Over half of Metro Vancouver presale condos sold in 2022-2023 are now appraised below their original prices, dropping 5-20%. Lenders offer smaller mortgages, forcing buyers to cover the difference. Market oversupply and weak demand drive prices down, with some areas like Langley and north Burnaby heavily affected. Investor purchases have declined sharply, and nearly 4,840 units remain unsold or near completion, pressuring the market further.