Divergence in Toronto and Vancouver housing markets not surprising: RBC
How about a glass of wine with that condo?
Vancouver developer Wesgroup Properties is offering the boozy incentive starting next month at its riverfront development -- an indication of just how much the market has slowed in the city.
The one, two and three-bedroom units start at $519,900, with completion expected by the summer of 2022. Those who sign up to the project will get a $1,500 gift card, enough for roughly one bottle of wine a week for a year, according to an emailed statement from the developer. That will get you six glasses of British Columbian Merlot a week and a day of rest.
Vancouver was once one of the world’s hottest housing markets. At its peak in 2016, buyers would often queue for days to get first dibs on units, put down a 20 per cent deposit, then flip the contract at a premium before completion.
The market has since turned and incentives -- from avocado toast to price cuts -- are mushrooming. Benchmark Vancouver home prices dropped 8.5 per cent in April from a year earlier, while the sales to new-listings ratio -- a measure of how tight a particular market is -- is at its lowest since 2008.