Wine to ease the pain

26 May 2019 - 00:01


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 Canadian city.
The one-, two- and three-bedroom units start at C$519,900 (R5.5m), with completion expected by 2022.
Those who sign up to the project will get a C$1,500 gift card, enough for roughly one bottle of wine a week for a year, according to a 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% 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% 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.
Bloomberg

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