It’s another sign of how intense the fight is among prospective first-time homeowners.
Dozens of people lined up overnight hoping to cash in on a promotion for a new condo development in Burnaby.
Concord Pacific was offering the first 60 people in line a reduced down payment for a $500,000 condo to 15 per cent, plus pay half the first year’s mortgage.
Only peopled aged 19 to 35 were eligible, and they had to have been B.C. residents for two years, Canadian citizens, or permanent residents, and have never owned an interest in a residential property can apply for the program to get first dibs on one of 50 properties at Concord Brentwood.
But the craziness forced the developer to change that promotion on the fly.
Several dozen potential buyers showed up, and a spokesperson for Concord Pacific told people in line the rules were being changed.
“We’ve changed to allow the opportunity for everyone Saturday and Sunday to register as a first time homebuyer,” said Grant Murray, senior vice president of sales for Concord Pacific. “And we’ll do a draw not from 60 but from whomever actually comes in over the next two days.”
“I did expect more of a guarantee as to what they promised, so now it’s going to be a lottery system,” said one person who lined up to Global News. “I think the chances are pretty low, which we’re pretty disappointed about.”
“We’ll see, I’m not too happy with them right now. I might have to a different developer,” said another.
As they say, if something appears too good to be true, it probably is.
The company will now accept applications for the lottery until 3 p.m. on Sunday, June 19.