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Calgary is awash in newly built homes that remain unoccupied — hitting levels not seen in 15 years — as an influx of condo projects comes at a time of muted demand, according to housing data.

The surge in supply has not scared off all developers in the city, with a number of new projects on the horizon. But some are converting their condo proposals into rentals, which they view as a better investment as the economy slowly turns the corner on a prolonged slump.

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The city had about 1,500 newly constructed housing units that were vacant in December, a stunning glut not seen since June 2001, according to the Canada Mortgage and Housing Corp. More than half of the current stockpile, about 800 units, were apartment-style condos.

“Very pricey homes have taken a beating,” said Brian Kernick, president of Greenview Developments, which plans to break ground in the coming weeks on a 65-unit low-rise condo building in Inglewood.