A Richmond developer is offering an unusual promotion to sell its condos – pay 30 per cent in a down payment, move in and start paying off the rest of your mortgage, along with strata fees, etc., two years later.

“The housing market hasn’t been great recently and one of the reasons for that is people don’t want to take out a loan when interest rates are so high,” said Dave Pei, listing agent for ViewStar, a finished residential development on No. 3 road that’s offering the promotion.

“So, we are offering this incentive to allow buyers to not take out a loan until two years later, so they don’t need to worry about the current high interest rates.”

Pei added that the developer will also cover all the fees associated with the unit during the two years, including strata fees, property taxes and utility bills. Although buyers are expected to pay back those costs, along with the rest of the purchase price, in two years.

Thomas Davidoff, a real estate professor at the University of British Columbia, said developers have come up with different incentives in this buyers’ market to try to sell existing units. Buyers can take advantage of the incentives but should keep in mind hidden costs.

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