The Toronto condo market is HOT right now. Buyers looking to purchase a condo in the Toronto real estate market are finding themselves in bidding wars, or struggle to find that “latest and greatest” condo they are looking for.
So what exactly is an assignment? It’s when a seller sells their interest in a property before they take possession (ex: before it is built). This means that they are selling the contract they have with the builder.
Purchasing an assignment property allows you to get that nearly finished condo in a year, versus waiting for 3 or more years for a construction project to be completed.
Some other benefits to buying in an assignment property:
- Up-and-coming neighbourhood
- Latest finishes, desirable for renters
- Project has usually already started, or is nearing completion (lower risk of project becoming derailed)
- Can get the property below market value (usually assignments sell for less than resale)
Some things to note about purchasing a Toronto real estate assignment property:
- They are often harder to find, as most builders prevent assignments from being marketed, or taking place at all
- These sales can get complicated, so make sure you have a great real estate lawyer, and a great agent (US!)
- Remember that once you move in, you will be paying the developer an “occupancy fee” until the condo is registered.
- You will need to know about the condo registration, as your mortgage will be tied to it. A good real estate professional (like us!) will help guide you through all the steps of this process.
Interested in buying real estate in Toronto & the GTA, or perhaps investing in Toronto real estate? First time home buyer? Moving to Toronto? Are you part of a Toronto relocation with your employer? We can help you with all relocation services in Toronto, from finding a new home, temporary accommodations in the meantime, destination services, settling in services, move management, and so much more. So many steps of the move can be handled in advance, so when you arrive we can get you settled much faster. When moving to Toronto, we can help with all aspects of the relocation.
We’d love to hear from you, so call us today to book your complimentary private consultation.
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