{"id":26831,"date":"2025-12-01T11:11:19","date_gmt":"2025-12-01T19:11:19","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=26831"},"modified":"2025-12-01T08:57:58","modified_gmt":"2025-12-01T16:57:58","slug":"bc-new-home-developers-are-remaining-optimistic-buyers-holding-the-power","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2025\/12\/bc-new-home-developers-are-remaining-optimistic-buyers-holding-the-power\/","title":{"rendered":"BC New Home Developers are Remaining Optimistic, Buyers Holding The Power"},"content":{"rendered":"<p style=\"text-align: justify;\">Developers in British Columbia are offering steep discounts as new inventory keeps stacking up, fuelling competition for buyers who can afford to shop around.<\/p>\n<p style=\"text-align: justify;\">In Kelowna, Mission Group had a one-day flash sale on Saturday on all vacant inventory at its Alma on Abbott development, a boutique lakefront community located in Pandosy Village that was completed in October.<\/p>\n<p style=\"text-align: justify;\">Mission Group president Luke Turri said half of Alma\u2019s 87 units \u2013 ranging from studios to three-bedrooms \u2013 need to be sold. With the discount, one- and two-bedroom units will be roughly $425,000 to $505,000.<\/p>\n<p style=\"text-align: justify;\">\u201cWe realize that we have to meet the market where it\u2019s at,\u201d said Turri, who\u2019s been in the field for 20 years.<\/p>\n<p style=\"text-align: justify;\">He said today\u2019s buyers are highly informed and cautious.<\/p>\n<p style=\"text-align: justify;\">\u201cBuyers are seeing price corrections, incentive programs, construction delays, interest rates swinging, and they need certainty, they need credibility, and so for us the focus is, how do we create that momentum?\u201d<\/p>\n<p style=\"text-align: justify;\">Turri said Alma had a successful pre-sale launch, and Mission Group had always anticipated having available inventory after completion due to its target audience of end users, rather than investors.<\/p>\n<p style=\"text-align: justify;\">In its latest monthly report, the Association of Interior Realtors said the market maintained a \u201cgradual and steady pace\u201d in October.<\/p>\n<p style=\"text-align: justify;\">Still, inventory levels are elevated compared to historical norms. Interior Realtors reported 8,938 active listings at the end of last month, comparable to fall 2024 levels, but well above the 10-year average.<\/p>\n<p style=\"text-align: justify;\"><strong>Buyers Value Deals, Not Gimmicks, Says Realtor<\/strong><\/p>\n<p style=\"text-align: justify;\">Coquitlam Realtor Adil Dinani of Royal LePage West Real Estate Services agrees that buyers are in the driver\u2019s seat, so developers are forced to be competitive.<\/p>\n<p style=\"text-align: justify;\">\u201c(Buyers) won\u2019t even step inside your display suite or your presentation center if the price or incentive doesn\u2019t earn their attention,\u201d he said.<\/p>\n<p style=\"text-align: justify;\">Dinani, who is experienced in representing developers, has seen a range of marketing campaigns, like a \u201clive free for a year\u201d sale, where the interest payments, strata fees and property tax were paid for the buyer\u2019s first year, a saving of roughly $35,000 to $75,000 in most instances.<\/p>\n<p style=\"text-align: justify;\">He also recalls a campaign last year that included a new Porsche with a condo purchase.<\/p>\n<p style=\"text-align: justify;\">\u201cThat project went belly up, so it was a bit of a red flag,\u201d he said, adding: \u201cThe market is so tough right now, and buyers are not falling for the fluff.\u201d<\/p>\n<p style=\"text-align: justify;\">Recently, Dinani saw a Surrey developer offering a \u201cbuyback\u201d program so buyers can sell their unit back to the developer at the same price if they want to walk away at closing.<\/p>\n<p style=\"text-align: justify;\">Canada Mortgage and Housing Corporation recently estimated that there are 2,500 unsold newly built condos in Metro Vancouver, with some projections suggesting that could climb to 3,500 by year-end.<\/p>\n<p style=\"text-align: justify;\">\u201cImagine when those come to market in the next 12 months, unsold,\u201d said Dinani. \u201cYou\u2019re going to see the prices probably get even softer and the incentives get even more aggressive.\u201d<\/p>\n<p style=\"text-align: justify;\"><strong>Piquing Interest in The Pre-Sale Phase<\/strong><\/p>\n<p style=\"text-align: justify;\">Developer Apcon Group in Surrey launched a promotion this month for up to $50,000 off the next five sales at its mid-rise development, The Interchange, which is slated to break ground in the spring.<\/p>\n<p style=\"text-align: justify;\">Apcon marketing manager Balraj Rai said their campaign also has a deal for included air conditioning, as well as a program which allows buyers to put down their deposit in increments.<\/p>\n<p style=\"text-align: justify;\">\u201cAffordability and accessibility are reoccurring barriers to entry for homeowners,\u201d said Rai. \u201cWe thought it was really an important time for us to be able to offer the savings.\u201d<\/p>\n<p style=\"text-align: justify;\">Rai said despite market challenges, Apcon believes in the fundamentals of The Interchange, which will add 133 units to the walkable, transit-friendlly neighbourhood City Crossing, between Guildford and Surrey City Centre.<\/p>\n<p style=\"text-align: justify;\">\u201cComplementing it with an attractive pricing structure is how we feel confident in our project and moving forward,\u201d she said.<\/p>\n<p style=\"text-align: justify;\">Homes at The Interchange start at $339,000 plus GST.<\/p>\n<p style=\"text-align: justify;\"><strong>&#8220;We&#8217;re Remaining Optimistic&#8221;<\/strong><\/p>\n<p style=\"text-align: justify;\">Last week, the Belvedere condo project by Square Nine Developments Inc. went under creditor protection with nearly $40 million owed to creditors, with the application citing \u201csoftening\u201d market conditions and some buyers not completing their purchases as the root of its financial trouble.<\/p>\n<p style=\"text-align: justify;\">After buyers started walking away, Square Nine held a 25% off flash sale in May, resulting in 38 units being sold for a total of $18.5 million, according to Square Nine\u2019s CCAA application. Still, 40 units remain unsold, and lack of proceeds from those sales meant that Square Nine could not pay off its mortgage, leading its biggest creditor to issue a demand letter, according to documents.<\/p>\n<p style=\"text-align: justify;\">Turri and Rai said Mission Group and Apcon have not faced difficulty with buyers completing their purchases at any of their projects.<\/p>\n<p style=\"text-align: justify;\">Rai said she\u2019s hopeful the market will turn around by the time The Interchange is finished in 2028 or 2029.<\/p>\n<p style=\"text-align: justify;\">\u201cWe\u2019re optimistic everything will start to just look up from here,\u201d she said.<\/p>\n<p><a href=\"https:\/\/realestatemagazine.ca\/buyers-hold-the-power-as-b-c-developers-deepen-incentives-to-boost-sales\/\" target=\"_blank\" rel=\"noopener\">Buyers Hold The Power as BC Developers Deepen Incentives to Boost Sales<\/a> by Courtney Zwicker | Real Estate Magazine<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Developers in British Columbia are offering steep discounts as new inventory keeps stacking up, fuelling competition for buyers who can afford to shop around. In Kelowna, Mission Group had a &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2025\/12\/bc-new-home-developers-are-remaining-optimistic-buyers-holding-the-power\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27,13],"tags":[],"class_list":["post-26831","post","type-post","status-publish","format-standard","hentry","category-pre-sale-projects","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BC New Home Developers are Remaining Optimistic, Buyers Holding The Power &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2025\/12\/bc-new-home-developers-are-remaining-optimistic-buyers-holding-the-power\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BC New Home Developers are Remaining Optimistic, Buyers Holding The Power &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Developers in British Columbia are offering steep discounts as new inventory keeps stacking up, fuelling competition for buyers who can afford to shop around. 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