To make sure their offerings get seen by a shrinking pool of potential buyers, residential builders have started to put more effort into advertising and promotions.Walking along Toronto's Strachan Avenue at any point over the past few weeks has meant encountering an onslaught of sidewalk signs at virtually every corner, all advertising available units inside new residential developments.
"They've been, every day, just cold calling agents, trying to push out events, and trying to do in-house presentations for agents because it's just really, really slow for developers," Liu said. Earlier this year, a Concord Adex project in North York, Saisons, was offering to pay its purchasers' mortgages for up to a year. On a $1.4M three-bedroom suite, this came out to $74,700 in mortgage payments that would be covered by Concord, according to promotional materials.
Demand is still there for units at the right price point and in the right location. Liu and Jaque both point to the recent, a large-scale condo development in Pickering that saw its first tower sell out 95% of its 513 pre-construction units in just the first week of its launch. "I do think that it's going to get a little bit worse before it gets better," DeBrincat said. "My advice for people would be to hang on. I think real estate has always been a long-term play."Toronto Announces Federal Funding For Over 40 Deeply Affordable And Supportive HomesPinnacle One Yonge Tower On Track To Be Canada's First Building Over 100 Storeys