Developers are offering incentives to home buyers, as slowdown in Vancouver real estate continues

There’s an interesting story in the Star Metro today… and it’s about a condo project in Coquitlam.

They’re looking to entice millennial home buyers to purchase one of the 116 units. How, you ask? Well, firstly they’re reducing the down payment that’s needed - usually, it’s around 15 or 20 per cent, but at this condo project, they just want 10 per cent.

Secondly, it’s the price. The condos are selling for around 400 thousand dollars.

And then, perhaps, the greatest incentive of all: buyers will get a full year’s supply… of avocado toast.

It’s interesting to see that property developers are now having to take measures like this to try and entice people to buy homes. Is this a sign of things to come? And if you’re in the market to buy a home, should you be pushing for incentives like these?

Guest: Steve Saretsky

Vancouver Realtor and real estate analyst

There’s an interesting story in the Star Metro today… and it’s about a condo project in Coquitlam.

They’re looking to entice millennial home buyers to purchase one of the 116 units. How, you ask? Well, firstly they’re reducing the down payment that’s needed - usually, it’s around 15 or 20 per cent, but at this condo project, they just want 10 per cent.

Secondly, it’s the price. The condos are selling for around 400 thousand dollars.

And then, perhaps, the greatest incentive of all: buyers will get a full year’s supply… of avocado toast.

It’s interesting to see that property developers are now having to take measures like this to try and entice people to buy homes. Is this a sign of things to come? And if you’re in the market to buy a home, should you be pushing for incentives like these?

Guest: Steve Saretsky

Vancouver Realtor and real estate analyst