New Housing Glut Deepens Across US, UK, Korea, Canada

Housing markets in various regions are experiencing significant challenges marked by affordability issues, oversupply, and regulatory delays. In Port Townsend, Washington, new housing is predominantly market-rate and unaffordable for the local workforce, despite zoning changes aimed at easing construction; the median home price exceeds $650,000 while affordable options remain scarce. Kelowna, Canada, faces an unprecedented glut of purpose-built rental units due to recent government incentives and investor behavior, resulting in tenant-friendly conditions with incentives such as free rent and parking, though affordability remains a concern especially for students. South Korean provinces continue to grapple with a high number of unsold apartments, concentrated mostly in provincial areas, causing financial strain on local construction companies despite government efforts to reduce the inventory through tax relief programs. In the UK, 1,210 completed new homes remain unoccupied due to delays in safety inspections following the Grenfell tragedy, with the backlog of applications growing and contributing to increased building costs and hampering the government's housing delivery targets. Meanwhile, in the US, the inventory of new homes for sale is at a high not seen since 2009, with sales declining due to economic uncertainty, high mortgage rates influenced by tariff policies, and consumer reluctance to make large financial commitments amid concerns over job security and housing affordability.