As the real estate market has slowed considerably, many developers are willing to make deals to get Canadians into new homes and condominiums. Some property developers are willing to offer thousands of dollars off the purchase price on closing, luxurious trips to France and other destinations and the always popular upgrade packages.
According to news from across the country, many of the most popular incentives to buy are for cash back upon closing the sale, but there are plenty of other deals to help you finalize a purchase. A year ago, the Canadian real estate market was flying high and buyers had few options other than to agree to the selling price. Today, however, it’s a buyer’s market and there is a huge amount of competition for buyers.
“Things have shifted from a sellers’ market a year ago to a buyers’ market today,” says Michael Wilson, a principal in International Home Marketing Ltd., of Markham, Ontario, quoted in Canada’s Globe and Mail newspaper. Barbara Lawlor, president of Baker Real Estate Inc. was also quoted, saying that builders have changed their practices. “They have had to become negotiators,” she says. “Today many terms and conditions are up the air and can be negotiated on an individual basis.”
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