Elevated home sale activity continues to outstrip the supply of homes for sale in…
Wesgroup’s offer, which is good for the month of June, follows Woodbridge Homes’ enticement of free avocado toast for buyers who signed up for $400,000 condos in its Kira project in Coquitlam in early May.
“It’s clearly a cheeky response to the avocado toast incentive that got so heavily picked up (in the media),” said Brad Jones, Wesgroup’s vice-president of development, but it also promotes some of the development’s neighbourhood features.
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Mode, a 25-storey tower in the River District where units start at $519,900, will be just down the street from an Everything Wine store at the heart of the development’s planned town centre.
The offers are signs of the times in a real estate market with slowing sales that have caused resale values to fall and some developers to hit pause on new construction.
“(Sales are) certainly harder in this market,” Jones said. “You’ve probably seen an uptick in not only the volume but creativity of offerings out there.”
In marketing terms, it is referred to as ambush marketing, said professor Lindsay Meredith, a professor emeritus in Simon Fraser University’s Beedie School of Business, adding that the method is finding ways to get the news media to tell your story, rather than depending on advertising.