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On sale: $350M of real estate in Lower Mainland

Last Updated: Wednesday, January 14, 2009 | 6:08 PM PT

CBC News

About 375 unsold condominiums in the Lower Mainland, developed by Onni Group of Companies, will be offered with deep discounts, a source tells CBC News. (CBC)

A Vancouver real estate developer is making an unprecedented move to offer a liquidation sale of $350 million worth of its condominiums throughout the Lower Mainland.

The marketing strategy by Onni Group of Companies is aimed at selling off hundreds of condos in its inventory.

About 375 unsold condominiums in cities such as Richmond and New Westminster will be offered at 20 to 40 per cent off, a real estate insider told CBC News.

It is not known whether the big discounts are based on prices when the condos were completed or current market values. Onni was to hold a media event Thursday to announce details.

Onni's marketing tool might nudge some reluctant homebuyers off the fence, said Tim Silk, an assistant professor at the University of British Columbia's business school.

"If you see the units being priced below comparable units, then you might see people jump in," Silk said Wednesday. "But there's still that hesitation of, 'Have we reached bottom?' "

Home prices in the Vancouver real estate market dropped almost 11 per cent between December 2007 and the end of 2008, according to a special price index updated earlier this month by the Real Estate Board of Greater Vancouver.

And the number of homes sold in 2008 fell more than 35 per cent from 2007 sales of more than 38,000 homes.

With files from Kirk Williams

Internal Links

FEATURE: Your bottom line
VIDEO: Kirk Williams reports: On sale: $350M of real estate in Lower Mainland (Runs 2:17)
Vancouver real estate market cools
Vancouver real estate now a buyers' market

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