Real estate watchers may have noticed a range of new sales incentives by condo marketing agencies recently. These incentives include free cars, downpayment assistance, credit off purchase prices, and even raffles for a free unit! Why these new sales techniques? How has the market changed?
Hadani Ditmars explains in The Globe and Mail that there are different types of buyers: investors, who buy for cash flow from rentals, and owner-occupiers who plan to create a home and stay for a while. Owner-occupiers are now predominant, and they're more interested in these kinds of incentives. First-time buyers are a part of this group, and they're particularly keen to hear about promotions: it can be difficult to save a large enough downpayment or qualify for a mortgage big enough for Vancouver's high condo prices. Marketers realize that these different buyers need to hear the message tailored for their needs.
The market is competitive, but marketers and analysts believe that it's more balanced than it's been in years. Instead of lining up to register for a condo development, the supply of available units now allows potential buyers to take the time they need to consider all their buying options and make a well-informed decision. So developers are sweetening the pot.
How about a new car with that condo?
HADANI DITMARS, The Globe and Mail
Real estate watchers may have noticed a range of new sales incentives by condo marketing agencies recently. These incentives include free cars, downpayment assistance, credit off purchase prices, and even raffles for a free unit! Why these new sales techniques? How has the market changed?
Hadani Ditmars explains in The Globe and Mail that there are different types of buyers: investors, who buy for cash flow from rentals, and owner-occupiers who plan to create a home and stay for a while. Owner-occupiers are now predominant, and they're more interested in these kinds of incentives. First-time buyers are a part of this group, and they're particularly keen to hear about promotions: it can be difficult to save a large enough downpayment or qualify for a mortgage big enough for Vancouver's high condo prices. Marketers realize that these different buyers need to hear the message tailored for their needs.
The market is competitive, but marketers and analysts believe that it's more balanced than it's been in years. Instead of lining up to register for a condo development, the supply of available units now allows potential buyers to take the time they need to consider all their buying options and make a well-informed decision. So developers are sweetening the pot.
