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Toronto assignments for sale.

Welcome to Toronto Assignments for Sale! If you’re looking to buy or sell a property in Toronto, real estate assignments can be an excellent opportunity to consider. A real estate assignment is a legal agreement where the original property purchaser (the assignor) transfers their rights and obligations to another buyer (the assignee) before the closing date.

Real estate assignments can be a smart choice for both buyers and sellers. Dive into the heart of Toronto’s ever-evolving real estate market through our Assignments for Sale in Toronto page. As one of the world’s most dynamic and rapidly expanding industries, Toronto’s real estate arena offers a plethora of investment prospects that assignments can unlock.

Toronto’s real estate market is dynamic and diverse, offering various properties to suit various lifestyles and preferences. As Canada’s largest city, Toronto boasts a bustling urban core with an array of condominiums, townhouses, and high-rise developments, making it an attractive destination for those seeking the convenience of city living.

Beyond the downtown core, Toronto offers charming neighborhoods with tree-lined streets, historic homes, and a strong sense of community. These areas are popular among families and individuals looking for a quieter pace while enjoying proximity to the city’s amenities.

Its strong housing demand underscores Toronto’s unwavering appeal, rendering it a prime location for acquiring assignments. Whether you’re eyeing a condo, townhouse, or detached home assignment, Toronto’s diverse options cater to various preferences and lifestyles.

Our team of experienced real estate professionals can help you navigate the complex process of buying or selling Toronto assignments for sale, providing expert advice and exceptional service at every step.

Assignments for Sale in Toronto

Assignments are a fantastic method to participate in this exciting market because Toronto’s real estate industry is one of the worlds most dynamic and rapidly expanding. Find the best investment chances in the metropolis with our Assignments for Sale in Toronto page.

Toronto is a highly desirable city with a strong demand for housing, making it a great place to buy an assignment. Toronto has much to offer if you’re looking for a condo, townhouse, or detached home assignment.

We are a team of experienced real estate professionals specializing in Toronto assignments. You can count on receiving individualized attention, knowledgeable counsel, and a dedication to assisting you in realizing your objectives when you engage with us.

Toronto Assignment Listing

Are you searching for a real estate investment opportunity in Toronto? You can see our Toronto Assignment Listing uncover the top assignments for sale in the area.

Many pre-construction condos, townhomes, and detached homes are available in our listings. Whether you’re a first-time buyer or a professional investor, we offer something to suit your needs.

Our Toronto assignment listing is easy to use. To find the right investment opportunity, you can browse by property type, price range, or location. Each listing includes detailed information about the property, including floor plans, features, and amenities.

Look at our current listings of assignments for sale in Toronto, and contact us today to learn more about how we can help you invest in this market. With our expertise and resources, you can confidently invest intelligently in Toronto’s real estate market.

Toronto Condo Assignments For Sale

Unlock the vibrant Toronto real estate market with our exceptional selection of condo assignments for sale. Immerse yourself in the cosmopolitan lifestyle of Canada’s largest city through our wide range of condominium assignments. From sleek downtown high-rises to charming neighborhoods, our listings offer various options to suit different preferences and budgets. Acquiring a condo assignment allows you to seize the opportunity to own a desirable property before its completion, giving you the advantage of being part of Toronto’s dynamic real estate landscape. Explore the endless possibilities of owning a Toronto condo assignment, whether you’re an investor seeking lucrative opportunities or a homeowner looking for a modern urban dwelling. Take the chance to experience the unparalleled excitement and diversity of Toronto living.

We don’t just list condominiums at GTA Assignment; we also pave the route for your urban success tale. Our knowledgeable team can put you in touch with upscale Toronto condo assignments that will improve your city living.

When you deal with us, you invest in your urban future and purchase a condo. You may take advantage of the booming real estate market in Toronto.

Contact us immediately to invest in Toronto’s finest condos and experience the city’s vitality. Here is where your next urban journey starts.

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Welcome to awesome toronto real estate assignments.

Looking for a worthy assignment? Start with our properties search!

We do our research and shake up our network to get you the best assignments!

Look at our Latest Toronto assignments & check out the features/facilities on them. We have already sold more than our fair share and we are still going at very good pace. We would love you to look into these properties and we hope that you will find something match-able to your needs.

50 Ordnance St #210

749,000$ Condominium

15 lower jarvis st #3412.

698,000$ Condominium

355 king st #1503.

177 Front Street E #1713

540,000$ Condominium

Featured toronto assignments.

Check out some featured assignments

200 Dundas St E #825

Condominium

Luxury Living In The Heart Of Downtown To Own A Condominium At Dundas Square Gardens!!! Just Steps To Ryerson University,…

Owning a home is a keystone of wealth… both financial affluence and emotional security.

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About toronto.

Toronto , the provincial capital of Ontario and the largest city in Canada, is no stranger to media attention. Being in the spotlight is merely part of the city’s image, since it is home to award-winning artists and headline-grabbing sports teams. Even Hollywood’s A-listers consider it a must-visit destination.

But don’t be deceived. Residents are honest and hardworking. According to the Globalization and World Cities Research Network, Toronto is a global city (GaWC). It has been named one of the world’s most multicultural and cosmopolitan cities by several publications and organizations. It is the focal point of the extremely urbanized Golden Horseshoe region, which is home to 9.2 million people, or 26% of Canada’s population.

The city’s availability to a large volume of labor makes it a significant center for business and trade. It is known as Canada’s financial capital because it boasts the biggest concentration of banks and brokerage businesses on Bay Street, the city’s financial center. By market capitalization, the Toronto Stock Exchange is the world’s seventh-largest equities exchange. Finance isn’t the city’s main economic motor. It is a vital hub for the media, publishing, telecommunications, information technology, and film and production sectors. While manufacturing occurs outside of the municipal borders of Toronto, the city remains a significant wholesale and distribution hub.

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List of Condo Assignment sale Toronto (2024)

1 bed | 1 bath | 539 sqft Occupancy -2023

As the real estate market in Toronto continues to thrive, buyers are constantly seeking innovative ways to secure their dream properties. One increasingly popular option that offers unique advantages is condo assignment sale Toronto. 

Imagine this: you are dreaming of owning a brand new condo in the heart of Toronto’s vibrant cityscape, but the thought of dealing with construction and delays makes you break out in a cold sweat. Well, fear not, because pre-construction assignments might just be the answer you’ve been looking for.

In simple terms, pre construction assignment sales Toronto is when you purchase the rights to a unit in a condominium project before it’s even built, and then sell that contract to another buyer before the project is completed. It’s like being the ultimate middle-person, connecting eager buyers with yet-to-be-built real estate.

Toronto, the city that never sleeps, is no stranger to pre-construction assignments. They have become increasingly popular in recent years, attracting both seasoned investors and first-time buyers alike.

Why the hype, you ask? Well, for one, the Toronto assignment sales  market is hot, hot, hot. The demand for housing in the city is constantly on the rise, making pre-construction assignments a tempting opportunity to secure a slice of the 6ix while it’s still sizzling. 

Additionally, who doesn’t love the excitement of being part of a brand-new development, with all the shiny amenities and modern finishes that come with it?

1. Lower Purchase Price And Potential For Appreciation

Ah, the sweet sound of savings. One of the main perks of pre-construction assignments is the potential to snag a unit at a lower purchase price compared to buying directly from the developer. As the original purchaser, you can often secure a contract at a discounted price, which could mean significant savings in the long run.

And let’s not forget about the possibility of appreciation. By the time the project is completed, the market value of the unit could have increased, allowing you to sell it at a profit without even lifting a finger.

2. Customize and Personalize the Unit

Who doesn’t want a say in how their dream home looks? With a pre-construction assignment, you have the chance to work closely with the developer to customize certain aspects of your unit. From choosing the finishes and fixtures to selecting your preferred layout, you can add your personal touch without having to spend a fortune on renovations.

Think of it as the ultimate design challenge, where you get to channel your inner interior decorator and create a space that truly reflects your style and taste.

3. Access to High-Demand Properties and Desirable Locations

Toronto is a city full of desirable neighborhoods, and pre construction condo assignment sale Toronto can be your golden ticket to these sought-after areas. With the demand for housing continuously surpassing supply, getting your hands on a unit in a prime location can be quite challenging. However, condo assignment sales in Toronto offer the opportunity to secure a unit in a highly sought-after development, giving you access to those hot spots you’ve been eyeing.

In Toronto, as in many other cities, the pre construction assignment sale  Toronto refers to the buying and selling of a pre-construction condominium unit before it is completed and ready for occupancy. 

1. Research and Selection

• Begin by researching various pre-construction condominium projects in Toronto.
• Choose a project that aligns with your preferences in terms of location, budget, unit type, and amenities.

2. Consult a Real Estate Agent or Broker

• Work with a qualified real estate agent or broker who specializes in pre-construction assignments.
• They can help you find suitable projects and guide you through the process.

3. Purchase Agreement

• Once you’ve selected a project, you will sign a purchase agreement with the developer. This agreement outlines the terms and conditions of the purchase, including the purchase price and deposit requirements.

4. Finding a Buyer

• You can find a buyer for your assigned unit through various means, including working with a real estate agent or marketing it on your own.
• The buyer will need to be approved by the developer, and they may have to meet certain criteria.

5. Legal and Financial Considerations

• Consult with a real estate lawyer to ensure all legal aspects of the assignment are handled correctly.
• Keep track of your financial obligations, including deposits, assignment fees, and any other associated costs.

6. Developer Approval

• The developer must approve the assignment, which typically involves a review of the buyer’s financial qualifications.

7. Closing Process

• As the project nears completion, the closing process begins, and the buyer takes over the unit.
• The developer will typically conduct a pre-closing inspection to ensure the unit is in the expected condition.

1. Check Track Record of the Developer

When it comes to pre-construction assignments, the name of the game is trust. Researching the reputation and track record of the developer behind the project you’re interested in is crucial. You want to make sure they have a solid history of delivering on their promises, as delays or issues with construction can have a significant impact on your investment.

2. Assessment of the Location and Neighborhood

It’s not just a catchy mantra; it’s a crucial factor in real estate. Before committing to a pre-construction assignment, thoroughly assess the location and neighborhood surrounding the development. Is it close to amenities, transportation, and other conveniences? Does it fit your lifestyle and preferences? Remember, you’re not just buying a unit; you’re investing in a lifestyle.

3. Project Timeline and Completion Date

Patience is a virtue, especially in the world of pre-construction assignments. Understanding the project timeline and estimated completion date is essential. Delays are not uncommon in the construction world, so be prepared for potential hiccups along the way. Assess your timeline and expectations, and make sure they align with the developer’s proposed timeline.

Closing Words

In short, exclusive pre-construction assignments present an enticing opportunity for buyers in the thriving Toronto real estate market. By considering the benefits, understanding the process, and evaluating the factors at play, buyers can navigate this unique avenue with confidence. 

From lower purchase prices and potential appreciation to the ability to customize and access high-demand properties, pre-construction assignments offer a variety of advantages. 

However, it is crucial to remain mindful of potential risks and challenges associated with this investment strategy. By staying informed, buyers can make wise decisions and seize prime opportunities in the ever-evolving Toronto market.

1. What exactly is a pre-construction assignment?

A pre-construction assignment refers to the process of selling the rights, before the completion of a construction project, to purchase a property that is still being developed. In this scenario, the original purchaser (assignor) transfers their agreement to a new buyer (assignee) who assumes the rights and obligations of the purchase contract.

2- What are the potential risks associated with pre-construction assignments?

While pre-construction assignments offer different benefits, they also come with potential risks. Delays in project completion, changes in market conditions, financing challenges, and assignment restrictions are some of the risks that buyers should consider.

3- Can I customize a property through a pre-construction assignment?

Yes, one of the key advantages of pre-construction assignments is the opportunity to customize the property. Buyers can often work with the developer to select finishes and upgrades, and even make minor layout changes during the construction phase, allowing for a more personalized living space upon completion.

The Next Move Is Yours.

Don’t know where to start ? Contact Our Team

Nobody knows the assignment market in the GTA and southern Ontario better than me. Whether you’re looking to buy or sell, I promise to work hard on your behalf to ensure you get the best deal possible.

Sean Bhairo is a data-driven CPA and Sales Representative. Sean understands that buying or selling a home is one of the largest investment decisions you will make, and his goal is to leverage his skillset and experiences to help support these decisions.

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Condo assignment for sale.

Condo assignment for sale is a special kind of real estate deal in which the original buyer (assignor) sells their rights to a pre- or under-construction condo unit to another buyer (assignee) before the property is finished and the final closing. The assignor assigns to the assignee their rights and duties under the contract, and upon completion, the assignee undertakes the purchase agreement and receives possession of the unit. Condo assignments allow buyers to enter the housing market before the development is complete. Additionally, the assignee might profit from prospective property value growth before they become owners. Before moving forward with a condo assignment sale, both parties must comprehend the legal ramifications and any potential limits the developer imposes.

Condo Assignment Listings

Welcome to our premier Condo Assignment Listings platform, where we connect buyers and sellers in the dynamic world of pre- and under-construction condos. Our website showcases extensive condo assignment listings, providing a gateway to exciting real estate opportunities in Toronto and beyond. Whether you’re an investor seeking to capitalize on potential appreciation or a buyer looking for a unique entry into the market, our platform offers a curated range of condo assignments to suit diverse preferences and budgets. Explore our user-friendly interface to find the perfect condo assignment that aligns with your investment goals and lifestyle aspirations. With transparent and reliable information, our platform empowers sellers and buyers to navigate condo assignments confidently and easily. Join our thriving community of real estate enthusiasts today and unlock the potential of condo assignment opportunities. They are ads that real estate agents use to advertise a property for sale. The listing will indicate whether the seller has already sold their interest in the property or if they are still in possession of it. Assignment sale listings are important if you want to sell your condo contract, so make sure it is not forbidden by the developer. These listings offer information on how much money other owners have received for their assignments and who bought those. The Ontario Condominium Act defines a condo assignment as “the transfer of one’s right, title and interest in respect of a unit or common elements…by way of voluntary conveyance” (Ontario Condominium Act). This means that you could sell your ownership share for any reason as long as there is consent from your co-owner(s). When choosing which method works best for you, consider whether or not your buyout amount would cover all outstanding fees associated with closing costs such as legal fees and real estate commissions. You should also take into account any additional costs involved when selling an investment property like repairs needed before putting it on the market so that no surprises come back around later down the line! Condo assignment sales involve a lot of paperwork. You may need an experienced lawyer for a condo assignment to consider all the terms in the contract. Condo assignment sales are a great way for you to sell your condo for more money and make it easier on yourself. Condo assignments can be a great alternative to selling your property directly, and they’re also a convenient option if you don’t have time or energy to deal with the details of selling it yourself. Checkout Condos For Sale! Condo Assignment for Sale in Toronto – FAQ Since selling or buying a contract involves legal terms, people need more information to avoid financial loss and take advantage of the deal. That’s why we’ve provided you with the most frequently asked questions to address your potential concerns.

Toronto Condo Assignment

Discover the world of Toronto condo assignments with us! Toronto Condo Home is your go-to platform for buying and selling pre-construction and under-construction condo units in the vibrant city of Toronto. Whether you’re an investor seeking profitable opportunities or a buyer looking for a unique entry into the market, our website features a wide selection of condo assignment listings to suit your needs. Start exploring Toronto condo assignments now and embark on an exciting new chapter in your real estate journey!

How to Buy an Assignment Condo?

Research and explore assignment condo listings that match your preferences and budget. Our platform offers a curated selection to streamline your search. Engage with our experienced real estate agents specialized in assignment condos, who will provide valuable insights and guide you through the process. Carefully review and assess the terms of the assignment, seeking legal advice, if necessary, before finalizing the purchase. Our team at Toronto Condo Home is here to support you every step of the way, ensuring a smooth and successful transaction as you step into the exciting world of assignment condos in Toronto.

Condo Assignment Terms in Toronto

Are you seeking an unparalleled real estate opportunity that delivers your dream condo with unmatched value? Look no further! Our curated selection of condo assignments guarantees access to the most sought-after properties in Toronto. With our expert guidance, you’ll confidently navigate the intricacies of condo assignments, securing your dream condo at an irresistible price. Embrace the possibilities, seize the moment, and embark on a journey that leads to your dream home. Don’t miss out on the rewarding world of condo assignment terms in Toronto. Start your real estate journey with us today and make your dreams a reality!

Condo Assignment Clause

The condo assignment clause is a crucial part of a purchase agreement in condo assignments. The rights and responsibilities of the assignor (the original buyer) and the assignee (the new buyer) to the transfer of the condo unit are described in this paragraph. It details any costs or authorizations the developer needs, as well as the terms, restrictions, and demands associated with the assignment procedure. The condo assignment provision clarifies the obligations of each person involved and ensures a smooth and binding transaction. Sometimes an assignment clause is added into the original contract determining the transaction conditions. Some allows you to assign (or pass on) your rights as the buyer of a condominium. This means that if you are unable to complete the purchase for some reason, such as not having enough money for closing costs or not being able to secure financing, another person can step into your shoes and buy the property instead. While, some other restrict selling the contract before a certain percentage of units has been sold. Condo Assignment Sale Agreement The condo assignment sale agreement is a contract between the owner and the buyer. It outlines the terms of the sale, including the price and agreed-upon closing date. Once both parties sign this document, they have a binding contract that cannot be broken without clearance from their lender (if applicable).

Responsibility for HST

In a condo assignment transaction, the responsibility for Harmonized Sales Tax (HST) varies based on several factors, including the terms outlined in the original purchase agreement and any subsequent agreements between the assignor and assignee. Typically, if the original purchase agreement includes an HST clause requiring the assignor to pay HST, the assignor would be responsible for any applicable HST payments. However, it’s important to note that HST rules and regulations can be complex and may vary depending on the specific circumstances and jurisdiction. Both parties involved in a condo assignment should seek professional advice, such as consulting with a real estate lawyer or accountant, to understand their respective responsibilities and obligations regarding HST fully. HST (Harmonized Sale Tax) now applied to all Toronto condo assignments while some were HST-exempt before. It means all the contracts are taxable now. This is subject to not only condominiums but all the houses. It is important to be considered when a housing rebate is being claimed.

Condo Assignment Fee

The condo assignment fee refers to a charge imposed by the original buyer (assignor) when transferring their rights and obligations of a pre-construction or under-construction condo unit to a new buyer (assignee). The assignor typically determines the fee. It can vary depending on factors such as market conditions, the desirability of the unit, and any administrative costs incurred by the assignor. The assignment fee is negotiated between the assignor and the assignee as part of the assignment agreement. It is important for both parties to clearly define and agree upon the assignment fee before finalizing the transaction. It is advisable to seek professional guidance, such as consulting with a real estate agent or lawyer, to ensure a fair and transparent agreement regarding the condo assignment fee. It is usually 2-3% of the purchase price. It is paid by the purchaser to the seller at closing. The listing agent receives this fee, and it is an up-front payment for their services. When you sell your unit, your Realtor will inform you if there are any rights of first refusal or covenants on the title that may limit how much money you can receive for selling your unit or encumbrances against it (such as a mortgage).

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Work permit holders are exempt from the ban on foreigner’s purchase of residential real estate, three important real estate policies that changed in canada in 2023, accurate information regarding the costs involved in a assignment transaction , post-covid-19 outlook for the greater toronto area real estate market and key investment opportunities, six key factors for successful investment in the toronto real estate market and condo pre-construction sales , 2018, outlook and recommendations for the greater toronto area real estate market (tech city effect), 2017 outlook and recommendations for the greater toronto area real estate market (continuous exchange rate effect), why is the toronto real estate market stable, comparison of the economic value (asset increase or decrease) between renting and purchasing based on the analysis of pure cost expenditures and expected income, ‘2013 outlook and reference for the greater toronto area real estate market one year after the announcement of mortgage regulation measures.., final settlement location “toronto” guide for families planning to immigrate to the toronto area, advantages of purchasing a new condo through pre-construction sales lowest investment amount, highest expected return on investment, regarding offer and choosing a realtor offer process and selecting a realtor and establishing a relationship with them, regarding the purchase (investment) of a home by international students (parents) if you are planning to study abroad for at least 2-3 years, it is also a good idea to consider purchasing a home from the beginning of your study abroad journey, to young people… youth the infinite potential..., 4 criteria to consider for selecting schools and residential areas number 1 priority of immigration to canada...., to those who are preparing to immigrate or study abroad the future of an immigrant is determined by who comes to greet them at the airport, accurate info regarding the costs involved in assignment..., new update [apply for new condos].

[Strong Recommendation] Exclusive Pre-Sale “The Wedgewood on Yonge” Condo in North York, Toronto!!

[Assignment Recommendation] “Y&S Condo, Eglinton Subway Station, 1+Den Unit, Assignment Recommendation !! Yonge / Eglinton(Soudan) ( 2161 Yonge St )

[Strong Recommendation – Assignment] High-floor 3-bedroom (southeast-facing) unit, Downtown Toronto, “Theatre District” condominium! Widmer (University) / Adelaide ( 28 Widmer St )

[Midtown ] Platinum Pre-sale of “LILY at Crosstown” Condo in Toronto Eglinton! Eglinton / Don Mills ( 844 Don Mills Rd )

[Pre-Sales Commence] Platinum Pre-Construction for “6080 Yonge” Condo in North York Begin! Yonge / Homewood ( 6080 Yonge St )

[Assignment Recommendation] Theatre District Condo, located in the heart of downtown Toronto, 2-bedroom (southwest-facing) unit!! Widmer (University) / Adelaide ( 28 Widmer St )

Platinum pre-sales of “M6” (M City 6) condominium in the heart of Mississauga, at M City, are now underway! Burnhamthorpe Rd / Confederation Pkwy

[Investment Effect] Pre-con sale of “Yonge at Wellesley Station” Condo in Downtown Toronto! Yonge / Wellesley ( 20-26 Maitland St )

[pre-sale imminent] “Pickering City Center (PCC)” condo platinum pre-sale imminent!! Hwy 401 / Liverpool Rd ( 1355 A Kingston Rd )

[Platinum Discount] Pre-sale for Platinum YCS (Yonge City Square) Condo at North York York Mills Subway Station!! Yonge / York Mills ( 4050 Yonge St )

[Special Incentive] Platinum pre-sale of “8 Elm” condo located in downtown Toronto near Dundas subway station!! Yonge / Dundas ( 8 Elm St )

[Assignment Recommendation] Assignment of a 1+Den (2 Bath) unit in “Artistry” Condo, located near St. Patrick Subway Station in Downtown. Dundas / University(McCaul)

[Recommended Assignment] Eglington “Forest Hill” Condo (Direct Subway Access), Assignment of 1+Den Unit. Eglinton / Bathurst ( 859 Eglinton Ave West )

[Pre-con sale Begins, 15% Deposit] Pre-con sale of “Thompson Towers” Condos/Townhomes in Milton Starts!! Thompson Rd S / Drew Centre ( 130 Thompson Rd S )

[5% Deposit] Platinum Pre-con sale of “Empire Quay House” in the heart of downtown Toronto’s waterfront !!

[Recommendation for Assignment ( SOLD )] Assignment of 1+den unit of “250 Lawrence” condo in Midtown Toronto Lawrence Ave W / Avenue Rd ( 250 Lawrence Ave W )

[Pre-con sale begins] Platinum Pre-Sale of “BRAVO at Festival” Condos, located near the Vaughan Subway Station. Hwy 7 / Interchange Way ( 1 Comm-Vaughan-subway-station-grand-festival-condo-erce St Vaughan )

[Pre-con sale Begin] Platinum Pre-con sale for “Kipling Station” Condos at Etobicoke, Toronto Dundas St W / Aukland Rd ( 5251 Dundas St W )

[Exclusive Sale] Platinum Exclusive Sale of “VU Point 1, 2” Condo in Pickering Exclusive Sale. Liverpool Rd & Hwy 401, Pickering.

[Investment Effect] Platinum pre-sale of “CENTRICITY” condo in the heart of downtown Toronto Church St(Yonge St)/ Dundas St ( 241 Church  St )

[Investment Effect] Platinum pre-sale of “Yonge at Wellesley Station” condos in the heart of downtown Toronto Yonge / Wellesley ( 20-26 Maitland St )

[Amazing Incentives – Investment Effect] Platinum pre-sale of “XO2” condo in downtown Toronto!! King St W / Dufferin, Northeast corner ( 1182 King St W )

[Pre-sale begins] Platinum pre-sale for “Northshore” Condo in Burlington Plains Rd E / Sanford Dr ( 490 Plains Rd E )

[Upcoming Pre-sale in early May] Platinum pre-sale for “Kipling Station” condo, Kipling Station in Etobicoke, Toronto, is imminent Dundas St W / Aukland Rd ( 5251 Dundas St W )

[Upcoming Pre-Sale] Platinum pre-sale for “BRAVO at Festival”, a condo located near Vaughan subway station, is coming soon. Hwy 7 / Interchange Way ( 10 Interchange Way )

[15% deposit] North York, Toronto. Finch subway station. “OLIVE” condo platinum pre-construction sales begin!! Yonge ( Doris ) / Finch ( Olive ) : 36 Olive Ave Toronto.

[5% deposit + shock incentive] Toronto Downtown “JAC” Condo, Townhouse Shock Incentive Pre-Sale !! Jarvis / Carlton ( 308 Jarvis St )

[Pre-sale coming soon] Platinum pre-sale of “4800 Yonge” condo at Sheppard subway station, North York! Yonge St / Sheppard Ave W (4800 Yonge St) Yonge St / Sheppard Ave W ( 4800 Yonge St )

[Recommendation for assignment] Eglinton “Forest Hill” (Subway connected) Condo, 1+den unit assignment!! Eglinton / Bathurst ( 859 Eglinton Ave West )

[Pre construction condo for sale Starts!!] LSQ Condo in North York East Platinum Pre-Sale has started!! Sheppard Ave E / Victoria Park Ave ( 2305 Sheppard Ave E )

[Assignment Recommendation] “Max” Condo, 1+Den, Southeast Facing Unit, Downtown Dundas Station, Strongly Recommended for Sale!! (SOLD) Dundas / Mutual(Church) ( 77 Mutual St )

[Recommendation for assignment] Plaza Midtown, Yonge/Eglinton (25 Holly St and 50 Dunfield Ave), 3-bedroom unit Assignment!! Yonge / Eglinton (25 Holly St and 50 Dunfield Ave)

[recommendation for assignment] eglinton “forest hill” condo (directly connected to the subway), 1+den, 2-bed unit for assignment eglinton / bathurst ( 859 eglinton ave west ).

[Recommendation for assignment] Downtown St Patrick Subway station, “Artistry” Condo 1+den(2Bath) unit Assignment!! Dundas / University(McCaul)

[10% Deposit] Toronto Downtown “Oscar Residence” Platinum (with big incentive) Sale !! Bathurst / Dupont ( 500 Dupont St )

[Only 5% deposit for a limited time] Platinum pre-sale of luxury condo “Alias” in the heart of downtown Toronto!! Richmond St / Church St ( 114 -120  Church )

New update(continue) [view all].

[Pre-Sale Begins!] North Yolk East “LSQ 2 Condo” Platinum Pre-Sale Now Commencing!! Sheppard Ave E / Victoria Park Ave ( 2305 Sheppard Ave E )

[Strong Recommendation – Initial Sale Price] M2M Condo in North York, Southwestern-facing 3-bedroom corner unit, Assignment recommendation. Yonge / Cummer ( 5915 Yonge St )

[5% deposit-North York] “PEARL PLACE” condo Platinum pre-sale, the heart of North York, Toronto!! Yonge / Sheppard ( 19 Hollywood ave )

[Gaurantee 2-year rental, 15% deposit] Toronto downtown, Menkes “ELEKTRA” Condo Platinum pre-sale !! Dundas / Jarvis ( 218 Dundas St )

[Assignment] E2 Condo, 2 bed corner unit with southern exposure and high floor connected to Eglington subway station (SOLD)! Yonge / Eglinton ( 41 Roehampton Ave )

[15% deposit] Oakville “North Oak 4차-Tower 3 Platinum pre-sale Condo !! Trafalgar Rd / Dundas S E, Oakville, Northeast corner

[Yorkville – 10% Deposit] Downtown Yorkville “ADAGIO” Condo Platinum pre-sale !! Yonge / Bloor ( 771 Yonge St ).

[Exclusive Sales of Phase 2 Building] “VU Point 2” Condo Platinum Exclusive Sales!! Liverpool Rd & Hwy 401, Pickering.

[High-rise Exclusive Sales] Picking “VU Point” Condo Platinum Exclusive Sales !! Liverpool Rd & Hwy 401, Pickering.

[recommendation for assignment] assignment of 2 bedroom unit in e2 condo directly connected to eglinton subway station ( sold ) yonge / eglinton ( 41 roehampton ave ).

[15% deposit] Toronto Etobicoke “Southport in Swansea” condo platinum pre-construction sale !! The Queensway / Southport St ( 34 Southport St )

[10% Down payment] Exclusive Platinum Pre-sale of “ORO” Condo in the Heart of Mississauga!! Hurontario / Elm (Burnhamthorpe) ( 24 Elm Dr W )

[Mississauga] “M5” (M City 5) Condo Platinum pre-construction sale in the center of Mississauga !! Burnhamthorpe Rd / Confederation Pkwy

[15% Deposit] Toronto Eglington “Plaza Midtown” Condo Platinum pre-construction sale!! Yonge / Eglinton (25 Holly St and 50 Dunfield Ave)

[5% Deposit] Toronto Downtown Lakefront Center “Sugar Wharf” – Platinum Final Sale!! Lakeshore / Cooper ( Yonge ) ( 95 lakeshore Blvd E )

[Townhome] Richmond Hill “Twelve Oaks” Townhome Platinum additional pre-sale begins!! Yonge St (Bond Cres) / King Rd ( 115 Bond Cres )

[(Update)Downtown Strongly Recommended -15% deposit] The Center of Toronto downtown, “FORMA” condo Platinum pre-sale started!! King St W / University Ave ( 266 King St W )

[Pre-sale started] The centre of downtown Toronto, “Queen-Church” condo platinum pre-sale !! Queen St / Church St ( 120 Queen St East )

[10% deposit] Richmond Hill – Detached houses – “KING EAST ESTATES” – Exclusive Sales!! Yonge St (Mccachen St) / King Rd (476 King Rd)

Richmond Hill “Towns on Bayview” Luxury townhouse complex platinum pre-sale!! Bayview Ave / 19th Ave

Condos for assignment [view all], columns / news, new resale listings (updated).

Toronto Real Estate: April 5th, New listings by region in GTA

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Guide to Condo Assignment Sales

If you’ve looked into purchasing pre-construction condos in Toronto you’ve come across the term “Assignment Sale”. Often Developers will offer allowing Assignment Sales as an added incentive for buyers. Or you’ll come across an agent or seller listing an assignment sale of a pre-construction condo.

The recent growth of the pre-construction condo market has seen a rise in this type of transaction, and so it’s important for buyers to understand how Assignment Sales work.

What is an Assignment Sale

An “Assignment” is a real estate transaction where the original buyer (the “Assignor”) sells their buyer’s rights to another buyer (the “Assignee”). In Toronto, assignments are common in pre-construction condos.

Assignor:  is the original buyer of the condo unit. The Assignor purchased the unit 3-5 years ago at the pre-construction sales phase directly from the builder. In an assignment transaction the assignor is the seller of this original agreement of purchase and sale.

Assignee:  is the buyer of the Agreement of Purchase and Sale from the Assignor. In an assignment transaction the assignee is the new buyer of the assignor’s agreement of purchase and sale

When does an Assignment Sale transaction happen

Assignments take place before Closing – before the buyer actually has position or title of the condo. Which is why the buyer is technically selling “buyer rights” or just the contract at this stage.

Who benefits from Assignment Sales

Assignments can be a useful tool for buyers and sellers.

Original Buyers, the “Assignor” benefit by not having to close on their condo purchase. That means the Assignor is not responsible for paying any closing costs. If occupancy hasn’t taken place at the time of signing, then the Assignor does not have to pay any occupancy fees. Instead, the new buyer or Assignee takes over and closes on the purchase with the Developer. Given the long lead times for pre-construction condos between purchase and closing, original buyers find the ability to make an assignment sale reassuring and beneficial since they are not locked into a contract. More aggressive real estate investors looking for more immediate ROI use assignment sales to close out their position and reap the margins realized on pre-construction condos before closing.

New Buyers, the “Assignee” benefit by getting an advantage in price relative to other ready-built condo properties on the market. Assignees also get a new, unlived home. If the Assignment takes place before the selection of finishes, the Assignee gets to make final colour and finishes selections and customize to their liking. Assignees also close in a shorter time period when compared with buying at a pre-construction project at an earlier launch phase. Finally, and perhaps most importantly, Assignees have to reimburse the Assignor all deposits already paid. These deposit amounts are on the original purchase price on the contract and not at today’s market value.

Risks associated with an Assignment sale

For the New Buyers, the “Assignee” when you purchase an assignment you take on all the terms and conditions of the original Agreement of Purchase and Sale (APS) contract. So if the original Buyer did not get their Lawyer to review the agreement to make sure things such as levies were capped then those risks are passed on to you. Assignee can protect himself by making sure the Assignment agreement has a clause that makes offer conditional on your Lawyer reviewing the original APS.

Assignee is also responsible for all the costs associated with purchasing brand new: Tarion Warranty fees, Builder fees, Development Levies, Utility connection fees and contribution to Condo Board reserve fund.

For Original Buyers, the “Assignor” risks include responsibility for any assignment fees charge by the Builder. In the event that Assignee (Buyer) can’t close the transaction then Builder may request that Assignor closes as per the terms of the original APS.

Builder will also stop communicating with Assignor and deal exclusively with Assignee once they have agreed to and executed assignment agreement. This makes it difficult for Assignor to get important updates. It’s therefore important that Assignor Lawyer keeps in touch with both the Builder and Assignee Lawyer until Final Closing.

Delays in occupancy or closing dates

The assignment remains valid regardless of delays. The Assignee has taken on the agreement and all buyer’s rights and responsibilities.

Assignee is unable to close

Typically the Assignor is not released from closing and both the Assignor and Assignee will be liable. We advise consulting a real estate lawyer to understand the terms and conditions with regards to assignments in the original agreement of purchase and sale.

Costs associating with assigning a unit

Developers typically charge an administration fee to process and approve assignment transactions. Both Assignors and Assignees are also strongly encouraged to involve a Lawyer, so there are legal fees to consider as well.

Payment of the interim occupancy fees

Typically the Assignee will pay any associated occupancy fees and any final closing costs unless negotiated otherwise in the assignment terms.

When does the Assignor get their money

Payment terms vary by agreement and are negotiated between the Assignor and Assignee. Typically the Assignor gets paid (partial or full deposit amounts) when the contract is signed, or the Assignee closes and gets legal title, or when the Assignee moves in and occupies the unit.

Who is entitled to the interest accrued by the original deposits made by the Assignor

The interest will likely be paid by the Developer to the Assignor, however this can be specified in the assignment terms.

Tax implications of Assignments sales

Buyers and sellers are also encouraged to get advice from a tax accountant. There are tax implications (GST/HST) where it is determined that the Assignor’s primary intent was to flip the property for profit.

Steps involved in an Assignment Sales process

It is crucial to work with an experienced agent when dealing with assignment transactions. Real estate Assignments are legally-binding, and it’s important to understand what the clauses mean and how they directly affect you. Buyers and sellers are also encouraged to get legal advice.

1. Ensure original Agreement of Purchase and Sale includes an Assignment clause , and understand the terms and conditions imposed by the Developer on assignment transactions. For example, some Developers may include restrictions that prevent any assignment sale until a certain percentage of the building has been sold directly by the Developer, typically 90-100%. There may also be additional restrictions on advertising or listing your unit for an assignment sale. Each Developer and project is different. Typically, developers have to grant permission to allow the assignment of units.

2. Find a new buyer, the “Assignee”  Finding a buyer can get tricky if a Developer prohibits listings and advertising. It is crucial to work with an agent that specializes in assignment sales to help you work around these restrictions to find a buyer.

3. Complete the required paperwork. Assignment sales involve a lot of paperwork and it is critical that the Assignment Agreement protects the interest of all parties involved. The diligence of an experienced agent and lawyer are crucial here due to the important points to be considered such as Developer’s Approval, Lawyer Reviews, responsibility for HST, Occupancy fees, Levies and closing costs etc. Additional factors to consider include, interest payments on deposits held by the Developer, and incentives per original agreement of purchase and sale to be credited by the Developer on final closing.

Assignments are great tools that offer value and benefits to both sides of the transaction, Assignors and Assignees. Due to the clauses and considerations involved, Assignments can often get complicated, making it extremely important to work with an experienced agent and real estate Lawyer to help mitigate risk.

Are you considering an assignment sale or interested in learning more? Drop me a line and let’s start talking!

Got a question? Submit it here!

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How Assignment Sales Work in Toronto Real Estate

Assignments are defined as follows:.

The Assigning or Selling of your rights to purchase a property.

To clarify, you’re not actually selling the property. Since the Assignor (Seller) hasn’t taken possession yet (usually because it’s not built or has not registered yet), they are simply assigning the rights to the Assignee (Buyer).

Here’s an example:

If I walked in to a condo sales centre,  signed and bought a pre construction unit from the floor plans I would have the right to purchase said unit when it was constructed and registered. An assignment is when I take that paper that I signed, my right to purchase, and sell it to someone else; The Assignee, for a certain amount. To break it down, if I agreed to buy the condo for $300,000, then found a Buyer aka Assignee, the Assignee has the right to purchase said unit for $300,000 but he/she has paid me a premium on top of the $300,000 for that right.

A client just went through one of these for a condo that he had bought pre construction. He, as usual, got in over his head with purchases and decided to assign a unit in order to free up some cash to make the deposits on another place that he had purchased pre construction. After spending some time spreading the word and marketing the property I received a call from a colleague saying he had a buyer for me and we eventually made the deal happen. Here is how I structured the deal to make it work for my client:

He had paid $356,400 for this unit (I should say, he had agreed to pay that amount when it was ready a year or so from now).  He had made initial deposits of $53,750 , or 15% of the purchase price. My goal was to recover as much of that now for my client. Next, the buyer aka Assignee agreed to purchase said unit from my client for $380,000 . What this means is that he will eventually purchase the unit from the developer for $356,400 but give my client $23,600 for the right to do so (Total to the Buyer is $380,000).

So now the Assignee owes the initial deposit $53,750 plus the built in profit of $23,600 all totaling $77,350. Most people don’t have that kind of money lying around but since the money was needed right away we worked out a plan where he would pay the initial deposit of $53,750 now (borrowed from his parents) and the remainder of the cash from his mortgage when the condo was built and ready to register. We were lucky because the Assignee had the ability to come up with the cash.

Sometimes when the Assignee doesn’t have the option of paying out the Assignor it can be agreed that all the money will be transferred when the condo is ready and registered. An Assignor would likely agree to the latter only if the profit margins are much higher and the money is not needed right away. In this case since my client needed to be paid out now he accepted the small profit and was able to cash out and pay for his most recent purchase.

Assignments, unlike resale transactions can get quite complicated. It is very important that you have an experienced Spring Realty Broker to work out the contract and an experienced real estate Lawyer to help mitigate risk for the client. I have been involved in hundreds of assignment transactions and with the help of Feld/Kalia Team of lawyers we get the job done right. Contact Us to get started.

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Pre-construction, assignments.

You're probably browsing this on your phone, but it'll be easier to group/sort/filter my online spreadsheet on a full browser.

02 Spreadsheet

Click the link below each title to get access to an online spreadsheet. This will allow you to search for specific projects or run better filters.

If you don't see what you are looking for, text/call/email or live chat and request a certain project. I'll see what I can do.

Andre Pasche

Why use me as your

Assignment agent.

I get first access to units when the get released.

Get Super quick response times. Text, call or email.

How does this work?

I aggregate and upkeep a list of assignment sales throughout the GTA. They come from clients, other brokers and builders.

If you are looking for something specific, reach out and I will try and find it.

I would be representing you and doing the paperwork for any of these purchases. 

Are these up to date?

Since assignment sales are not reported on the MLS system, there is no way of knowing if it has already sold.

I try my best to keep everything up to date. I usually delete anything over a month and a half old.

Is this free?

Yes. There is no cost to access my list or get me to request units. If you decide to go ahead with a purchase, I will get paid commission from the seller. 

Lowrise Assignments

Click here to use my sortable & searchable online spreadsheet instead.

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10 Essential Things to Know About Real Estate Assignment Sales (for Sellers)

— We take our content seriously. This article was written by a real person at BREL.

What’s an assignment?

An assignment is when a Seller sells their interest in a property before they take possession – in other words, they sell the contract they have with the Builder to a new purchaser. When a Seller assigns a property, they aren’t actually selling the property (because they don’t own it yet) – they are selling their promise to purchase it, along with the rights and obligations of their Agreement of Purchase and Sale contract.  The Buyer of an assignment is essentially stepping into the shoes of the original purchaser.

The original purchaser is considered to be the Assignor; the new Buyer is the Assignee. The Assignee is the one who will complete the final sale with the Builder.

Do assignments only happen with pre-construction condos?

It’s possible to assign any type of property, pre-construction or resale, provided there aren’t restrictions against assignment in the original contract. An assignment allows a Buyer of a any kind of home to sell their interest in that property before they take possession of it.

Why would someone want to assign a condo?

Often with pre-construction sales, there’s a long time lag between when the original contract is entered into, when the Buyer can move in (the interim occupancy period) and the final closing. It’s not uncommon for a Buyer’s circumstances to change during that time…new job out of the city, new husband or wife, new set of twins, etc. What worked for a Buyer’s lifestyle 4 years ago doesn’t always work come closing time.

Another common reason why people want to assign a contract is financial. Sometimes, the original purchaser doesn’t have the funds or can’t get the financing to complete the sale, and it’s cheaper to assign the contract to a new purchaser, than it is to renege on the sale.

Lastly, assignment sales are also common with speculative investors who buy pre-construction properties with no intention of closing on them. In these cases, the investors are banking on quick price appreciation and are eager to lock in a profit now, vs. waiting for the original closing date.

What can be negotiated in an assignment sale?

Because the Assignee is taking over the original purchaser’s contract, they can’t renegotiate the price or terms of the contract with the Builder – they are simply taking over the contract as it already exists, and as you negotiated it.

In most cases, the Assignee will mirror the deposit that you made to the Builder…so if you made a 20% deposit, you can expect the new purchaser to do the same.

Most Sellers of assignments are looking to make a profit, and part of an assignment sale negotiation is agreeing on price. Your real estate agent can guide you on price, which will determine your profit (or loss).

Builder Approval and Fees

Remember that huge legal document you signed when you made an offer to buy a pre-construction condo? It’s time to take it out and actually read it.

Your Agreement of Purchase & Sale stipulated your rights to assign the contract. While most builders allow assignments, there is usually an assignment fee that must be paid to the Builder (we’ve seen everything from $750 to $7,000).

There may be additional requirements as well, the most common being that the Builder has to approve the assignment.

Marketing Restrictions

Most pre-construction Agreements of Purchase & Sale from Toronto Builders do not allow the marketing of an assignment…so while the Builder may give you the right to assign your contract, they restrict you from posting it to the MLS or advertising it online. This makes selling an assignment extremely difficult…if people don’t know it’s available for sale, how they can possibly buy it?

While it may be very tempting to flout the no-marketing rule, BE VERY CAREFUL. Buyers guilty of marketing an assignment against the rules can be considered to have breached the Agreement, and the Builder can cancel your contract and keep your deposit.

We don’t recommend advertising an assignment for sale if it’s against the rules in your contract.

So how the heck can I find a Buyer?

There are REALTORS who specialize in assignment sales and have a database of potential Buyers and investors looking for assignments. If you want to be connected with an agent who knows the ins and outs of assignment sales, get in touch…we know some of the best assignment agents in Toronto.

What are the tax implications of real estate assignment?

Always get tax advice from a certified accountant, not from the internet (lol).

But in general, any profit made from an assignment is taxable (and any loss can be written off). The new Buyer or Assignee will be responsible for paying land transfer taxes and any HST that might be due.

How much does it cost to assign a pre-construction condo?

In addition to the Builder assignment fees, you will likely have to pay a real estate commission (unless you find the Buyer yourself) and legal fees. Because assignments are more complicated, you can expect to pay higher legal fees than you would for a resale property.

How does the closing of an assignment work?

With assignment sales, there are essentially 2 closings: the closing between the Assignor and the Assignee, and the closing between the Assignee and the Builder. With the first closing (the assignment closing) the original purchaser receives their deposit + any profit (or their deposit less any loss) from the Assignee. On the second closing (between the Builder and the Assignee), the Assignee pays the remaining amount to the Builder (usually with the help of a mortgage), and pays land transfer taxes. Title of the property transfers from the Builder to the Assignee at this point.

I suppose it could be said that there is a third closing too, when the Buyer takes possession of the property but doesn’t yet own it…this is known as the interim occupancy period. The interim occupancy occurs when the unit is ready to be occupied, but not ready to be registered with the city. Interim occupancy periods in Toronto range from a few months to a few years. During the interim occupancy period, the Buyer occupies the unit and pays the Builder an amount roughly equal to what their mortgage payment + condo fees + taxes would be. The timing of the assignment will dictate who completes the interim occupancy.

Assignments vs. Resale: Which is Better?

We often get calls from people who are debating whether they should assign a condo they bought, or wait for the building to register and then sell it as a typical resale condo.

Pros of Assigning vs. Waiting

• Get your deposit back and lock in your profit sooner
• Avoid paying land transfer taxes
• Avoid paying HST
• Maximize your return if prices are declining and you expect them to continue to decline
• Lifestyle – sometimes it just makes sense to move on

Cons of Assigning vs Waiting

• The pool of Buyers for assignment sales is much smaller than the pool of Buyers for resale properties, which could result in the sale taking a long time, getting a lower price than you would if you waited, or both.
• Marketing restrictions are annoying and reduce the chances of finding a Buyer
• Price – What is market value? If the condo building hasn’t registered and there haven’t been any resales yet, it can be difficult to determine how much the property is now worth. Assignment sales tend to sell for less than resale.
• Assignment sales can be complicated, so you want to make sure that you’re working with an agent who is experienced with assignment sales, and a good lawyer.

Still thinking of assignment your condo or house ? Get in touch and we’ll connect you with someone who specializes in assignment sales and can take you through the process.

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Raj Singh says:

What can be things to look for, especially determining market value for an assigned condo? I’m the assignee.

Sydonia Moton says:

Y would u need a lawyer when u buy a assignment property

Gideon Gyohannes says:

Good clear information!

Who pays the assignment fee to the developer? Assignor or Assignee?

Thanks Gideon 416 4591919

Melanie Piche says:

It’s almost always the Seller (though I suppose could be a point of negotiation).

Fiona Rourke says:

If there are 2 names on the agreement and 1 wants to leave and the other wants to remain… does the removing of 1 purchaser constitute an assignment

Brendan Powell says:

An assignment is one way to add or remove people from a contract, but not the only way…and not the simplest. Speak to your lawyer for advice on what makes the most sense for your specific situation. For a straightforward resale purchase you could probably just do an amendment signed by all parties. If it’s a preconstruction purchase with various deposits paid, etc it could be more complicated.

Katerina says:

Depends on the Developer. Some of them remove names via assignments only.

Haroon says:

Is there any difference in transaction process If assigner or seller of a pre constructio condo is a non resident ? Is seller required to get a clearance certificate from cRA to complete the transaction ?

Nathalie says:

Hello , i would like to know the exact steps for reassignment property please.

Amazing info. Thanks team. I may just touch base with you when my property in Stoney Creek is completed in. 2020. I may need to reassign it to someone Thanks

Victoria Bachlowa says:

If an assignor renegs on the deal and refuses to close because they figured out they could get more money and the assignment was already approved by the builder and all conditions fulfilled what can the Assignee do. I have $33,000 dollars in trust in the real estate’s trust fund. They sent me a mutual release which I have not signed. The interim occupancy is Feb. 1 and the closing is schedule for Mar. 1, 2019. I have financing in place, was ready to move in Feb. 1 and I have no where to live.

Definitely talk to your lawyer right away. They’ll want to look at your agreement of purchase and sale and will be able to advise you.

With assignment sales, there are essentially 2 closings: the closing between the Assignor and the Assignee, and the closing between the Assignee and the Builder. With the first closing (the assignment closing) the original purchaser receives their deposit + any profit (or their deposit less any loss) from the Assignee. Can I assume that these closing happen at the same time? I’m not sure how and when I would be paid as the Assignor.

What happens to the deposits or any profits already paid if the developer cancels the project after an assignment?

Hi, Did you get answer to this? I did an assignment sale last year and now the builder is not completing apparently and they are asking for their money back. Can they do that? After legal transactions, the lawyer simply said “the deal didn’t go through”. Apparently builder and the person who assumed the assignment agreed on taking out the deal. What do I have to pay back after it was done a year ago

This is definitely a question for your lawyer – as realtors we are not involved in that part of the transaction. I would expect that just as the builder would have to refund your deposits, you would likely need to do the same…but talk to your lawyer. As to whether the builder can cancel a project, yes they always reserve that right (but the details of how and under what circumstances would be in your original purchase agreement). It’s one of the annoying risks in buying preconstruction!

I completed the sale of my assignment in Dec 2015 however the CRA says I should be reporting the capital income in 2016 when the assignee closed his deal with the developer in July 2016. That makes no sense to me since I got all my money in Dec 2015. Can you supply any clarification on that CRA policy please?

You’d have to talk to the CRA or an accountant – we’re real estate agents,so we can’t give tax advice.

Hassan says:

Hello, You said that there are two closings. The first one between the assignor and the assignee and the second one between the builder and the new buyer (assignee). My question is that in the first closing does the assignee have to pay the assignor the deposit they have paid and any profit in cash or will the bank add this to the assignee’s mortgage?

The person doing the assigning usually gets their money at the first closing.

Kathy says:

What is the typical real estate free to assign your contract with the builder ?

Hi Kathy While we do few assignments (as they are rarely successful, and builders do not make it easy), in past we have charged more or less the same as we do for a typical resale listing. While there are elements to assignments that should be easier than a resale (eg staging), many other aspects of assignments are much MORE time-consuming, and the risk much higher since attempts to find a buyer for assignments are often unsuccessful. It’s also important to note that due to the extra complication, lawyer’s fees to assign are typically higher than resale as well–although more $ for the purchase side vs the sale side.

Mitul Patel says:

If assignee has paid small amount of deposit plus the original 25% deposit that the assignor has paid to the builder and gets the Keys to the unit since interim possession has been completed, when the condo registration is done and assignee is getting mortgage from the Bank or Pays the remaining balance to the Builder using his savings and decides not to pay the Balance of the Profit amount to Assignor, what are the possibilities in this kind of scenario?

You’d need to talk to a lawyer to find out the options.

David says:

How much exactly do brokers get paid at sale of Assignment? i.e. Would the broker’s fee be a % of your assignment selling price or your home’s selling price? I’m really looking for a clear answer.

I am using this website’s calculator associated with selling your home in Ontario. But there is no information on selling assignments. https://wowa.ca/calculators/commission-calculator-ontario

Realtors set their own commission, so there is no set fee- that website is likely the commission that that agent offers. We often see commissions of 4-5% for assignments. The fee is a % of the price of the assignment – for example, you originally bought for $500K; you’re now assigning for $600K – commission would be payable on the $600K.

Candace says:

Question: if i bought a pre construction condo, can i sell it as soon as it closes or do i have to live in it for 1 year after closing in order to avoid capital gains taxes?

Or does the 1 year start as soon as you move in?

I would suggest you talk to your accountant re: HST credit implications and capital gains, but if you sell it for more than you paid for it, capital gains usually apply.

You mention avoid paying HST when you assign your property. What is the HST based on? It’s not a commercial property that you would pay HST. Explain. Thanks.

HST and assignments are complex and this question is best answered specific to your situation by your accountant and real estate lawyer. In some cases HST is applicable on assignment profits – more details can be found on the CRA website here:

https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/gi-120/assignment-a-purchase-sale-agreement-a-new-house-condominium-unit.html

If you are a podcast listener, the true condos podcast is also a great resource.

https://truecondos.com/cra-cracking-down-on-assignments/

heres one for your comment, purchase pre construction from builder beginning of 2021, to be finished end of 2021, (semi detached) here we are end of 2022, both units are now ready. Had one assigned but because builder didnt accept within certain time frame(they also had a 90 day clause wherein we couldnt assign prior to 90 less firm closing date (WHICH MOVED 4 TIMES). Anyrate now we have a new assinor but the builder says we are in default from the first one and wants 50k to do the assignment (the agreement lists the possibility of assigning for 12k) Also this deal would include us loosing our whole deposit and paying the 12k(plus fees) would be in addition too the 130k we are already loosing. The second property we are trying to close but interest rates are riducous, together with closing costs(currently mortgage company is asking that my wife be added to that one, afraid to even ask this builder. Any advice on how to deal with this asshole greedy builder? We are simply asking for assignment as per contract and a small extension for the new buyer(week or two) Appreciate any advice. Thank you

Dealing with builders/developers can be extremely painful, much worse than resale transactions in our experience. Their contracts are written to protect THEM. Unfortunately all I can say is follow the advice of your lawyer.

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Ontario Assignment Sale - Check out Pre construction Condos, Townhomes & Detached home assignment for sale in Ontario, Canada.

Is an assignment legal in ontario.

An assignment is a sales transaction where the original buyer of a property (the “assignor”) allows another buyer (the “assignee”) to take over the buyer’s rights and obligations of the Agreement of Purchase and Sale, before the original buyer closes on the property (that is, where they take possession of the property). The assignee is the one who ultimately completes the deal with the seller.

What is a preconstruction assignment sale?

Unless otherwise prohibited or restricted in writing in the original agreement of purchase and sale, It is mostly legally permitted. In some cases, the developer may charge the assignor a fee for this kind of sale. The best thing to do is to contact the builder directly to confirm if you are allowed to assign your purchase contract because assignment restriction and fees vary from builder to builder.

Homebaba is one of the leading online marketplace for pre-construction and assignment sales in Ontario. Check out hundreds of Ontario Assignment Sales advertised by Liscenced Real Estate Agents in Ontario. Toronto Assignment Sale - Homebaba . The listings such as assignment listings, resale listings or preconstruction project listings & description of the related pages are uploaded by Real estate agents. Homebaba does not verify the correctness of the data uploaded on its platform. Please contact the listing agent to verify the information. E&OE expected.

• Assignments

Invest In Toronto Condo Assignments

Looking for a condo assignment?  The Toronto Condo Team has been working wIth assigments for over 15+ years now. Our knowledge, expertise & experience can find you the right agreement to take over & save you thousands of dollars when purchasing. Reach out to our team at anytime to get started.

Everything That You Need To Know About Assignment Sales

A lot of times, you will see both investors and end-users discussing assignment sales. But what are assignment sales? Due to the market pertaining to Toronto condos for sale, which has seen a rapid increase in pre-construction condominium sales, the number of assignment sales has increased. Assignment sales provide a great realestate condo investment opportunity to the buyers of Toronto condos . However, before going ahead with an assignment sale, make sure you are aware of everything related to it.

What is an assignment sale?

It is basically a contract deal to purchase a condo in it's pre-construction phase from the original purchaser who bought it from the builder the first time, and it is to be done before final closing. It also means that the development hasn't been registered as of now. Therefore, no one is allowed to take ownership of the suites. Interested buyers can only purchase the original contract and any amendments made with the original purchaser. As per the contract, the original buyer is the assignor, and the second buyer is the assignee. This type of sale allows people who own a unit to sell the house before actually taking possession of it. Once the construction of the building is completed, and it has been registered, the ownership title can be transferred. However, until then, it is just going to be the sale of a contract. However, there are numerous advantages to this kind of an assignment sale for both the buyers and sellers  when the talk is about Toronto condos. Keep reading to find out more about it!

The reason behind such sales

There are numerous reasons for why one would sell their rights to the condo unit even before it is completed. If someone is relocating to a new place due to work or any other reason, they might have to sell their rights to the unit they purchased a long time ago.

So, to afford another property, they will have to sell their rights. This is just a single example. People can have their own reasons to sell their rights for their Toronto condos. But, one thing is for certain, assignment sales are gaining popularity at a significant rate.

The size of the family can also increase if a person gets married. In such cases, a one-bedroom unit might not be sufficient. So, there wouldn't be any point in keeping rights to a pre-construction unit when considering Toronto condos for sale.

At such times, the "assignment clause" in the purchase agreements of Toronto condos can be really beneficial. It permits the buyers to pass the contract to another interested buyer without having to suffer any financial penalties.

Assignment sales are completely legal, and they are becoming more and more common these days. However, it will always be beneficial to work with someone who is able to protect your interests at all costs. Since these Toronto condos for sale are always a lot more complex compared to a conventional resale, you should always have an experienced lawyer or realtor with you. It doesn't matter whether you are the buyer or the seller; you shouldn't have to suffer a loss in an assignment sale or purchase.

There are three different parties involved in an assignment sale: the assignor, assignee, and developer. Moreover, this is a two-stage process that includes both the final closing as well as interim occupancy.

Every person who is looking to buy or sell any of the Toronto condos that are in the pre-construction stage as an assignment, make sure that you consult an expert in the real estate industry. Also, the majority of the developers allow assignment sales nowadays. There are still a few specific laws in place that will be mentioned in the original agreement. So, make sure that you go through it thoroughly, and all the issues are avoided.

An example to demonstrate assignment sales

Let's try to understand this with a simple example related to Toronto condos. Bruno Wilson purchases a condominium that is in its pre-construction stage from XYZ Development Corp in Toronto. He makes this purchase for $600,000 and initially makes a down payment of 20%. That is, he makes a down payment of $120,000. He makes this purchase in the year 2018, and the condominium is expected to be available for residing in the year 2023.

Here’s the scenario:

Assignor or the original purchaser here: Bruno Wilson

Builder: XYZ Development Corp

Original sale pricing (set by Builder for Assignor): $600,000

Original deposit that Bruno paid to the builder: $120,000

Funds that are remaining to be paid by the year 2023: $480,000

However, in the year 2020, Bruno planned to change his job. So, he got relocated to a new city altogether. Now, he can't really afford to purchase a new condo as well and, at the same time, hold onto this pre-construction condominium as well.

One good thing about Bruno's contract with the builder is that there are no such restrictions, and Bruno can assign his pre-construction condo to another individual while the condo isn't ready for possession. That is before the builder gets the construction registered.

Assignment purchase:

Now, the assignment agreement has the price at $700,000

The Assignor: Bruno Wilson

Assignee, or the new Purchaser: Janice Brown

Assignment Total Deposit to be paid to Bruno Wilson by Janice Brown: $220,000.

This amount needs to be paid immediately. Now, the deposit made by the Original Buyer was $120,000. The profit amount is $100,000 in this case.

To calculate the profit, minus the Original Purchase price from Assignment Purchase Price of the pre-construction condo. One can consider negotiating the amount as well as the timeframe for making this payment.

When the construction gets completed in the year 2023, Janice will be able to move in during the 'interim occupancy' period of the construction. It will now be Janice's responsibility to make the registration for the mortgage and start paying the mortgage installments for the condominium.

Understand the assignment's critical details here. The condominium is complete by 2023 and is available for interim occupancy. Janice will make the decision to shift to the condo in this period. It will be during this period that Janice will have to start paying the mortgage deposits also.

Once the building gets registered in 2023, there is an official transfer of title that takes place between the developer and the new purchaser. Janice will have to pay her mortgage deposits as well as the condo fees applicable.

Janice will have all the rights to this condominium now. Therefore, she can even consider a resale of the property, and this kind of transaction will go through a regular procedure only.

It’s crucial to know the details

There are many other details involved in the whole process of Toronto condos for sale. For this, it is always advisable to reach out to your agents or real estate experts who can guide you through the process and help you make better decisions. Each assignment has its own set of costs involved. There are different rules and conditions too. Thus, it is essential to look into each detail properly before making the final purchase.

Seek expert advice

If you are someone who is planning to either purchase or sell a pre-construction condominium assignment, get in touch with your real estate agent as well as your tax accountant. They will give you a better idea about the profits that you will be making from the Toronto condos’ sale or purchase of the assignment.

Most builders do not restrict Assignment sales. However, before getting into it, do read through the contract properly and manage the transactions for it properly.

Does buying an assignment make sense?

You can get some of the best deals in assignment deals. Moreover, especially in the Toronto condos market, there are plenty of such sales upcoming. All the people won’t be experts either since the trend has just started.

There is also the chance that there will be high demand in the Toronto condos market. This can get buyers into a bidding war, and it will lead to people overpaying for their properties. However, investing at the time of an assignment sale can eliminate this excessive bidding between the interested buyers. So, you will not have to overpay for your condo suite.

This market can provide a major boost for the buyers as well as sellers. Since the seller is trying to make a sale of the contract, he or she can do it without having to wait for the project to be completed. On the other hand, the buyer will be able to save time and reduce the chance of overspending.

There are other benefits as well as buying an assignment agreement. You will get a new condo suite that will have the Tarion Warranty Program for seven years. Moreover, you will get to shift into the new condo sooner. You won’t have to wait for 3 to 4 years for the construction to be completed.

What are the advantages of these sales for buyers?

Here are some of the crucial benefits of assignment purchases for buyers:

• You will get the unit for a lower price since there won't be much competition.
• There will be a decent number of choices as there will be a shortage of listings in the market.
• In fact, in case the construction isn’t completed to a great extent, you will have the option of selecting your own finishes, upgrades, colors, etc. ​​​​​​​
• There won't be any bidding way. So, you won't have to overpay or go over your budget, either.
• You will also have room for negotiations with the sellers. These people are looking to drop their equity. Therefore, you can set leverage on the closing dates, prices, and deposits.
• You will also get the VIP benefits, including the Tarion Warranty Program for seven years. Some of the other benefits include upgrades, credits, capped developing charges, etc.
• In fact, you will get the tax benefits by saving on HST and GST.
• Lastly, you will get a brand new unit for yourself and that too earlier than most cases. Your occupancy might just be a few months away instead of waiting for years.

Selling an assignment

Gone are the days when pre-construction Toronto condos had to be just kept as it is for months or years till the final closing date for it arrives. By this time, there are a lot of funds that one already spends on the occupancy fees as well as closing costs.

This is the reason Assignment sales are quite popular in a fast-paced place like Canada. Thus, it becomes important to understand the concept of it properly. Take your time and learn all that you can about selling an Assignment.

The trend of selling an assignment is on the increase in Canada now. The majority of the builders in the country allow sales of assignments. Though there are different rules that are put by different builders, multiple options are still available for you if you wish to sell your condominium as an assignment.

Tips to make it easier to buy a new condo on assignment sales

Here are a few key points that you should keep in mind at the time of buying a new condominium on assignment sale.

Don’t think that you are purchasing a resale condo

You are getting yourself a brand new condo. So, you will get the ownership from the Final Closing Date itself.

Keep in mind the closing date

Before purchasing a unit on assignment sale, keep it in mind to know the closing date for assignment and occupancy. You should also know the final closing date for the property.

Have sufficient funds for the down payment

You will have to make a substantial investment if you are looking to purchase a condo unit. First of all, you will have to pay 20 percent of the down payment paid by the assignor to the builder. You will also be responsible for the difference in the amount of the new purchase rate or the asking price for the unit and the original value.

Don’t hurry it up

This is a considerable investment for most buyers. So, make sure that you consider all the aspects before making a purchase.

Y ou need the consent of the builder

For a successful assignment transaction, you will need the approval of the builder. Make sure that you look into this aspect so as to ensure that there are no confusions.

Assignments’ sale and purchase in Canada has been on a rise since the past few years. Therefore, it has become crucial that you know properly and correctly as to what the concept behind Assignments is and how it all works for Toronto condos for sale.

At  the Toronto Condo Team, we know that purchasing a Toronto condo assignment can be an overwhelming and a complicated process. That's why our   condo real-estate agents   aim to provide friendly advice and guidance throughout this experience. We are located in the heart of Toronto and have access to an exclusive network of  condos for sale . 

Contact Toronto Condo Team today   to get started or learn more about the benefits of living in a condo in Toronto. We'll have you settled in no time!

To learn more about assigment facts please visit our assignment FAQ page for more questions and answers to assignments

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Buying and selling assignments: State of the Canadian market in 2023

Rose Morrison | Nov 16, 2023 | 3 comments

This year, investors and agents are having trouble closing their units. The assignment climate has shifted in favour of buyers, making entrepreneurs wait for another seller’s market.

Year-over-year condominium sales transactions have fallen in Vancouver, the Fraser Valley, Toronto, Ottawa and Halifax.

Because of rising interest rates and falling prices, the assignment market is now more rigid for real estate investors to make sound deals.

“Through bankruptcy, more users lose their life savings (to assignments), so we’re calling for government intervention and to scrap the 13 per cent tax”

The Canadian real estate market has seen its fair share of highs and lows in the past few years. Investors and real estate agents have taken advantage of rising demand and housing prices to find lucrative business opportunities.

One growing section in Canadian real estate is the assignment market. How have investors fared in this field? What can you expect in the future? Here’s a guide on the Canadian assignment market and its outlook.

Assignment market favouring buyers

The assignment market was red hot in 2021, with investors buying many properties due to low interest rates. However, 2023 has slowed down due to several factors.

Now, some investors and real estate agents are in a bind because they’re having trouble closing their units. The assignment climate has shifted in favour of buyers, making entrepreneurs wait for another seller’s market.

The assignment market’s conditions depend on where your targeted areas are. Most major Canadian assignment markets have seen a downturn, but a few are on the upswing for investors.

Re/Max’s 2023 National Condominium Report shows that year-over-year sales transactions have fallen in Vancouver, the Fraser Valley, Toronto, Ottawa and Halifax. Edmonton saw a slight increase at 3.1 per cent, and Calgary enjoyed the most significant increase at 22 per cent since 2022.

Why is the assignment market facing tough times?

The assignment market’s downshift has come relatively quickly in the last year, but it’s unsurprising for investors. These reasons show why the market is facing challenging times.

High interest rates

The driving force behind the changing assignment market is rising interest rates. As TradingEconomics.com shows, Canadian interest rates dipped below 1 per cent in 2020 and remained low until 2022. Frequent incremental increases have led to interest rates hitting 5 per cent in 2023, making the market sway out of sellers’ favour.

As a result, the assignment market is now more rigid for real estate investors to make sound deals because of falling prices.

Eric Skicki is an industry professional who has seen this change firsthand. As CEO of BrokerPocket — Canada’s largest marketplace for off-market listings, with over 11,000 agents on the platform currently – Skicki says demand will remain high in metropolitan areas like Toronto, but interest rates have harmed investors and end users.

“Let’s say an investor would have bought this (assignment). They’ll be able to rent it out last year for $3,000, and their carrying costs would have been maybe $2,700,” Skicki illustrates. “That same condo is closer to $5,500 now. That was more than a year and a half ago before the interest rate hikes.”

Although Canada’s 5 per cent interest rates are lower than reported rates in the United States of above 7 per cent, Canadian rates are the highest they’ve been since the mid-to-late 1990s.

Assignment tax

The housing market for buyers has been challenging in the past few years, so the Canadian government has helped residents buy their first homes with a tax-free savings account. The Department of Finance says over 150,000 Canadians are eligible for the New tax-free First Home Savings Account program, allowing them to contribute up to $8,000 a year. While the program is terrific for home buyers, it comes at a cost for investors and real estate professionals.

The Department of Finance levies taxes and funding to support the program, taking some revenue from those in the assignment market. Canada extended GST to assignment sales of newly constructed housing, setting the rate at 13.5 per cent. The government aims to curb speculative trading in the housing market, but Skicki says Canada should reverse the policy.

“It was put in with good intention,” Skicki says. “However, since then, there (have been) over-stimulants from the government in the sense that too many measures were put in place to cool the market.”

Navigating a changing and challenging market: What does the future hold for assignments?

Professionals in the assignment market may struggle due to existing interest rates, and the immediate outlook seems to be more of the same. The Bank of Canada could raise interest rates again to combat inflation if economic conditions persist. Fortunately, the Bank also predicts inflation rates will decrease over the next few quarters. If the trends are correct, you may see the market revert to sellers with increasing assignment prices.

If interest rates stay this high, Skicki fears there could be a significant economic impact.

“There are a lot of end users who are going to be hurting right now — it’s builders and then end users,” Skicki says. “If something is not done soon, you’re going to see more builders go under.

Calling for an end to assignment tax

“Through bankruptcy, more users lose their life savings for this thing, so we’re calling for government intervention and to scrap the 13 per cent of tax on assignments,” explains Skicki.

The current situation brings to mind the 2008 economic crisis for Skicki. He says this time around, reverse effects will happen to the economy. Skicki thinks blue-collar jobs will generally be safe, but those working in tech could see ripple effects in a chain reaction if the government doesn’t take action for the assignment market and its investors.

How can investors and real estate professionals navigate the current market?

Market conditions make it challenging for the average real estate agent and investor to buy and sell assignments. However, you can help yourself and your colleagues by following these tips.

Use off-market listing services

Finding assignments is more complex because they’re not on the typical MLS websites. Instead, it’s imperative to use off-market listing services for your needs. For example, BrokerPocket has 11,000 agents on its platform, letting agents communicate with one another and access exclusive listings.

One of BrokerPocket’s primary features is its ease of access for users. Simeon Papailias, co-founder of REC Canada, says BrokerPocket is the most secure and sophisticated platform he uses for off-market listings. You can filter by criteria like geographical location and amenities, making the app accessible to industry professionals.

Security is a significant feature for BrokerPocket users and has become a platform feature. Real estate agents can keep their client’s identity a secret and ensure confidentiality throughout the transaction. Papailias says BrokerPocket has become a regular tool and essential for day-to-day work in the industry.

Additionally, users have access to a referral network. BrokerPocket says agents can gain back with every converted user, increasing their ease of access. The platform’s objective is to promote off-market properties and effectively refer clients to other agents.

Educate clients

Selling assignments has become tougher amid the high interest rate environment. Buyers look to condominiums for their affordability but lose that advantage once the market prices them out with high demand and high interest rates. Right now, Skicki says real estate professionals looking to enter the market should educate their clients because lacking knowledge could lead to adverse outcomes.

“Make sure you educate your client of where the market is because where the market was last year, people were looking to make anywhere between $50,000 to $100,000 or $150,000 on their assignment,” Skicki says. “But (as of now,) advice to agents would be ‘your clients did well if they’re breaking even.’”

Stay informed

While educating clients is vital, so is educating yourself on the market. For example, if you want to enter the assignment sector, find locations where the market favours sellers, such as Calgary and Edmonton. While the competition may be higher, you’ll have better luck with selling and completing transactions. Skicki says the lack of knowledge and numbers can harm professionals if they don’t do their research.

“There are many people who are failing to close their units and do not understand how much transactions and prices have fallen since last year,” Skicki says. “Even those who are not aware do not have any data to back those claims up.”

Ultimately, Skicki recommends partnering with experts and finding a lawyer specializing in assignments. These professionals will help you navigate the assignment world, considering how different it is from resales.

It’s also crucial to time things right by watching market conditions. Papailias says now isn’t a good time to get into the assignment market if you’re a seller. However, the real estate market is ripe for buyers because sellers are motivated to let go of their properties. Buyer agents who want to get into new construction see the market in their favour, but the tides could turn if interest rates fall.

Real estate is challenging for agents and investors due to the market’s ups and downs. Currently, the Canadian assignment market demonstrates an inopportune time for sellers due to interest rates and the GST on assignment sales.

If your clients are interested in the assignment market, speak with industry experts about getting started. Lowered interest rates could turn the market back in the seller’s favour.

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I really feel bad for some of these clients who bought multiple condos in 2017/2018 as “investments” and can not close now! What options do they have?

Interest and Intent:

“Very interested — can we schedule a viewing?” “Considering making an offer.” “Is it still available?” “Looking for a quick closing.”

For the end users this sucks. For the most part it’s the speculators who are whining, they got caught in the downturn and can’t offload according to plan. All part of the risk! FOMO is a b*tch!

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A ‘weird’ March shows real estate market still off balance

22 Forest Ridge Dr., Toronto was recently sold by broker Andre Kutyan. The asking price was$5,499,000 and it sold for $5,618,018. The Print Market

If you ask realtors and economists, they’ll tell you the spring real estate market has been surprisingly robust compared to expectations. It’s only when you zoom in on submarkets that the more troubling trends appear.

For example, the Toronto Regional Real Estate Board (TRREB) reported just 647 detached home sales in the city of Toronto in March, 2024 – that’s the lowest number of detached home sales in any March in at least 25 years; lower than any March on TRREB’s publicly available MarketWatch archive, which only goes back to 1996.

Despite that, the prices of those homes hit an average of $1,708,437, up slightly from the year before (0.4 per cent) and there were more sales of all types in March than in February.

The overall picture has economists reaching for intangibles as a way to explain it. At least, that’s what TD Bank economist Rishi Sondhi appeared to do in his April 8, housing report that noted “favourable weather conditions” were among the factors for why the first quarter of 2024 has been stronger than the bank’s December forecast. Mr. Sondhi also said a release of pent-up demand helped explain why B.C. and Ontario saw sales increase so far in 2024 (the caveat that the overall transactions in the provinces are still 20 to 30 per cent below the long-term trend) even while prices fell or stayed flat in those regions.

“March was a weird month,” said Andre Kutyan, broker with Harvey Kalles Real Estate Ltd. He notes March break and then Easter late in the month ate into the number of days available for showings, though activity sprang back starting April 2. “In the last couple weeks, I listed 11 properties and sold eight, many in multiples, and for stuff listing from $675,000 up to $5.5-million, which was not set up for multiples.”

The return of bidding wars appears to have taken some buyers by surprise.

“Fundamentally, buyers do get frustrated when they have to compete,” said Cailey Heaps Estrin, broker of record for the Royal LePage Real Estate Services Heaps Estrin Team. She said it appears that sellers have realized they may have to let go of their hopes for a repeat of 2022′s out of control prices. At the same time, buyers are realizing they may have to make more than a rock-bottom offer. “Buyers really felt they were in the driver’s seat. Now, I’d say their mindsets are aligning a little more,” she said.

The return of bidding wars is spread all over the Greater Toronto Area (GTA), according to data released by real estate app Wahi.

In March, 43 per cent of the 400 neighbourhoods Wahi monitors in the GTA were in “overbidding” territory, up from 25 per cent in February. Wahi’s metrics are based on median prices (so outlier bidding wars don’t skew the numbers) and anything 1 per cent above asking is an “overbid” with vice versa for underbid. The amount in balance is in the single digits, so the remaining 51 per cent of Wahi neighbourhoods underbid.

“The price point where there is overbidding has moved upwards, in the last four or five months,” said Wahi CEO Benjy Katchen. “It was a common theme in the neighbourhoods that had the cheapest price points … it was right around a million and a million-five,” he said. In 2024, the overbid price began to move north of $2-million, with a lot of activity in the 905 suburbs of Toronto. “These are all detached home neighbourhoods in the suburbs – Markham and Richmond Hill – locating near excellent schools is the common theme.”

One category not in overbid territory is condos. Only 14 per cent of neighbourhoods saw condos achieve a median overbid.

That’s not surprising when the glut of inventory is taken into account. TRREB’s data shows 4,460 condo apartments and townhouses were actively listed for sale in March, (a thousand-plus more than in 2023) which is the highest level of resale inventory since 2015. That doesn’t even account for thousands of new-build condos coming to market as many are struggling to find buyers. The assignment segment – where investors buy preconstruction condos intending to sell them before the building is completed – is particularly fraught.

“There’s a pretty vast assignment market right now,” said Robert Van Rhijn, broker of record for Strata.ca . “Often the assignors are struggling on the profit end, some of them are even underwater. Our buyers are getting great deals, they are certainly buying at market per square foot, or below market.”

Mr. Van Rhijn isn’t an active agent any more, but his team of realtors tell him anecdotally there’s about a third of condo resale listings in a very similar position.

“About 30 per cent are consistently the same story: an investor that owns multiple units and they are cash flow negative on the rent. Each month bleeding $300 to $500 and they see the stock market is doing well, so they are losing interest,” he said. “They are not being terribly realistic on price, and the market is not responding with an offer, so a number of these sellers have pulled their listings.”

Where he sees condo bidding wars is in unique properties, loft spaces or other buildings that eschew the cookie cutter of newer-build high-rises.

The combination of these threads makes for a somewhat confused picture where some buyers are finding deals and some sellers are cashing out over asking, depending on what’s for sale and where.

“I think Toronto is a bunch of micro markets, they act all very differently,” said Mr. Kutyan.

If there is one unifying theme for buyers it’s a slight uptick in tolerance for higher mortgage rates, with house hunters plunging in with the expectation that better times surely have to be ahead.

“Some of our clients are going variable with the expectation rates will drop within a year,” said Ms. Heaps Estrin.

Indeed, TD’s Mr. Sondhi said “We think the Bank [of Canada] will begin cutting their policy rate in July,” but where he differs from the realtors is his expectations that prices will automatically begin to upward climb once that happens. While TD expects the Prairies, Quebec and the Atlantic provinces will see continued price growth “a brutal affordability backdrop should restrain price growth to the slowest in the country” in Ontario and B.C. That price condition does help explain the historic dearth of detached home sales in Toronto, given the average prices remain historically, perhaps brutally, high.

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SUPERVISOR FACILITIES MANAGEMENT

Job ID: 45914

Job Category: Buildings, Property Operations & Real Estate

Division & Section: Toronto Paramedic Services, PS Operational Support

Work Location: FIRE & PARAMEDIC HQ & EMS STATION 53, 4330 Dufferin St, Toronto, M3H 5R9

Job Type & Duration: Full-time

Permanent Vacancy Salary: $93,734   - $123,449, TM2342, wage grade 6.5.

Shift Information: Monday to Friday, 35 hours per week.

Affiliation: Non-Union

Qualified List will be established to fill permanent OR temporary positions.

Number of Positions Open: Up to 2 positions (1 Permanent, 1-year Temporary assignment)

Posting Period:   09 -Apr-2024   to  23 -Apr- 2024

HR Contact: Lina Truong, 416-397-0795

Division Contact: Dave McEachern, 416-392-3729

Job Summary:

Ensures proper operation, maintenance and cleaning of all Paramedic Services' facilities and properties, including stations, posts, District Offices (Hubs), shared Fire and Paramedic Services headquarters administrative building, the Central Ambulance Communications Centre, secondary communications facilities, Fleet & Equipment Services facilities and the Materials Management Warehouse.

Reports To:

Commander, Facilities Projects (TM0457)

Supervises:

External Trades jobs & External contract staff

Various unionized jobs assigned to Facilities Management Division or Toronto Paramedic Services

Major Responsibilities:

• Implements detailed plans and recommends policies/procedures regarding program-specific requirements.
• Supervises and motivates unionized staff and assigned project staff, ensuring effective teamwork, high standards of work quality and organizational performance, continuous learning and encourages innovation in others.
• Supervises the day-to-day operation of all assigned staff, including the scheduling, assigning and reviewing of work. Authorizes and coordinates vacation and overtime requests. Monitors and evaluates staff performance, approves salary increments, hears grievances and recommends disciplinary action when necessary.
• Supervises contractors directly as required (e.g., security, furniture, IT, cleaners for specialized dispatch telecommunications consoles and secure Central Ambulance Communications Centre.)
• Supervises facilities work performed by the Facilities Management Division, City's Corporate Security Division and third-party contractors in Paramedic Services' facilities and properties.
• Attends contractor site meetings to ensure compliance with Ministry of Health facilities requirements, in particular, the 100%provinciaIIy-funded, Central Ambulance Communications Centre, in accordance with the provincial performance agreement, the Ambulance Act and associated regulations.
• Provides input into and assists the Commander in all security-related issues, including Divisional Assignment Authority (Prox-Card clearances and assignments), risk threat assessments, and needs analyses.
• Provides input into and assists the Commander in all State of Good Repair (SOGR) related issues in Paramedic Services’ facilities and properties.
• Ensures the proper maintenance, repair and cleaning of all Paramedic Services' facilities by the Facilities Management Division and third-party contractors to ensure compliance with Ministry of Health Service Audits every three (3) years.
• Provides input into, monitors, and administers assigned budget, capital assignments, and projects in a timely fashion, ensuring that all work is in compliance with approved budgets and reporting procedures, on schedule with the highest technical and professional standards and to the client's satisfaction. Ensures expenditures are controlled and maintained within approved budget limitations.
• Makes recommendations to the Commander with regards to service optimization and business process simplifications that could result in alternate service delivery/contracting out, restructuring, changes in staffing levels, downsizing and resource allocation.
• Provides support in the preparation and oversight of RFQs, LVQs, DPOs, CROs as needed for small capital and operational requirements.
• Provides direction to Facilities Management staff and contractors as necessary.
• Monitors compliance with the Facilities Management Service Level Agreement (SLA) during day-to-day custodial, building operation and maintenance as well as during State of Good Repair work.
• Provides input into and assists the Commander regarding building systems requiring maintenance and/or replacement during the twice-yearly shutdown of the critical building infrastructure.
• Ensures the safe operation, installation, and repair of all heating, cooling, plumbing, electrical systems, life safety systems and architectural/structural systems, disposal of hazardous waste and dangerous substance management to applicable codes and city standards.
• Monitors the Preventative Maintenance Programs on all buildings systems and audits and tracks the life cycle of building equipment for replacement.
• Ensures the critical station systems required for 911 operations remain readied, safe and efficient, in compliance with the Ministry of Health, Ministry of Transportation and City Fleet directives (e.g., plug-in cord reels and electric vehicle charging stations are operational.)
• Ensures that unit activities are in compliance with applicable codes, divisional standards, City Bylaws and that all facilities’ legislative requirements are met, including but not limited to those covered under the Ambulance Act of Ontario.
• Ensures third-party contractors are trained in Health and Safety regulations and City Policies, and specific work requirements in the unit.
• Expedites work and ensures divisional satisfaction is met by providing timely, safe and cost- effective delivery of services
• Conducts site visits and quality assurance audit inspections and site visits with contractors, as required.
• Responsible for the review and initial approvals of costs for work done by contractors, inter- divisional charges and recoveries, as well as utilities.
• Maintains a performance evaluation process for contractors and consultants.
• Participates in the identification of major capital projects.
• Works with the Corporate Real Estate Management (CREM) Facilities Management staff and consultants to troubleshoot and resolve potential issues.
• Works with staff of the CREM Project Management Office to ensure capital plans are coordinated, prioritized and delivered to maintain facilities in a state of good repair for Paramedic Services.
• Provide fiscal oversight and approvals of operational expenditures related to Paramedic Services locations
• Ensures compliance with safety matters under Occupational Health and Safety legislation.
• Provides 24/7 coverage for onsite response to emergencies.
• Assists with the implementation of Divisional and Corporate procurement policies and procedures.

Key Qualifications:

• Post-secondary education or possession of a trade licence relevant to the role or related to the responsibilities or equivalent combination of education and experience.
• Considerable experience in the management of 24/7 operations and maintenance of mechanical, electrical, and control systems in a critical environment facility, ensuring the highest level of efficiency without disruption to the business.
• Considerable experience in overseeing unionized staff and/or third-party contractors while providing work direction and holding people accountable. Fostering collaboration and promoting energy and enthusiasm to maximize productivity.
• Considerable experience in planning, scheduling and coordinating work activities of staff and contracted professionals.
• Considerable experience in and understanding of Plumbing, Mechanical/ Electrical systems, HVAC, Fire and Life Safety, Security and Building Automation systems.
• Experience in developing and managing operating-based budgets.
• Must possess and be able to maintain a valid Province of Ontario Class "G" Driver's Licence and the ability to obtain a City driver's permit.

You Must Also Have:

• Comprehensive knowledge of common building operational policies and various related Acts/codes/standards, e.g., the electrical code, plumbing code, TSSA, Fire Code, Building Code, Occupational Health and Safety Act, Construction Lien Act and Accessibility for Ontarians with Disabilities Act.
• Demonstrated success in developing and implementing preventative maintenance plans.
• Able to proactively communicate, plan and organize work with minimum direction.
• Self-starter and effective decision-maker with a track record demonstrating innovation, problem-solving and conflict resolution skills, promoting organizational performance and continuous improvement and the ability to promote and foster teamwork.
• Proficient in the use of Microsoft Office Suite (Word, Excel, and Outlook) and SAP (including CMMS), and possess strong written, verbal and people skills.
• Ability to create briefing notes and other documents and client communication as required for effective communication.
• Ability to succeed in ambiguous, changing and non-standard environments. May be required to work on-call, evenings and weekends as required to support 24/7 operational requirements.

Real Property Administrator (RPA) or Facilities Management Professional (FMP) Comprehensive knowledge of the Toronto Accessibility Guidelines (TAG).

A Qualified List of candidates will be established for the Supervisor Facilities Management position in the Toronto Paramedic Services division and will be in effect for up to two years from the date the list is created. Qualified candidates on the list may be considered when filling future permanent and/or temporary vacancies in this position.

• To participate in a job competition process, all internal candidates must be compliant with the City's Mandatory Vaccination Policy .
• Applicants are required to demonstrate in their resume that their qualifications match those specified in the job posting.

Equity, Diversity and Inclusion

The City is an equal opportunity employer, dedicated to creating a workplace culture of inclusiveness that reflects the diverse residents that we serve. Learn more about the City’s commitment to  employment equity .

Accommodation

The City of Toronto is committed to creating an accessible and inclusive organization. We are committed to providing barrier-free and accessible employment practices in compliance with the Accessibility for Ontarians with Disabilities Act (AODA). Should you require Code-protected accommodation through any stage of the recruitment process, please make them known when contacted and we will work with you to meet your needs.  Disability-related accommodation during the application process is available upon request . Learn more about the City’s  Hiring Policies and Accommodation Process .

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