Hundreds line up for Surrey condo flash sale, units discounted by 25 per cent
For residents of B.C.'s Lower Mainland, lining up for condo pre-sales isn't new. But the chance to save money brings them out in droves.
Hundreds lined up outside the Belvedere Presentation Centre in Surrey on Saturday morning, drawn by the developer's 'Condo Day' flash sale to find buyers for the few dozen unsold units remaining in the project.
'They're selling 25 per cent lower [than full price],' Realtor Harman Sandu said. 'It's a really good deal'
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Square Nine Developments, the company behind the project, sold 700 suites over the past two years while the building was under construction. The owners told Global News they hope Saturday's flash sale will quickly move the remaining 75.
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Realtor Marie Peters, who's been in the business for 20 years, called the sale is a good tactic. 'Condo Day, I think, is going to be one of a number to come in the future,' she said.
2:07
Metro Vancouver condos sitting empty amid housing crisis
A local market research study published last month reported more than 2,000 new condos in Metro Vancouver are sitting unsold and empty. The report predicted that total could rise to nearly 3,500 condos by the end of the year.
In a statement to Global News, B.C. Housing Minister Ravi Kalon said, 'What matters most is making sure people can find homes they can afford. That's why we've been pushing hard to get more housing built faster and making changes to stand up for renters and first-time home buyers.'
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The provincial government has also said it is taking steps to ensure housing is used as homes, not investments.
However, many of the people Global News spoke to at Saturday's flash slae said they were buying the suites to rent out.
-with files from Julia Foy
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