WHAT IS CONDO ASSIGNMENT

DEFINITION
An assignment (i.e. purchase) of the right to purchase a property. Specifically, it can be the transfer of a contract to purchase, before occupancy. After occupancy, the property can be sold and is classified as a 'resale'.

WHY ASSIGN AND NOT SELL?
The City has not given the permission for Occupancy yet. It cannot be a sold using conventional methods.

EXAMPLE
A Buyer just bought a new Condo. The Builder has given the Buyer the RIGHT TO ASSIGN the unit (sell the agreement) to another Buyer. This may happen for various reasons:

• Buyer must sell
• Buyer wishes to take out equity
• Property appreciated and Buyer wishes to re-invest appreciation 
• Market outlook looks bad

Many have taken advantage of the 'good times' and have been 'flipping condos' for investment purposes. Many clients have bought over and over only to be MORTGAGE FREE today.

It is an art to flip condos before they are built. This form of investment is not for the faint-of-heart. You need a knowledgeable real estate agent with financing capabilities to get into the game.

You are advised as to the builders, their success and mentality, the areas, why some are good buys and why others are not...

CONDO MARKET OUTLOOK - INDICATORS
Toronto's Real Estate market appears to be able to hold and re-sell the units at least up to 2011.

• Toronto's condo market is being fueled by wealthy young professionals
• They do not wish to travel hours to work
• They are usually single or maybe couples
• Many buyers are retired and love the downtown living
• Toronto's downtown core is revitalizing and becoming more vibrant and fun
• Toronto's economy is stronger than ever and will continue to attract people wanting to live in Toronto
• Toronto as per the Toronto Board of Trade will become a city of 16.5 Million by 2031. Where will they fit?