Vancouver condo development offering to cover buyers' living costs for a year

Jun 25 2019, 4:47 pm

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The incentives for buying a home first came in the form of ‘free avocado toast‘ and ‘free wine‘ for a year, through gift cards.

And now another developer is going as far as covering the first year of real living costs to amp up their marketing pitch in Metro Vancouver’s housing slowdown.

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RAR Development is offering homebuyers of their upcoming ELIOT at Norquay development a suite of incentives that will allow them to live for free for a year, including covering the cost of mortgage payments, taxes, and maintenance fees.

This applies to the first four units purchased, and the units must be either two- or three-bedroom units.

The developer says its incentives are the largest and most practical offered to date, with the value deemed to be about $30,000 per buyer. This could particularly help first-time homebuyers.

Those who pursue the offer will receive a cheque for the first year’s expenses upon the completion of the home purchase.

“We took a look at the recent incentive offers and decided that we wanted to increase the value of our incentive in order to make a meaningful difference in the buyer’s experience,” Adil Dinani with RAR Development told Daily Hive.

“We wanted to offer local families an incentive that could truly make the difference in getting into the market, in both a central location and with a home that has the features, space and amenities they actually need.”

ELIOT, designed by Wilson Chang Architect, is located at 2688 Duke Street, just off Kingsway near Slocan Street and a short walking distance from SkyTrain’s 29th Avenue Station.

The four-storey residential building will have 23 units and is slated for a 2021 completion.

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