Good news for first-time buyers and investors in the condo market: Onni is deeply discounting hundreds of brand new units in the neighbourhood.

About 375 unsold condominiums in cities such as Richmond and New Westminster will be offered at 20 to 40 per cent off, a real estate insider told CBC News.

It is not known whether the big discounts are based on prices when the condos were completed or current market values. Onni was to hold a media event Thursday to announce details.

Source: On sale: $350M of real estate in Lower Mainland | CBC.

Go to the Onni website or register online for more.

UPDATE: The condos in New Westminster that will be on sale include The Grove at Victoria Hill by Royal & McBride and The Point at 6th and Carnarvon. According to the Vancouver Sun, a New Westminster one-bedroom that was originally priced at $270,000 will be sold for approximately $215,000.

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