Glass of wine a day latest B.C. home-buying incentive
Published Friday, May 24, 2019 11:54AM PDT
Last Updated Friday, May 24, 2019 5:40PM PDT
A new Vancouver condo project is looking to attract homebuyers with boozy incentives.
Wesgroup Properties says it is offering homebuyers a glass of wine a day for an entire year, if they purchase a home during the month of June at their MODE development.
The developer is offering a $1,500 gift card equal to a bottle of wine a week for a year, or a glass a day.
"The market currently is requiring some creativity and you’re seeing that with different campaigns, " said Brad Jones, vice-president of development at Wesgroup Properties.
"It is a competitive marketplace now."
The project, located in south Vancouver, is a mix of residences and businesses.
The offer was launched in response to a Coquitlam development's avocado toast incentive.
"We see your avocado toast and raise you a glass of wine" said Jones, in a release announcing the grape incentive.
Behind the cheeky marketing tactic, Wesgroup’s has a more serious incentive for MODE.
"Between $10,000 and $20,000 off your home purchase," Jones said.
Sales for MODE began on March 16th and since then only 30 per cent of the 257 units have sold.
"The days of people camping out to get their hands on a presale, that's long gone," said Vancouver real estate advocate Rohana Rezel.
"What the developer is trying to mask with this incentive is that the price is way too high," he said.
Rezel said buyers are waiting to see home prices hit rock bottom.
"They've got the money for a down payment but they don't want to invest at this moment because no one wants to catch a falling knife," Rezel added.