Buying & Selling Assignments

10 February 2017

The Assignment market for condos  is making a big come back. There are two reasons for this:

  1. First, there is a lack of resale condos to buy, forcing many people to look at the assignment market.
  2. Secondly, with tougher mortgage qualifications, many investors who bought pre-construction condos 3 to 4 years ago may not be able to close and will want to sell.

While the opportunities are great and you can probably avoid the multiple offer scenario, the market is hard to track. Assignments are not usually found on MLS but are exclusive and the contracts can be difficult. Assignments are not really selling a property, it may look like that, but really it's just selling the paper. The paper is, the right to buy an option to close on a sale with a developer made 3 or 4 years earlier.

Trying to buy or sell an assignment on your own is full of perils. Did you know that most real estate agents have no idea of what they're doing in this market either? But if you hook up with someone that specializes in condos and assignments, the pay off can be great.