Developer cuts prices by 25% on new Surrey condos in rare one-day sale | Daily Hive

February 2025 construction progress on Belvedere at 9677 King George Blvd., Surrey. (Key Marketing)

A developer in Surrey City Centre is turning to an aggressive discount strategy reminiscent of past housing downturns to attract prospective homebuyers in today’s more cautious market.

This Saturday, May 31, 2025, Square Nine Developments will hold a one-day, on-location, discounted flash sale for its newly completed “Belvedere” condominium tower project, offering 25 per cent off the original prices for its move-in-ready, concrete-built homes.

The reduced prices bring the average cost down to $720 per sq. ft. — a sharp contrast to the $1,125 per sq. ft. seen in other comparable concrete developments in the area, according to the developer.

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“It’s a Warehouse Sale… but for Condos,” reads a listing for Saturday’s “CONDODAY” sale event.

To emphasize, this is not a pre-sale; the 30-storey tower at 275 strata market ownership condominium homes reached completion earlier this year, with occupancy granted just over two months ago.

The Belvedere homes are already completed and available for immediate move-in. Earlier buyers during the previous pre-sale have already begun moving into the building.

This is being marketed as a chance for buyers to capitalize on the current market slowdown.

belvedere 9677 king george boulevard surrey square nine february 2025

February 2025 construction progress on Belvedere at 9677 King George Blvd., Surrey. (Key Marketing)

In early 2021, during very different market conditions, Square Nine made headlines when it sold all of the released homes in pre-sale in under three days.

Upon inquiry, Cam Good, a partner at Key Marketing, the company leading the sales initiative, told Daily Hive Urbanized that during the initial launch in 2021, the developer kept all of the penthouses to sell at higher prices closer to the project’s completion — when end users could see the final product and the views for themselves.

“The market changed and foiled that plan,” said Good.

Furthermore, Square Nine retained all of the units in the entire five-storey base podium, with the original intention to use these condominiums for rental housing. This was intended to be the start of the developer’s rental housing portfolio, but the rental housing market has since “drastically changed,” with rents significantly down and a surge in new rental housing supply.

“Construction lenders give better terms to developers with lots of cash flow to service debt. Some of the most well-known developer brands own thousands of condos and apartments kicking off lots of stable cash flow,” explained Good.

A total of 77 units up for sale

As a result, during the one-day discounted flash sale this weekend, there will be a total of 77 homes available, including the entire base podium, six penthouses, and some other units on the floors above the podium. Some of these other units were previously claimed by buyers who backed out and left their deposits behind — now, Square Nine is using those deposits to lower prices even further for new buyers.

There are further savings with the federal government’s brand-new First-Time Home Buyers’ GST Rebate, with zero GST applied to the home price of up to $1 million and reduced GST for home prices between $1 million and $1.5 million.

“This isn’t a pre-sale — it’s a real sale,” said Good. “The margin’s been taken out so buyers can get in.” He estimates that the vast majority of the prospective homebuyers this week will be first-time homebuyers.

Given the immense savings and the region’s history of sales, he believes it is possible some buyers will start lining up outside the tower for a chance to buy a home as early as today — three days in advance. The sale this Saturday begins at noon on a first-come, first-served basis.

February 2025 construction progress on Belvedere at 9677 King George Blvd., Surrey. (Key Marketing)

belvedere 9677 king george boulevard surrey square nine

Site of Belvedere at 9677 King George Blvd, Surrey. (Google Maps)

The flash sale approach draws parallels to the bulk sale strategies used during the 2008 financial crisis, when developers slashed prices to move unsold inventory.

Belvedere is located at 9677 King George Blvd., near the northwest corner of the intersection of 96 Avenue and King George Boulevard — just west of Surrey Memorial Hospital, City Centre District campus, and the site of the University of British Columbia’s future Surrey campus, and about a seven-minute walk south of SkyTrain’s King George Station. The project’s design firm is Chris Dikeakos Architects.

In today’s climate of relatively elevated interest rates — despite the Bank of Canada’s decreases to the policy interest rate — and buyer hesitancy due to economic uncertainty, the flash sale signals a shift in tactics by developers who are sitting on completed inventory. It also marks a rare offering of concrete homes being sold at prices more commonly associated with units in wood-frame, low-rise buildings.

Earlier this month, driven by the same market conditions, Surrey-based developer Allure Ventures also announced a new pre-sale initiative that offers condominium buyback and rentback options as a financial incentive. This is being applied to the developer’s nearby project of the 32-storey “SkyLiving” condominium tower at 13866 100 Ave., which will feature 375 units upon completion in 2027.

According to a recent forecast by local real estate marketing firm Rennie, the number of unsold condominium inventory in Metro Vancouver is projected to jump by 60 per cent in 2025 — from 2,179 units in completed projects to 3,493 units by the end of 2025.

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