condo assignment sale hamilton ontario

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Pre construction & new condos for sale in Hamilton, ON

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Hamilton new construction real estate market

There are 120 new home communities in Hamilton , a mix of high-rise and low-rise that are planned, under construction or recently completed. There are 63 condo communities in Hamilton , with 330 floorplans and units for sale. There are 54 townhouse communities in Hamilton , with 97 floorplans and units and 32 single-family home communities , with 266 floorplans and units for sale. The median price per square foot for a low-rise home is $530. The most active developer in Hamilton is New Horizon Development Group . Find your new construction home in Hamilton by browsing the map, or using the filters above. Filter map search results by number of bedrooms or price. More filters are available on the map. Save your search to receive updates on Hamilton new home inventory that meets your criteria.

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Assignment Pros

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Assignment Specialists in Ontario

Ontario’s Largest Assignment Wholesaler And Experience With Over 200+ Units

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Why Assignment Pros

Condo Assignment Specialists

This is all we do, we have a complete understanding of assignment transactions and as subject matter specialists we specialize in the acquisition and sale of assignment properties in Ontario.

Extensive Assignment Network

Our exclusive and proven marketing system means we have access to the largest network of assignment sales in Ontario, enabling us to sell your unit for highest value and helping connect buyers to their preferred unit.

Turn-Key Service

Our team is complete with assignment lawyers and accountants to ensure you can make an informed decision and have the required expertise throughout the transaction.

What Does “Assignment” Mean in Real Estate?

An assignment refers to a sales transaction where the original buyer (the assignor) of the property enables a new buyer (the assignee) to assume the buyer’s rights and duties under the Purchase and Sale Agreement (APS) before the original buyer closes the property. 

The assignee will be the one to complete the deal with the seller. Overall, it’s vital to have an experienced and certified assignment specialist assist you when buying or selling an assignment property in Ontario. Our team from Assignment Pros can provide a smooth and successful experience for both assignees and assignors.

Active Condo Assignments for Sale

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Get an Accurate Assignment Market Update

During our initial consultation, we will provide an accurate analysis of similar units sold in both assignment markets and resale markets and explore the pros and cons of the unit you intend to acquire.

Benefits of Having Assignment Pros Assist You 

We Can Provide Increased Visibility and Traffic to Your Assignment Property

It can be challenging to find buyers for an assignment property. We can help you fast-track your assignment sale by enabling you to utilize our extensive network and

No Need to Worry About All the Legal Paperwork

When you work with us, we will handle all of the time-consuming and colossal legal paperwork for you. We are well-versed when it comes to collecting and submitting all the necessary legal documentation for an assignment sale.

We Can Find the Best Deals for You

We have access to a wide range of assignment properties, including assignment properties that may not be available on other listings. Through our extensive database and our comprehensive network, we ensure that we can find the ideal assignment property for you.

We’ll Assist You From Beginning to Closing

Whether you are an assignor or an assignee, we will thoroughly assist you throughout the entire assignment sales process.

Important Factors to Consider When Purchasing or Selling Assignment Properties

Although selling and buying assignment properties is legal in Ontario, there are important technical restrictions and requirements that govern the purchase and sale of pre-construction assignments.

Developer Restrictions

Restrictions pertaining to the number of assignments permitted by law per project and assignment fee. Assignment Pros understand all restrictions and regulations of assignments in Ontario.

Condo Registration

If the assignment property is a condominium, it must be registered with the condominium corporation, and the assignee must meet the same requirements expected from the original buyer.

Tax Implications

Condo assignments may be subject to additional taxes such as capital gains taxes and land transfe r taxes. Our assignment lawyers and accountants help clients close deals with a peace of mind.

Retrieving Disclosure Statement

Before an assignment sale in Ontario is approved and legalized, developers must provide assignors with a full disclosure statement outlining all the necessary terms and conditions of the sale.

Finding the Best Financing Options

Finding financing for Ontario condo assignments may be more challenging as some lenders require a higher down payment or charge a higher interest rate. Assignment Pros can help.

CONTACT OUR ASSIGNMENT EXPERTS NOW

Difference Between Resale and Assignment

Resale properties.

• The property is registered in the land registry system in Ontario.
• You can physically view the property
• Requires a mortgage
• Closing date is 60-90 days
• Potential for growth is lower compared to assignment properties

Assignment Properties

• The property is not yet registered and will only be registered to the land registry system once construction is finished.
• You can’t physically view the property until construction is finished.
• Does not require a mortgage but requires at least a 25% down payment.
• Closing date can vary from months to years

Our Condo Assignment Services

Excellent Marketing

It can be challenging to market an assignment property due to its niche nature. We will ensure that your assignment property will attain maximum exposure using our proprietary marketing system. We will leverage our exclusive channel to fast-track your property sale.

Access to our Database

To secure the best deals, access to new listings is vital. Through our extensive database and comprehensive networks, we can provide assignees with an exhaustive list of properties to choose from. We will also regularly alert you for new listings added to our database.

Market Analysis

Market analysis is crucial in ensuring that sellers and buyers get a fair offer for their assignment property. Assignment Pros can perform in-depth market analysis and provide deep insight into current supply and demand dynamics to help you determine the accurate value of your property. 

Hear What Our Clients Say About Us

Their team was outstanding!! We are very lucky to have had the opportunity to work with Taz & Labeed . They are not only genuine, but take much pride in all aspects of their work and makes sure things run smoothly. From day they have been very helpful and always looked out for our best interest in finding us our Assignment property. Thank you so much, you guys are truly gems!!!

I had Purchased a precon a few years ago and unfortunately could not close on the unit. I had never done an assignment sale before so was a little bit nervous as I had heard they can be complex. The guys at Assignment Pros were awesome and easy to talk to when I reached out to them. They went over the entire process from start to finish and provided honest and transparent advise. Long story short we were able to sell my unit and I couldn’t be happier and more importantly a stress off my shoulders

Labeed is very knowledgeable and professional and knows what he is doing, he guided me through each step and made sure that all my questions were answered. Thanks to him I was able to buy a brand new condo downtown on Assignment under market value!

These guys have been by far the best to work with in the industry! I’ve been in the market for some time and worked with many agents but my experience with them has been outstanding. They went above and beyond exceeding my expectations on my first Assignment Sale. Their extensive knowledge and experience in the market as Top real estate agents made the whole process very smooth. I am very satisfied and comfortable working with Taz and the team. I highly recommend them to everyone looking to sell or buy an assignment.

Toronto’s Largest Assignment Property Wholesalers

Assignment Pros is Toronto’s largest assignment property wholesalers.  We provide reliable, honest and expert guidance no matter your price range.

An assignment sale condo is a sale of a contract stating the purchase of a pre-construction condominium unit.

Selling a condo assignment is a complex process that involves finding a buyer, obtaining consent from the developer, accurately determining the value of the property and more. 

When selling a condo assignment, it’s best to seek assistance from the assignment experts at Assignment Pros, we will assist you throughout the process and expedite the process.

Buying an assignment condo entails thorough research, finding financing options, and negotiation, which can be overwhelming, especially to inexperienced buyers. 

If you’re considering purchasing an assignment property, let the assignment experts from Assignment Pros help you. We will deal with all the hefty paperwork and help with negotiations. We can assist you from establishing your initial budget to closing the deal.

Yes, assignments are generally legal in Ontario. However, there may be a few restrictions when it comes to buying and selling assignment properties depending on the specific terms of purchase agreements and the developer or builder’s policies. 

The mandatory disclosure of the assignment and restrictions on the assignment fee is currently implemented by the Ontario government to protect both the assignor and assignee. 

It’s vital to thoroughly review the purchase agreement and seek assistance from experienced assignment professionals before buying or selling an assignment property.

Talk to Our Assignment Property Experts Today

Contact us now and talk to one of our Ontario condo assignment experts today to discuss your assignment property acquisition or property assignment sale.

Major Cities Served:

We provide assignment sales services in the following cities:

• Toronto & GTA
• Mississauga

*E.&O.E. Terms and Conditions Apply – All information herein was gathered from sources both professional and lay deemed to be reliable. Assignment Pros and its representatives make no representation as to its accuracy and will not be held responsible for any discrepancies. Prospective purchasers are advised to verify all information herein. All renderings, pricing, incentives and other information are subject to change without notice.

Not intended to solicit buyers or sellers currently under contract with another brokerage.

• Selling Assignments
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• 647-567-9162
• 600 Matheson Boulevard West Unit 5, Mississauga, ON, L5R4C1

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What You Need to Know About Condo Assignment Selling and Buying

By Condo Culture

9 Primary Steps Involved in Selling a Condo Assignment

• Review the Terms of Your Agreement of Purchase and Sale
• Get Approval From the Builder to Ensure Your Unit Can Be Assigned
• List Your Assignment For Sale (Advertising on MLS is typically prohibited by the Developer)
• Have Your REALTOR® Field Buyer Offers and Negotiate the Best Deal Possible
• A First Deposit Is Collected and Held In Trust By Your Real Estate Brokerage or Lawyer
• Work Through the Conditions Of An Offer With Your Selling Team
• Builder Approval Needed From the Purchaser On Proof Of Financing
• A Second Deposit Is Collected - Typically the original 15% to 20% Deposit
• Remaining Money Is Received Once the Unit Closes - the Difference Between Your Original Purchase Price and the Assignment Sale Price

There are all sorts of intricacies with condo assignment sales and purchases, so it’s important to first connect to a brokerage and REALTOR® with lots of assignment transaction experience under their belt.

We have helped hundreds of clients with their assignment buying and selling needs, and our client’s excitement and enthusiasm when a transaction is completed is incredibly rewarding! We are the area’s premier condo selling and buying team and walk hand-in-hand throughout the entire assignment process with our clients. We have a few exciting condo assignment listings available right now at Station Park and Garment Street Condo, each one includes a detailed floor plan so you can understand what the final product will look like. If one or more of those assignments interest you, be sure to click on the “TALK TO A CONDO CULTURE EXPERT” button and provide your information so one of our specialists can reach out to you.

Before getting into the nitty-gritty details of condo assignments, let’s first touch on the basics of them, so you have a sound understanding of the terms and how they work.

Outlining What a Condo Assignment Sale Is

In its purest form, a condo assignment is a unit that was originally purchased by a buyer during the pre-construction phase and that buyer wants to sell it prior to the building’s construction being completed, before an occupancy date reached and the building has been officially registered. The original buyer may want to sell the condo due to changing financial circumstances, he or she originally intended to move into the unit but plans have changed, it’s an investor who has too many units and wants to sell one off, or for a variety of other reasons.

Each condo developer handles assignment options differently, and some don’t allow them at all, so it’s important that if you’re buying a pre-construction unit, you understand the circumstances around them in case you need or want to sell prior to the completion date.

When a pre-construction is first purchased by a buyer, an Agreement of Purchase and Sale (APS) is drafted which outlines the purchaser’s legal rights and obligations. The person who is selling a condo assignment is named the assignor and the buyer is designated to be the assignee. An assignment clause is typically included in the APS and the fee is usually in the $5K to $15K range, but every developer has its own fee and terms.

How An Assignment Deal Gets Finalized

A conditional offer and agreement between the assignor and assignee becomes legally binding once the first deposit is made by the assignee, and that amount is negotiable. The assignee has 10 days after making the first deposit to have his or her lawyer review all original documentation to ensure everything looks solid. One common clause to be aware of is unit upgrades and unpaid unit upgrades, so there are no financial surprises as the condo moves through its construction process. The assignee is typically responsible for any outstanding costs including unpaid upgrade expenses, but like most aspects of assignment deals, everything is negotiable. Once the lawyer review is completed and deal conditions have been met, the next deposit by the assignee is required - typically 15% to 20% of the sale price or whatever the assignor originally paid as a deposit. Once the developer approves the transaction or when the assignee receives a mortgage once the building has been registered and occupancy begins, then the difference in price between the pre-construction price and assignment sale price will be paid to the assignor. The assignee is also responsible for the typical real estate closing costs at this point including Tarion warranty enrolment fees .

Benefits for Assignors

Most notably, the seller of an assignment is often making some sort of a profit - how much that ends up being varies depending on current market conditions, how far along the development is, what the assignment fee was, HST and tax implications, and other factors.

The next benefit is that there are no closing costs because the sale is happening before the building has wrapped up construction, so no mortgage is involved and closing costs are non-existent.

Once the assignment is sold and the APS belongs to the new owner, the assignor receives money as outlined above and can use it as he or she pleases for real estate or otherwise. Want to sell your condo assignment? Be sure to connect with us to leverage our deep experience with selling assignments as we have thousands of active buyers engaged on the region's top condo specific search site: CondoCulture.ca, do email marketing to thousands of subscribers through our One List and weekly newsletter , promote listings on our social media accounts, feature listings in our Uptown Waterloo store windows, plus so much more to ensure the success of our condo assignment sellers.

Benefits for Assignees

A big benefit to buying a condo assignment is that you can get access to a development that’s likely already sold out. Station Park is one example - the first two towers sold out extremely quickly in 2019, but we have sold dozens of assignments in Tower 1 and Tower 2 to buyers who couldn’t get their hands on a unit initially, but got their opportunity through an assignment.

With the condo resale market white-hot and multiple offers on almost every listing, assignments provide a fantastic buying opportunity as there’s often less competition for this type of real estate purchase. Assignments typically can’t be listed on traditional marketing channels such as MLS so you tend to see that fewer potential buyers are aware of them. This means that Assignment Units can often be purchased for their list price or at least in that general range. At any given time, Condo Culture has a number of off-market, exclusive listings that cannot be found on MLS, Realtor.ca, or coming soon listings. Bottom line - working with our team of REALTORS® gives you an unfair advantage for tapping into these exclusive listings as they first become available.

There can also be some outstanding value buying opportunities if assignors need some capital relatively quickly and are extra motivated to sell fast. There might be some room to negotiate on the list price and a unit can even potentially be purchased below the current estimated market value. This sort of scenario is especially attractive if the occupancy date is just a few months away and the asset can be used to live in or lease out in the not too distant future. Be sure to leverage our condo assignment buying experience - we have literally sold dozens of them over the past few months, and hundreds throughout our company’s history.

Assignments and HST

The assignor will need to pay HST on the profit that he or she makes on a condo in addition to the deposit money that gets returned - on average, roughly 78% of those amounts are taxable, but each and every assignment deal is unique and should be supported by experienced professionals including lawyers and accountants.

Real estate is often a numbers game, and what we are increasingly seeing is the list price being adjusted to essentially bake in the HST expense that will need to be paid. So if an assignor wants to clear $x from the sale, our experts are calculating the estimated HST that will need to be paid and adding it in. Every assignment sale and situation is unique, and that’s where our team’s specialized expertise comes in handy, so an assignor won’t be surprised when it comes time to pay the government their fair share. However, we strongly recommend working with professional accountants who have significant assignment deal experience - we can provide you with a shortlist of our favourites should you decide to list yours for sale through Condo Culture. We can almost always provide a breakdown of financial insights to our clients, but again, we strongly encourage working with a professional accountant who is well versed in assignment transactions to receive the most accurate numbers.

End-users who are looking to buy assignments can potentially get a break when it comes to paying the HST, but as we outline below, every deal is different, assignment laws are evolving, and it’s so important to have an experienced accountant and lawyer on your team to know what potential options are at your disposal.

Top Legal Considerations and Clauses For Assignment Deals

Every assignment deal is different and unique in its own right, so it’s vitally important to hire a lawyer who has extensive experience with these types of transactions. Laws regarding assignments may change over time, so again, a lawyer who has this specific expertise will be key to your assignment selling and buying success. Our team has worked with several lawyers to help bring assignment deals to the finish line, and we are more than happy to make recommendations when the time comes for legal representation.

A big part of each assignment deal is that the deal isn’t officially completed until the project’s developer has given formal approval in writing, and during this time, the seller has the ability to cancel the sale if he or she decides to (this is a very rare occurrence). One of the most common reasons for this happening is the condo’s value is increasing rapidly and the seller may feel that he or she can get a better deal elsewhere to realize a larger profit. No profit is made on an assignment sale until the building is registered, and the deal officially closes. The assignor will get the first deposit and his or her 15% to 20% deposit back, but won’t get the additional money until the building’s registration event takes place. Legal terms such as these mentioned here are typical assignment deal standards, but each agreement certainly has its own, and your lawyer will need to go through every clause and sentence with a fine-tooth comb.

In most cases, MLS / Realtor.ca can’t be legally utilized for assignment listings (unlike resale properties), so the buyer has to come from elsewhere. Again, that’s why Condo Culture is incredibly valuable when it comes to assignments since we have a large buyer database to pull from and the region's most active condo search site, along with many different marketing channels to ensure our sellers can connect with quality buyers to maximize the final sale price.

You need a complete team between a real estate professional, lawyer, and accountant to support you whether you’re selling or buying an assignment. This type of real estate product is much different from a resale property as you’re essentially buying and owning an agreement until the condo is registered and reaches its occupancy date.

We have created resources on this important topic in the past, we outlined the benefits of condo assignments and provided information on what they are and how to manage the assets, and also how to assign a pre-construction condo .

We are the area’s condo assignment expert, so if you’re looking to sell or buy one of these units, be sure to reach out to us so we can explore potential options with your exciting goals at the forefront of it all. Also, feel free to stop by our Waterloo office (pictured above) right below Bauer Lofts at 191 King Street South in Waterloo for a conversation, our team would love to speak to you about any of your condo goals.

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Hamilton Condos For Sale

Although Hamilton might be more well-known for its large detached homes, condos are also quite common. The city is going through a development boom and there are many condos for sale in Hamilton that appeal to a variety of buyers. 

In 2020, the average price of a condo for sale in Hamilton, On. was $408,000. Prices in the region vary and are beginning to trend upwards in a competitive Seller’s Market, but in general, condo prices in Hamilton are less than neighbouring cities like Toronto and Burlington. 

From first-time buyers and young families to downsizers and investors, there are numerous condo opportunities in Hamilton that are perfect for whatever you need. Whether you are looking for luxury features and finishes or you care more about proximity to Hamilton amenities like shopping and transit, there’s a Hamilton condo for sale for you.

Hamilton Apartments & Condos For Sale

Condos for Sale in the Hamilton area run the gamut. From luxury buildings with incredible amenities to more affordable units perfect for first-time buyers and investors, there’s a range of condos available to meet any expectations. 

In 2020, the average price for a Hamilton condo was $408,000. Although prices in the area continue to rise year-over-year, apartments for sale in Hamilton still represent fantastic value for buyers looking to enter the real estate market. 

Most of the area’s condos can be found in Central Hamilton, however, there are numerous low-rise condo buildings and townhouse condos available in outlying areas. 

Interested in buying your very own Hamilton condo? Take a look at some recent listings:

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Upcoming Hamilton Condo Developments

Hamilton is currently in the midst of a development boom. The city is experiencing exponential growth with the construction of a new LRT, expanded GO Train services, and an all-new entertainment district in the works. There’s even more growth and development planned over the next 30 years. 

Today, the city attracts a range of young professionals who are looking for investment opportunities without the fuss of owning a home with property attached. For this population, condo life is appealing for many reasons. 

Most condos for sale in Hamilton, Ontario are located in prime locations, conveniently close to amenities. Central Hamilton neighbourhoods like Beasley and Jamesville are among the top local condo destinations as well as closeby neighbourhoods like Stinson. Outlying Hamilton communities like Dundas and Stoney Creek are also popular locations for upcoming condo developments.

Michael St. Jean Realty is the preferred sales partner for numerous top developers in Hamilton. If you’re in the market for a new condo for sale in the Hamilton area , we can help. Check out some of our upcoming condo developments and register today for VIP access:

The Spencer At Dundas Peak

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Premium Hamilton Condo Amenities

Buying a Hamilton condo for sale is slightly different from buying a resale home. For buyers, the amenities and desired features are what’s truly important. Whether you’re browsing online or looking at local condos in person, there are a few things you should look out for:

• Condo Fees and Building Management
• Finishes and Upgrades
• Proximity and Amenities

One of the key differences between living in a condo vs. a freehold home is having to pay condo fees. This is a monthly cost that is required over and above your mortgage and insurance payments. Condo fees are paid to the building management to pay for the maintenance and upkeep of the building outside of your personal unit. 

When looking for a condo for sale in Hamilton, On , make sure the condo fees are proportionate to the level of service you are getting from the property manager. A few examples of maintenance covered by condo fees could include:

• Snow removal
• Concierge and security
• Building exterior repairs
• Common area maintenance
• Gym and pool maintenance

If you are registered for a pre-construction condo, you will probably have some say in the appliances and finishes you ultimately end up with. Resale condos have less say over the finishes. Luxury condos and apartments for sale in Hamilton are unique, but some of the most impeccable features in a premium Hamilton condo include:

• Stainless steel, high-quality appliances such as Bosch, Miele, etc. 
• In-unit front-loading washing machine and dryer units
• Energy-efficient heating and cooling systems with smart thermostats
• Tankless water heaters to save space
• Large, floor-to-ceiling windows
• Spacious floor plans
• Ensuite bathrooms and walk-in closets
• Large balcony or rooftop patio

They say home is where the heart is, and the same rings true for Hamilton premium condos for sale. Whether you prefer being at the centre of downtown close to the hustle and bustle or you prefer to look over the city with a spectacular view of the Hamilton skyline in a quieter neighbourhood, there are premium Hamilton condos available for you. Most of the best condos in the city are at least situated close to excellent amenities such as:

• Trendy restaurants
• High-end shopping areas
• Excellent entertainment
• Easy access to transit 
• Parks, walking trails, waterfalls, and more

Why Buy a Condo in Hamilton

Hamilton condos for sale represent a fantastic opportunity to invest wisely in the local real estate market. There are many reasons why buying a condo in Hamilton is a good idea. Whether you think about the city’s growing population, infrastructure developments, economic drivers, and more, buying in Hamilton is almost always a good idea. 

In 2020, the average price for a condo in Hamilton was $408,000, significantly lower than nearby cities like Toronto or even Burlington. Although prices are on the rise, Hamilton condos still offer great value compared to other cities and the style, amenities, and proximity make them a fantastic choice for a variety of buyers. 

First-Time Buyers

Buying a condo as a first-time buyer is an excellent idea. Not only does it give you a chance to get your feet wet in the real estate market, but a condo is also a natural next-step progression from living in an apartment to achieving homeownership. 

Hamilton condos are situated in many neighbourhoods that are popular with young professionals and trendy amenities, meaning you can surround yourself with like-minded people and always stay close to your work and favourite coffee shop. 

Condos are also somewhat easier to maintain than a freehold home, which is nice for first-time buyers who are just starting to learn the intricacies of home maintenance. 

With its beautiful nature trails, fantastic urban amenities, simplified transit options, and reasonable prices, Hamilton is a dream come true for empty-nesters and retirees hoping to downsize. 

There’s always something fun to do in Hamilton, and simple pleasures to keep you active and engaged in the local community. Downsizing buyers tend to prefer low-maintenance living, which is exactly what you get with a Hamilton condo. 

Hamilton is home to several post-secondary schools, making it a really big college town. In addition to needing housing for all the students, the universities are among the largest employers in town too. 

Many people associated with the schools are looking for nice, comfortable, convenient, affordable rentals. Buying a condo in Hamilton to rent it out is a smart move since the price of real estate in the region continues to appreciate year-over-year. 

Wondering about the best Hamilton neighbourhood for you? Check out some of our community guides here:

Hamilton Real Estate

Why Sell a Condo in Hamilton

For all the reasons that buying a condo in Hamilton is a good investment, the same can be said for selling a condo here. Simply put, Hamilton is a desirable place to live and buyers are scrambling to get here as prices continue to rise in neighbouring cities. 

Whether you’re part of a young family looking to move up into a detached house or you feel like the time is right to cash in on your long-term condo investment, selling a condo in Hamilton right now is certainly a good idea. 

With low inventory expected to prevail for the next couple of years at least, we are in a strong Seller’s Market. Here are a few other reasons why it’s a great time to sell your Hamilton condo now:

• The city has a diverse population and economy with many young professionals choosing to live here and work in Toronto
• Improvements to Hamilton’s public transportation and GO Train services will make it even easier for commuters to live here and work elsewhere
• Rising real estate prices across the GTA mean that more buyers will be looking for smaller, more affordable investments, such as condos, to get their foot in the door
• The city is undergoing major developments growth in the arts, entertainment, and education sectors, in fact, McMaster University is currently the city’s largest employer
• Condos are great for a variety of buyers and can appeal to a wide section of people including first-time buyers, young families, downsizers, and investors alike. 

Take a look at our latest Market Update blog posts to learn more about selling in today’s market:

Hamilton-Burlington Real Estate Market Update April 2024

Hamilton-Burlington Real Estate Market Update March 2024

Read More on The Blog

Find the Right Apartment in Hamilton with Michael St. Jean Realty

Michael St. Jean Realty is the preferred sales partner for many top developers in Hamilton. Whether you’re looking for a new construction or a resale condo, we have a great relationship with local developers and building management companies to help you find the right Hamilton condo for sale. 

With over 40 years of collective experience on our team, we know what to look for when negotiating condo sales and purchases whether it’s asking for a condo certificate of status, negotiating assignment sales, or simply making sure you get the best possible deal, we advocate on your behalf always. 

When you choose Michael St. Jean realty for your next condo transaction, you can expect:

• Confidence knowing you are being represented by one of the top real estate teams in Canada.
• Access to real-time MLS condo listings before the general public gets to see them. 
• Access to exclusive power of sales and estate sales
• Exclusive insider access to new condo developments and subdivisions before they become available to the public. 
• 24/7 availability from our team of real estate experts. 
• Savvy negotiation skills from our team to help you find the condo you want at the best price. 
• Access to the best financing and terms available. 

Ready to get started? Book a Buyer’s Consultation with us here:

What is the average price of a condo for sale in Hamilton, Ontario?

What neighbourhoods have the most condos for sale in hamilton.

Central Hamilton has one of the densest availability of Hamilton condos for sale. These high-rise and low-rise buildings offer great variety for buyers who want to stay close to the hustle and bustle of downtown. Other neighbourhoods like Stoney Creek and Dundas are also starting to pick up steam with new developments

What are the least expensive Hamilton condos for sale?

If you are looking for an affordable condo in Hamilton, it’s best to look at already-developed neighbourhoods with older buildings. Although the main buildings might be 20-30 years old, in many cases, the units are lovely, renovated, spacious, and close to many amenities. These cheaper condo options are usually located in Central or East Hamilton. Hamilton Mountain condos for sale are also generally more affordable. 

What are the most expensive condos for sale in Hamilton?

Many newer condos in Hamilton come equipped with premium features and finishes, making the cost higher than an older building that needs some work. Some of the most expensive condos for sale in Hamilton are also located in areas like Central and West Hamilton. 

Do I need to work with a Hamilton real estate agent to buy a pre-construction condo?

Technically no, but there are definite benefits to working with an experienced pre-construction condo real estate agent. For example, registering with a preferred sales partner like Michael St. Jean Realty means you will get access to exclusive deals, events, as well as getting VIP access to the property before it becomes available to the general public. A trusted real estate brokerage like Michael St. Jean Realty also has an excellent rapport with local builders and has their finger on the pulse of what’s new when it comes to condos for sale in Hamilton. 

Should I get pre-approved to buy a condo in Hamilton?

Getting pre-approved is not a necessity, but when buying a local Hamilton condo, it’s always a good idea. Especially in a Seller’s Market where buyers need to be flexible and prove they are serious about making a purchase, getting pre-approved for a mortgage will only make it easier to jump on a deal with the condo of your dreams becomes available. Condos are a desirable sector of real estate, and competition can be high. It pays to have your ducks in a row before entering the market. 

What if I change my mind about buying a pre-construction condo after the transaction?

Assignment sales are when the original purchaser of the pre-construction property sells off the property before even moving into it. Perhaps the original purchaser has changed their mind or their situation has changed and they can no longer move into the condo. Another scenario involves buyers getting a good deal on the pre-construction project when it’s the pre-phase and then capitalizing on the appreciation of the property once it’s been fully constructed. Assignment sales can sometimes be tricky, which is why it’s a good idea to consult a local Hamilton real estate professional. 

Is it a good idea to buy a Hamilton condo to rent?

Hamilton is a great investment city. With numerous universities in the area and a thriving arts and entertainment industry, the city of Hamilton is full of young professionals looking for rental opportunities. Buying a condo in Hamilton to rent it is often considered a great long-term investment strategy. In general, real estate prices almost always appreciate, making it a solid, low-risk investment. 

How do I find a good real estate agent with condo experience in Hamilton?

It’s simple: Ask around! Look for a real estate team you recognize and can trust, and then find out from them and their past clients if they have considerable experience working with condos for sale in Hamilton.

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List of Assignments for Sale in Ontario (2024)

Leading online marketplace for condos, townhomes & detached home assignment sales in ontario.

$ 2,800,000 4425 Sqft

Occupancy - April 2025

Sixth Line & Dundas St - II

Bay Street Group Inc., Brokerage

$ 2,613,000 3500 Sqft

Occupancy - December 2025

Sixth Line & Carnegie Drive

$ 2,400,000 3560 Sqft

Occupancy - Sep 2024

Sixth Line & Dundas St

$ 2,400,000 3348 Sqft

Occupancy - Last Quarter 2024

Sixth Line & Dundas St - I

$ 499,999 976 Sqft

Occupancy - Aug 2024

50 Herrick Ave St. Catharines

. St. Catharines

Ravi Godara

Elixir Real Estate

$ 699,000 1444 Sqft

Occupancy - May 2024

Mapleview Drive East & 20th Sideroad - IV

$ 1,199,999 2000 Sqft

Sixth line & Dundas E

$ 680,000 1400 Sqft

Occupancy - Feb 2024

Glenridge Ave & Glendale Ave

$ 1,250,000 2058 Sqft

Burnhamthorpe and Sixth Line

$ 520,000 582 Sqft

Occupancy - Jan 2024

Neyagawa Blvd & Dundas St W- I

$ 875,000 1839 Sqft

Occupancy - Early 2024

Monarch Ave & Hunt St

$ 839,000 1125 Sqft

Occupancy - March 2024

Burnhamthorpe and Dixie

. Mississauga

$ 1,155,000 2500 Sqft

Occupancy - March 2023

Mapleview Dr E & Yonge St

$ 759,990 1757 Sqft

Simcoe St N & Windfields Farms Dr

$ 685,000 968 Sqft

Occupancy - February 1, 2024

201 Elmira Rd S, Guelph, ON N1K 1R2

Peter Lan Chung

Red Brick Real Estate Brokerage

$ 768,000 1300 Sqft

Occupancy - April 2023

530 Speers Rd.

Royal Lepage Real Estate Services Success Team

$ 1,080,000 2150 Sqft

Occupancy - Mar 2024

$ 1,499,000 2550 Sqft

Occupancy - Dec 2023

Mayfield & McLaughlin Rd- II

$ 1,100,000 1825 Sqft

Occupancy - Fall 2024

Kingston Road and Franklin Avenue

. Scarborough

$ 510,000 478 Sqft

Ridgeway Dr & The Collegeway

$ 1,299,990 2663 Sqft

4 HEARTWOOD GATE Whitchurch-Stouffville, Ontario L4A1M2

. Stouffville

$ 700,000 686 Sqft

Occupancy - Summer 2024

Kennedy Rd & Corvette Ave

$ 1,086,000 2087 Sqft

Occupancy - Nov 2023

Concession Rd 3 & Bunting Crt

$ 1,675,000 3100 Sqft

Occupancy - Sep 2023

Airport Rd & Walker Rd- II

$ 1,500,000 2250 Sqft

Occupancy - December 2023

Eglinton & Winston Churchill

$ 850,000 1537 Sqft

Maple view drive E & Terry fox drive E

$ 925,000 1955 Sqft

Occupancy - Oct 2023

Shellard Ln & Conklin Rd

. Brantford

$ 825,000 1804 Sqft

Conlin Rd E & Wilson Rd N -III

$ 1,100,000 2389 Sqft

Occupancy - Spring 2023

Mapleview Drive East & Terry Fox Drive

$ 949,000 1893 Sqft

Garden Street & Promenade Drive

$ 863,000 1708 Sqft

Occupancy - Fall 2023

Conlin Rd E & Wilson Rd N- II

$ 850,000 2350 Sqft

Hardy Rd & Oak Park Rd

$ 999,000 1770 Sqft

Occupancy -

Taunton Rd W & Lake Ridge Road

$ 610,000 1500 Sqft

Homestead Way & Uppers Ln

$ 1,400,000 2653 Sqft

Dryden Blvd & Anderson st

$ 1,425,000 2080 Sqft

Jefferson Side Rd & Yonge St- Richmond Hill

$ 1,200,000 1953 Sqft

Occupancy - Spring

Castlemore Avenue & York Regional Road 48

$ 2,200,000 3010 Sqft

Regional Road 25 & Britannia RD

$ 1,199,000 684 Sqft

Occupancy - June 2027

Queen St E & Church St,

$ 850,000 1957 Sqft

Dissette St & Holland St W

$ 850,000 598 Sqft

Occupancy - Winter 2024

Spadina Ave & Front St W

$ 799,000 1332 Sqft

Erin Mills Parkway & The Collegeway

$ 799,990 2152 Sqft

Occupancy - April 16, 2024

89 avenue Green Ash Avenue

Desiree Turda

Bay Street Group Inc.

$ 620,000 618 Sqft

Sky Harbour Dr, Brampton, ON L6Y 0C1

$ 1,250,000 2165 Sqft

Copper Creek Dr/Donald Cousens

$ 529,089 764 Sqft

Occupancy - Q1-2024

14th Ave SW & 12th St SW

$ 1,439,000 2514 Sqft

Coppermine St Oshawa Ontario L1H 8L7

$ 999,000 1640 Sqft

tenth line and Busato Drive

$ 2,300,000 2736 Sqft

Occupancy - April 2024

16th Ave and Markham Road

Olesya Andrianova

REVEL REALTY INC

$ 739,000 920 Sqft

Occupancy - January 2024

1010 Dundas Street East

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Homebaba is an online pre-construction homes database. Homebaba curates the list of projects that are publicly available on internet and does not take part in any real estate transactions. Be advised the information provided on this page could be outdated or inaccurate. By submitting above form you consent the real estate agents advertising on this page to connect with you. We may share your info to our partners or advertisers to help you with your questions. You can unsubscribe at any time by emailing us.

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.

What is a Condo Assignment Sale? — Everything You Need to Know

What is a condo assignment sale, when does it occur.

Condo assignment sales occur before the final occupancy or closing date of a new construction property. An assignment sale occurs before the final closing of the property between the original purchaser (Assignor)  and the builder. 

As a new purchaser of an agreement, you are going to assume everything that the original purchaser agreed to in their original contract. For this reason, it is important to appoint a lawyer by your side to go over two important set of agreements. The first one is the agreement between the original purchaser and the builder. Lawyer will walk you over red flags or things like closing costs associated to the unit – remember you have to assume these terms. The second piece of agreement the lawyer will look at is the new agreement between the original purchaser (Assignor) and the new purchaser (Assignee) 

Reason for a Condo Assignment Sale

Assignment sales take place with all sort of new construction product such as townhomes, detached homes, condos, stacked townhomes & more. Why do these kinds of sales happen? The most common reason is the original buyer’s circumstances might change and present a reason to list their condo for assignment sale transactions. 

There are many reasons why one would decide to sell their unit on assignment since the gap of purchase time to occupancy is wide and can take 2-7 years depending on what type of property it is. Perhaps they will welcome a new member of their family soon and the condo just isn’t big enough for everyone. Whatever the reason, it isn’t always negative. It is important to work with professionals that can guide you throughout the process of an assignment sale.

Costs of Condo Assignment Sales​

Is selling an assignment better than a regular real estate transaction? Yes. Being the seller (assignor) is known to contain more tax fees than a unit that is already built and you’ve taken title of. As a buyer of an assignment, you do not need to observe such fees and a professional can walk you over your closing costs associated to the transaction. 

Now that you know what is a condo  assignment sale, you can therefore make an informed decision. We get a lot of questions about new condos and whether it’s better to wait or to list them for assignments right away. 

An assignment is better if you’re looking to get your money back sooner rather than later. Assignments will also see that the assignee pays the land transfer taxes and other taxes. Sometimes you can even make a profit on the market value if condo assignments are listed during a real estate boom.

It all sounds great, but selling condo assignments also has its drawbacks. For example, experienced real estate agents know it’s more difficult to sell an assignment property due to a much smaller buyer pool. Most assignment sales cannot be advertised online on platforms such as MLS. 

In most cases,, there are  marketing limitations when it comes to selling an assignment which can hurt your chances of finding a potential buyer

If you are looking for a new home sooner rather than later, an assignment sale offers closer occupancy dates, unlike purchasing something new that will only be ready in 5 years. In some cases, you may still have a chance to choose your own colours and finishes of the unit

Pros and Cons of Condo Assignment Sales for Buyers​

As a  buyers, you can expect to see advantages such as more options when choices are low. Since assignments are more complex, you typically face less competition on deals whereas in a hot market you may be in a bidding war scenario.

Pros and Cons of Condo Assignment Sales for Sellers​

The pros for assignment sellers are a shorter list compared to the ones for buyers. First of all, sellers can get their money faster and put that amount to good use such as reinvestment. Sellers will not be responsible for carrying costs such as occupancy fees or go ahead with the mortgage payments or other closing fees.

At times, the seller can also play the market and list the unit for higher than the original purchase price and make a profit. However, more often than not, sellers will have a harder time seeing offers due to marketing restrictions and a smaller buyer pool.

Since the process for assignments is also much more intricate, it will be difficult to find a  real estate professional out there that is familiar with this type of sale. For this reason, an assignment transaction can come with more complexity and would require additional knowledge. 

Now that you know what is a condo assignment sale, you can decide if it’s the route you want to take as a buyer or seller. There are more advantages from a buyer’s standpoint, but there are undeniable pros for sellers such as getting your money back faster and avoiding closing costs.

Looking for assignment sales? Here are some top options on the market:

• Stockyards District Residences
• Whitehaus Condos
• St. Lawrence Condos
• Westwood Gardens
• One Burrard Place
• Cascade City
• ALPHA at LUMINA Brentwood
• University District
• Sun Towers 1
• Blue Diamond Condos
• Theatre District Tower
• Go2 Condominiums
• 8 Cumberland Condos
• Artworks Tower
• 859 West Condos
• Park Boulevard
• 567 Clarke + Como
• The Maverick
• Etoile Condos
• Concord Brentwood Hillside West Tower 1
• Canvas Condos
• Mississauga Square Condos
• Mirabella Luxury Condos
• Wesley Tower
• Home (Power + Adelaide)
• Oro at the Edge
• 5 North Condos
• Gore Park Lofts
• Casa Di Torre
• in.DE Condos
• Mobilio Condos
• One Crosstown
• Cypress at Pinnacle
• The Cardiff
• Social Condos
• Millhouse Condos
• Cedar Creek
• King George Hub at the Stations
• Sussex Metrotown
• Sweetlife Condos
• 7 on the Park
• Saturday in Downsview Park
• Oakvillage Condos
• Sugar Wharf Condos
• Verdé Condo
• Liberty Central by the Lake
• Lighthouse Tower
• Scala Condos
• AVRO Condos
• Perla Towers
• DuEast Condos
• Vita on the Lake
• Playground Condo
• Junction House Condos
• Downsview Park
• Peter & Adelaide Condos
• 75 on the Esplanade
• Panda Condo
• Wish Condos
• Park Avenue Place
• 159SW condos
• Riverview Condos
• Distrikt Trailside Condos
• Lake & Town
• B-Line Condos
• Lumina Condos
• Nobu Residences Toronto
• Yonge + Rich
• The West at Stationwest
• Transit City 4 Condos
• 1 Yorkville
• Oak and Co. Condos
• Four Sixteen Condos
• Evermore Condos
• Transit City Condos
• Gallery Square Condos
• Auberge on the Park
• M City Condos 2
• Empire Phoenix Condos
• Mirabella Condos

Pages are worth reading: 

• The boom of condos in Toronto
• The assignment sale when buying condos
• The assignment sale in Toronto
• The great apps for real estate agents  

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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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