The presale condo market in Vancouver has slowed significantly, causing some developers to resort to novel marketing strategies, some experts say.

“We’re in a bit of a standoff where buyers are waiting for an offering that feels like a no-brainer, something to get them over the fear of buying now, and developers are waiting for a better market,” said Cam Good, owner of Vancouver-based KEY Marketing.

“They are not willing or able to meet the market where it’s at right now, which is why most project launches are on hold and the presale market’s at a virtual standstill.”

Developers, who need to meet sales targets to unlock construction financing, may be turning to presale incentives as an added measure.

They are getting creative, in some cases defraying strata fees, guaranteeing rental income or offering freebies like air conditioning, extra parking, extra lockers or interior customization.

There’s even the chance to win your purchased presale for free in a lawn game tournament.

Dawson + Sawyer, the developer organizing the contest for its Queens project in Surrey, did not respond to a request for comment, but its website says a sack-throwing competition is planned for fall 2026 between the first 200 buyers. The winner would get their deposit back and balance paid off, said the website.

“Right now with a very soft market, the developers need to offer incentives pretty much every time they do a big sales push and basically throughout the whole sales program if they want to get stuff sold,” said Mike Stewart, Realtor with Oakwyn Realty Downtown Ltd.

Stewart, whose website tracks presale incentives available in the region, cited a recent free car promotion by Apna Group Inc. The Surrey-based developer partnered with Titanium Ford Surrey to offer a $50,000 credit toward a new Ford Mustang Mach-E for the next three buyers of certain floorplans in its 62-unit Gradience townhome project in Langley, according to an Oct. 8 Instagram post by Prima Marketing.

Apna did not respond to requests for comment, but Gradience is not the first time a B.C. developer has offered a free car. Downtown Vancouver’s high-profile Curv development offered some presale buyers a 2029 Porsche GT3 before the project became insolvent earlier this year.

The incentives aren’t necessarily a sign of developer despair, Stewart said.

“This is just a normal reaction to market dynamics when the lever of price discount is pulled to get units sold. The real issue is no new supply is going to come online, as increased taxes and red tape, along with poor market conditions, have all the builders and developers I know on the sidelines,” he said.

Good said all of KEY’s presale launches are on hold right now, and the company is just focused on completions and selling some standing inventory. Developers aren’t too desperate yet, he said.

“A lot of developers fear that [incentives] make them look desperate, but the reality is that buyers know the market that we’re in, and I don’t think they think less of a developer for offering clever and interesting and attractive incentives,” he said.

Low Deposits Common

One billboard recently touted a 1% deposit on phase-two homes of ViewStar, a Richmond project by BC developer Yuanheng Holdings Ltd. ViewStar did not respond to a request for comment, but Oakwyn’s Stewart said low deposits are “quite common” despite the risk of buyers walking away if the market turns even slightly.

Price discounts remain the most prevalent “incentive,” but Stewart said they are not always well-understood by buyers.

“A lot of the time, the buyers are not aware of the market value of these properties, so they wouldn’t necessarily understand a very, very good deal in terms of price because they are not every day looking at prices,” Stewart said.

“Whereas if someone offers them the potential of a free condo or the potential of a brand-new car, or a trip to France or a trip to Hawaii with the purchase of a condo, that often can be very intriguing and compelling.”

Attention-grabbing incentives are ultimately designed to draw prospective buyers to presentation centres where they can be pitched, Stewart said.

“What they’re really trying to do is get people through the door,” he said.

A recent project marketed by KEY, SkyLiving in Surrey, offered buy-back and rental guarantees. Such incentives are effective because they help shore up buyer confidence, Good said.

“The presale buyer is ..… paying a price today that they believe will work out to be a good idea in two, three, four years when the project is built,” he said.

“So at times like this when confidence is low and urgency is low and scarcity isn’t a factor, the most effective buyer incentives out there are the ones that address the confidence issue.”

Many incentives are ultimately made into equivalent “allowances” or “credits” when it comes to drafting the contract, which avoids alienating previous or subsequent buyers, Oakwyn’s Stewart said.

Despite all the flashy incentives available, Stewart said “for me, I’m kind of boring. I like to get my clients discounts.”

Flurry of Incentives as Vancouver Presale Market Grinds to Halt by Jami Makan | BIV