For example, if the car is valued at $5,400, the buyer could qualify for an initial 2% down payment on a $269,800 one-bedroom condo at InGastown.
Buyers would still need to make monthly payments of $512 per month for up to 16 months as the condo development is being built to make up the minimum 5% down payment required for mortgage financing.
However, if the used car is worth $13,500, it would cover the 5% down payment with no monthly costs to completion, Good explained.
The use of incentives to sell new condos has tailed off in recent month as the market has improved, said Good, whose company markets a number of new condominium projects.
A survey of new condo developments in Vancouver and the Fraser Valley found few offering buyer incentives. Those that were limited the perks to upgraded appliance or finishing packages.
Sales of condominium apartments reached 753 units in January, up 30.7% from January 2013, reports the Real Estate Board of Greater Vancouver.
The benchmark price of an apartment property increased 3.7% from January 2013 to $371,500.
