A developer will offer newly completed condominium units in Surrey, B.C., at a steep discount during a one-day sale on Saturday.

Square Nine will cut prices on its Belvedere project in the Surrey City Centre area by 25%, the Daily Hive Urbanized reported.

The discount offer comes as condo developers across Canada are grappling with buyer cancellations of pre-sale contracts and slower sales due to changes in lending conditions and property prices and new macroeconomic factors, including the effects of U.S. tariffs and would-be buyers’ concerns about their future income stability.

In many cases, including this one, buyers have voluntarily forfeited their deposits to ease the financial pressures.

The Lower Mainland market, in particular, has felt the impact. Condo marketing firm Rennie and Associates has projected that the region’s strata-residential inventory will increase 60% by year-end 2025.

The Belvedere’s 77 concrete-built homes are move-in ready and the offering reduces the average cost to $720 per square foot compared to similar concrete developments in the area, according to the report.

Cam Good, a partner at Key Marketing, the company leading the sales effort, told the Daily Hive Urbanized that the developer initially planned to hold off on pre-selling penthouse suites with the intention of selling them at higher prices when the project neared completion so that prospective residents could see the final product first.

“The market changed and foiled that plan,” Good told his interviewer.

Square Nine also refrained from selling 48 units in the five-storey base podium, planning to use them to start the company’s residential-housing portfolio.

But the rental market has “drastically changed” from four years ago, when that plan was set, Good told his interviewer.

Pictured: Belvedere condominium tower in Surrey, B.C.

Photo: Key Marketing