In the face of a challenging real estate market in Ontario, developers are unveiling unusual tactics to entice potential homebuyers. A new residential development, River & Sky, set to launch in Woodstock, is offering an eye-catching deal – purchasers of these single-family detached homes could receive an enticing 500-gram gold bar, each valued at an impressive $45,000.
Royale Realty Point Brokerage, distinct from the project’s developers, Fernbrook and Crystal Homes, sent out an email detailing an upcoming one-day sales event scheduled for November 18 at the Woodstock Sales Galleria. The event, coinciding with Diwali, the Hindu festival of lights, strategically incorporates a cultural reference as gold holds substantial significance during this celebration.
Traditionally, on Dhanteras, the festival’s first day rooted in Hindu mythology, the gifting of gold commemorates the story of King Hima’s son, saved from a snake bite by the presence of the precious metal. While gold gifting is a customary part of Diwali, offering $45k worth of gold bars is an uncommonly lavish move.
Despite Royale Realty Point Brokerage distributing the email, they clarified that the promotion involving gold bars is a initiative led by the builders themselves.
Agents representing properties within the development explained that such incentives are indicative of the current real estate landscape. They noted a trend among various developers, offering incentives ranging from the typical four percent gifts preceding construction to as high as 10 percent, all in an effort to entice potential buyers into making a purchase.
These strategies come in response to a challenging industry climate. It’s not just Fernbrook and Crystal Homes employing such tactics; several others are adopting similar approaches to attract buyers.
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Source: blogTO.com
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