Developers of the Beasley condo project announced Tuesday it will be offering huge discounts to both pre-sale and new buyers of its development. (CBC)

A Vancouver developer will be the first in the city to offer significant discounts to both pre-sale buyers and new buyers in a downtown condo it is building.

Amacon announced in a news conference Tuesday it will be offering a minimum 22 per cent, or $100,000 to $250,000 discounts, on its Beasley development in Yaletown.

Original buyers will be able to refinance their homes at the newly discounted rates.

Dubbed the "Pass it on Campaign," the initiative was the result of Amacon's months-long negotiation with contractors, suppliers and tradespeople for cheaper construction rates.

"We are in a very different market than a year ago," said Cameron McNeill, president of MAC Marketing Solutions, which is marketing the project. "When we negotiated our construction costs and realized the savings we made, we were happy to pass on that savings to our purchasers."

Sale of the remaining condos begins on April 4 and will feature units that range in area from 436 to 1,334 square feet. The building will be ready for occupancy in 2012.

Tuesday's announcement comes on the heels of a slumping real estate market.

Home sales in Metro Vancouver were down 47 per cent in February compared to the same time last year. The average price of a home sold in B.C. was $421,023 in February, down 12 per cent from February 2008.