Metro Vancouver's housing market is experiencing significant challenges, leading to project cancellations and a projected decline in future housing starts. Developers like ASPAC are returning deposits for condominium projects, such as the River Green complex in Richmond, due to weak presale numbers, a critical factor for securing bank financing. Experts predict a "really, really ugly" housing market for the next 12 to 18 months, with a potential dip in completions by the end of the decade. Factors contributing to this downturn include a general real estate market slump, federal immigration policy changes impacting rental demand, increased competition from a saturated resale market where prices are falling, and economic uncertainty stemming from global events and trade tariffs. Additionally, government policies such as the foreign buyer ban and high development cost charges are cited as obstacles to new construction.