theDeepDive)

• Trump gives Hamas until Sunday evening to agree to a Gaza peace deal (Globe)

• Former Alberta Premier Calls BC’s Eby Bigger Threat Than Separatists Over Pipeline Stance (theDeepDive)

• US Military Buildup Near Venezuela Now “Sufficient” For Seizure Operations (theDeepDive)

• Jeff Bezos hails AI boom as ‘good’ kind of bubble (FT)

• US $20B Pledge Postpones Argentina Reckoning Until After Elections (theDeepDive)

• Lightbound on Canada Post: Privatization “Not On The Table” (theDeepDive)

• Almost 1 billion Salesforce records stolen, hacker group claims (Reuters)

• Ukraine Drone Strikes Knock Out 38% of Russian Oil Refining (theDeepDive)

• Taiwan Contradicts Lutnick on 50-50 Chip Proposal (theDeepDive)

• US Initial Jobless Claims Edge Up to 224,000 in Goldman Analysis (Bloomberg)

• Temporary Foreign Worker Program: Officials Rarely Visit Worksites They Claim to Inspect, Data Show (theDeepDive)

• Trump Administration Withholds $2.1 Billion of Federal Funds From Chicago

  (WSJ)

What’s the latest?

• Real Estate: Toronto home sales rose 8.5% in September to 5,592, while the average price fell 4.7% year-over-year to $1.06M. Active listings jumped 18.9% to 29,394, with new listings up 3.9% from last year. Detached sales rose 9.6%, condos 7.2%, and semi-detached 11%. Analysts expect more Bank of Canada rate cuts to further boost sales, though activity remains below long-term norms.

• Markets: U.S. markets hit fresh record highs Friday with S&P 500, Nasdaq, and Dow futures up 0.2%, despite the government shutdown entering day three. AI and chip stocks remain the main drivers, though concerns of a potential bubble are rising. In Asia, Japan’s Nikkei gained 1.9% to 45,769.50, while Hong Kong’s Hang Seng fell 0.5% to 27,140.92. Oil prices edged up, with U.S. crude at $60.65 and Brent at $64.32 per barrel.

• Crypto: Bitcoin climbed 2% Friday to $123,874, just 1% below its record high of $124,000 set in mid-August. The rally comes as the U.S. government shutdown enters its third day, with investors seeking hedges against political and economic risks. Bitcoin is up 12% this week, and Standard Chartered forecasts a break to $135,000. Gold also gained 0.5% to $3,876.55 an ounce, while the S&P 500 and Nasdaq rose 0.5% and 0.27%, respectively.

• Politics: Prime Minister Mark Carney will visit Washington on Oct. 7 to meet U.S. President Donald Trump, with trade and security as top agenda items. The trip comes amid new U.S. tariffs on Canadian softwood lumber (10%) and furniture (25%), adding to Trump’s broader trade war. Canada has dropped some counter-tariffs and its digital services tax to ease talks, while 85% of exports to the U.S. remain tariff-free. Critics say Carney has missed his July 21 deadline for a trade “win,” while Trump has reignited talk of Canada as the “51st state.”

• Canada Post: Canada Post has offered striking workers a new contract with a 13.6% wage increase over four years but without the previous signing bonus. The proposal includes provisions for upcoming service cuts, such as suspending “job security for life” and allowing closure of 493 urban post offices. Voluntary departure incentives of up to 78 weeks’ pay are planned, with layoffs as a last resort. The 55,000-member union has declared a nationwide strike, calling the changes a direct attack on workers.

The New Way to Play Gold?

The stock market and stuff

• Apple Drops ICE-Tracking Apps From App Store (WSJ)

• Bitcoin rallies to within 1% of all-time high, gaining safe haven status during shutdown (CNBC)

• Tech Stock Rally Loses Steam in Afternoon Trading (Bloomberg)

In the juniors

• Awale Resources Set To Launch 100,000 Metre Drill Program In Côte d’Ivoire (theDeepDive)

• Harvest Gold: Update on Mosseau Drill Program and Details of New Fall, 2025 Exploration Program (JMN)

• Seabridge Gold Sees Tudor File Notice Of Civil Claim Over Mitchell Treaty Tunnels (theDeepDive)

FULL DISCLOSURE: Emerita Resources is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Emerita Resources. The author has been compensated to cover Emerita Resources on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.