A developer in Kelowna is launching a one-day sale offering a 20% discount on all remaining units in a lakefront condo project. This sale is part of a broader trend of incentives aimed at attracting buyers in a soft real estate market.

The Mission Group is promoting the sale for its Alma on Abbott project, a six-story building with 80 units overlooking Okanagan Lake. The marketing slogan reads, “One Day. One Chance. One Address.” The sale is scheduled for November 22.

On the project’s website, potential buyers can see original prices crossed out, revealing the discounted rates. For example, a one-bedroom unit currently priced at $529,900 will be available for $423,920 during the sale.

Luke Turri, president of Mission Group, stated that the discount comes at a time when interest rates are easing and buyer confidence is returning. “There’s exceptional long-term value. We’re looking to meet the market where it is right now and be very transparent about that,” he said. He added that the one-day sale is a significant move to address current market needs.

Turri noted that the project had a successful presale stage earlier this year. He mentioned that some two-bedroom units are appealing to buyers looking to downsize. “They’re looking to sell a home and then move in, and so we anticipated having the opportunity to sell from completed inventory here,” he explained.

Mike Stewart, a Vancouver-based real estate agent, has been monitoring developer incentives since July. He tracks both presale projects and completed units on his website. Stewart believes that nearly all presale projects are currently offering some form of incentive.

“It turns into a bit of an arms race, and a developer is always worried about being left behind,” Stewart said. Many developers are providing one-time gifts, such as televisions or even cars, to entice buyers. Others are offering lottery entries for a chance to win a free condo or upgrades to penthouse suites.

In Surrey, the Queens on King George project is running a contest where a winner will have their presale contract deposit refunded and the sale price reduced to $1. The prize value ranges from $400,000 to $850,000.

The Trails townhome project in North Vancouver is offering five years of free strata fees and two parking stalls as part of its incentives.

Stewart has observed that developers are more willing to share information about their projects in a soft market, including how many units remain unsold. He emphasized that most incentives are designed to maintain the original pricing structure, preventing earlier buyers from feeling disadvantaged.

“Most developers don’t want to give an outright discount,” he said.

Stewart advised buyers to carefully consider the context of any discounts. He urged them to ask whether the discount is from the original price or the current one and to compare it with similar units on the market.

While Turri did not disclose how many units will be available during the one-day sale, he mentioned that potential buyers have been actively participating in both in-person and virtual tours, as well as scheduling contract-writing appointments ahead of the event.