A slumping condo market has developers and realtors resorting to discounts and other gimmicks to attract buyers.
In Central Surrey, a giant, blow-up gorilla is being used to advertise sales at Edge, where 41 units that have been sitting empty for a year will be offered at up to 25 per cent off this weekend.
“The state of the market right now is there actually isn’t a large amount of supply of any given type of inventory,” said Justin Mitchell with Frontline Real Estate Services. “But there’s a bit of a staring contest between consumers and developers to figure out where pricing is.”
And in Vancouver, realtor brothers Jordan and Russ McNab are dealing with a slump in condo sales by holding a crib crawl—a VIP buyers’ tour of properties for sale.
“We're going to jump on a limo bus and hit five different locations, and at each location there'll be a mini party and drinks and appies, and we'll educate people on the property,” said Jordan.
The brothers say they have been struggling to sell several listings—including a 925-square feet suite with an asking price of $625,000--over the last couple of months. Even though prices for the listings have already been dropped once, there are still no buyers. As a result, the two are thinking outside the box to attract them.
With files from CTV British Columbia’s Shannon Paterson
