Cash gifts, a free phone, maybe even a new car. They’re not prizes on the Price is Right, but incentives for new GTA condos and pre-construction homes, meant to entice buyers into making an offer in a shaky market.
They’re not prizes on the Price is Right, but incentives for new GTA condos and pre-construction homes, meant to entice buyers into making an offer in a shaky market.
According to Zonda’s market research, out of 199 active condo sites in the fourth quarter of 2022, 130 included incentives. One popular incentive at the moment is for Raglan House Condos, a 28-storey tower planned for Bathurst and St. Clair West. The first 100 buyers will get $20,000 cash back on closing, as well as $2,500 to $3,000 a month for 24 months after final closing, depending on the size of the unit, said Christopher Castellano, the vice-president of sales and marketing at developer Camrost Felcorp.
Although he declined to comment on sales, Castellano said the incentives have “been a success” so far. The idea is that they will top up rental income for an investor, or assist a first-time buyer with the costs of the first year. Occupancy is slated for 2027.
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