Surrey developer launches condo presale buyback and rentback program
In an effort to inject certainty into an increasingly cautious real estate market, Surrey-based developer Allure Ventures has announced a new presale incentive that it claims is the first of its kind in British Columbia.
At the company’s newest residential high-rise project in Central Surrey — named “SkyLiving” — Allure is introducing a new presale program that offers prospective buyers financial security, rental income potential, and increased flexibility through a written guarantee.
The new offering features two key components — a so-called BuyBack Advantage and a “RentBack Advantage.”
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Under buyback, buyers can enter into a secondary agreement with Allure that gives them the option to have their unit repurchased by the developer at the original contract price — excluding taxes and fees — should their circumstances change.
The aim is to provide buyers with peace of mind amid market volatility.
Meanwhile, the rentback kicks in after project completion. Allure will lease the unit back from the buyer for two years, delivering the equivalent of 20 per cent of the home’s original purchase price through monthly rent payments. The units will be professionally managed by an Allure-approved property management firm, meaning buyers won’t need to oversee tenants or maintenance.
“We’re not just building homes. We’re building trust,” said Garry Sangha, CEO of Allure Ventures, in a statement. “The Allure Promise is our commitment — in writing — to back every buyer with real flexibility, clarity, and support.”
Site of Skyliving tower at 13866 100 Ave., Surrey. (Matthew Cheung Architects/Allure Ventures)
Concept of Skyliving tower at 13866 100 Ave., Surrey. (Matthew Cheung Architects/Allure Ventures)
The launch of the program comes at a time when presale activity in Metro Vancouver and surrounding regions has softened, with many developers resorting to price cuts and incentives to attract buyers amid economic uncertainty, driven by Canada’s poor fundamentals and the Canada-U.S. trade war. Other developers are delaying their project launches.
The worsening economic uncertainty has offset the previously expected increase in demand from the Bank of Canada’s decreases to the policy interest rate.
According to a forecast by local real estate marketing firm Rennie last month, the number of unsold condominium inventory 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.
Allure claims its approach is different — offering “long-term value, real accountability, and a strong belief in the market’s direction,” in contrast to short-term gimmicks.
“The Allure Promise delivers what the market is missing: confidence,” added Sangha. “It changes the conversation and offers buyers real value, protection, and return.”
SkyLiving is Allure Ventures’ latest high-rise project in Surrey City Centre.
Designed by Matthew Cheng Architect, this will be a 32-storey tower with 375 strata market ownership condominium homes. The development site is located at 13866 100 Ave. — situated at the southeast corner of the intersection of 100 Avenue and 138a Street, about a 10-minute walk east from SkyTrain’s King George Station. It is expected to reach completion in 2027.