Welcome to my blog on housing, culture and design in Toronto, Ontario, Canada.
I’m Steve Fudge, and I’ve been a realtor and housing consultant in Toronto, Ontario, Canada, for 35 years.
Welcome to this month’s installment of Dear Urbaneer, where I answer real estate-related questions from my readers. This time, I am responding to a homeowner contemplating climbing the property ladder by purchasing a New House nearing completion that she saw advertised as an Assignment.
Dear Urbaneer:
We’re starting our search for our Forever Home in Richmond Hill. We’ve refined our search parameters, defined our price range and are now preparing our current property to put on the market for sale before we buy. The other day, I came across an assignment sale on Facebook for a New House nearing completion that was advertised as a Distressed Sale and was selling at a loss. I’ve heard of Assignments, but I don’t know much about them. How do they work? Are they a good deal, or is there a catch?
Signed, What’s The Deal With Assignment Sales?
Here’s my reply:
Dear What’s The Deal:
Yours is a great and very timely question because the New Homes Market in the Greater Toronto Area (GTA)—which includes residential freehold and condominium developments, be they small-scale infill, brownfield regenerative, adaptive reuses, mid-density mid-rises, high-density efficiency units, luxury point towers, master-planned communities and/or new custom executive residences—is in a precarious state right now.
According to The Altus Monthly Market Report, which tracks new single-family and preconstruction condo sales in the GTA, single-family new home sales in 2024 declined 12 percent from last year, and new condo sales drastically dropped by 63 percent. Why is there a disparity between these two dwelling types? The folks who buy new single-family dwellings are more likely to be end users purchasing for their own use, whereas the people who buy condos preconstruction are more likely to be investors. And, as the 63 percent decline indicates, investors were scarce in purchasing preconstruction condos from developers in 2024.
What makes this alarming is that investors have been the backbone of the condo preconstruction market for well over a decade. According to Better Dwelling (July 2022), “Investors comprise the largest number of stakeholders of condominium housing 7 years old or newer (around 150,000 units in the GTA)”. But when the Bank of Canada began increasing interest rates in March 2022 through July 2023 by 475 basis points to restore inflation to its baseline 2% threshold, like many Buyers, investors retracted from the Toronto market to invest in other markets or wait for better days.
Depending on how you look at it, buying a new home preconstruction and waiting for it to be completed is either an opportunity or constraint. Unlike the resale real estate market, where most properties close 30 to 120 days after the Agreement of Purchase & Sale becomes firm and binding, purchasing a property preconstruction means delivery can take three to five years. If you’re interested in what that entails, check out my posts Understanding the Development Process – Part 1– and – Part 2. Buyers intending to occupy their property purchase may get frustrated when developer delivery dates are delayed, but investors favour them in escalating markets. Why? Because from the date of purchase until the delivery date of their unit, the Buyer provides a series of scheduled deposits totaling 15 to 20 per cent of the purchase price, while benefiting from the overall price appreciation while the unit is under construction at no additional cost. Unfortunately, the byproduct of 2022/2023 interest rate increases by the Bank of Canada (which, incidentally, were the fastest and largest increases in over 4 decades) is that New Home Buyers who bought preconstruction in 2020, 2021 and 2022 when prices were at their highest are learning their purchase may not appraise for its original purchase price, obliging them to increase their down payment, accept a high interest loan from the developer (if available), or forfeit their purchase and be liable to the developer f0r all costs.
In my March 2022 post When Dreams Of Domesticity Became Nightmares: A Recollection Of The 1989 Toronto Housing Market Crash, I recount the collapse of the 1980s condo boom (followed by the housing market overall) when many folks lost their shirts. Is history now repeating itself? The answer is partly ‘Yes’ and partly ‘No’. Unfortunately, ‘Yes,’ a lot of fortunes are going to crumble because speculation got the better of many, many investors, but this is likely limited to a subset who expanded their portfolio during the pandemic when prices were at their highest and interest rates at their lowest. The number of those affected will be proportionately small when measured against the total number of Toronto condos built over the past 60 years (according to the Condominium Authority Of Ontario, the number of condo corporations registered is 898,457) so it’s unlikely to make headlines unless a well-established developer(s) goes bankrupt or a building doesn’t register as a condo because too few Buyers closed.
The degree to which the New Condo market implodes compared to the 1989 condo collapse will depend on the extent to which it unravels. Back in 1989, over 18,000 condominium units were completed in Toronto which, in magnitude, was double the number from the prior year and accounted for 60% of all the condominiums built over the entire decade of the 1980s. This massive supply (at the time) collapsed due to the two natural consequences of human behaviour – greed and fear. Buyers were predominantly speculators buying to sell it later for an enormous profit, first-time Buyers who fell prey to FOMO, and Mom & Pop investors who bought out of fear as a hedge against inflation. Sound familiar?
What also mirrors the 1989 condo collapse and our current situation – I fear – is much like the chain reaction of a highway pile-up in stormy weather. You can see everyone hitting their brakes and trying to exit unscathed, but the conditions have deteriorated so fast and unexpectedly that it impacts even your ability to avoid impact. In addition to the 18,000 units delivered in 1989, a further 28,000 condominium units were completed over the next 2 years which tipped an already saturated supply into a city ‘drowning-in-new-condos’ further fueling the market collapse. This also coincided with the Canadian economy sliding into a deep recession, which prompted the federal and provincial governments to introduce austerity measures, including funding and program cuts and fiscal budgeting (the Goods & Services Tax would be introduced in 1991). The 1990s recession saw the most dramatic decline in actual household consumption of any Canadian recession since World War II. Inflation? Highly-leveraged investors? An oversupply of condos? These eerie similarities, given we’re currently facing the probability of American tariffs and a federal election that will see a Conservative government introduce their austerity measures.
Condo Completions Since 2020
According to Urbanation, the number of condo completions in the GTA reached a record 22,473 in 2020, fell to 13,885 in 2021 due to pandemic-related supply chain disruptions and construction delays, and soared to 32,000 in 2021 (in addition to 7,740 purpose-built apartments, which the highest total in more than 30 years), with 24,117 unit completions in 2023,24,386 unit completions in 2024 and – get ready! – 29,800 units in 2025. That’s 146,000+ condo completions in the GTA over 6 years or 16 percent of all the condos built over the past 60 years. Wowsers!
What does this mean? Well, the entire market is going sideways because:
1) Higher mortgage rates have made it more difficult for Buyers to qualify and close on their preconstruction condo purchases,
2) Bank evaluations for just completed condos are appraising for less than their original preconstruction purchase price five years earlier,
3) Worried buyers short on funds are trying to extract themselves by offering their purchase as an Assignment for sale at a loss.
4) The GTA’s unsold inventory is now at a record high of 25,893 units, indicating a significant oversupply.
New Home Sales Shrink Since 2021
To demonstrate how the market responded to rising interest rates, we can examine the number of New Homes sold in the GTA each year as compiled by The Altus Group. Comprising both single-family houses and condominiums, here are their stats:
2021 – 46,651 new homes sold in the GTA –> 13,732 houses + 32,919 condos **2021 was the second-highest number of new home sales in the GTA after 2002, as reported by the Building Industry and Land Development Association (BILD) **
2022 – 25,400 new homes sold in the GTA –> 4,483 houses + 20,917 condos (54% of the 2021 peak)
2023 – 18,609 new homes sold in the GTA –> 5,774 houses + 12,835 condos (40% of the 2021 peak)
2024 – 9,816 new homes sold in the GTA –> 5,096 houses + 4720 condos (21% of the 2o21 peak). With sales being just over 20% compared to 2021, the situation is dire for the New Homes Market.
The Impact Of Interest Rates On Toronto’s Resale Market
For comparison, this is how escalating interest rates impacted Toronto’s resale market in terms of volume of sales and the average selling price for all property types, according to the Toronto Regional Real Estate Board:
2021 – the highest number of sales recorded totalling 121,639 transactions, with the average selling price for all property types clocking in at $1,095,475.
2022—The number of sales dropped by 38.2% to 75,140, while the average selling price for all property types increased by 8.6%, or $1,189,850. The data shows that prices hit their peak in March 2022, just before the Bank of Canada increased interest rates.
2023—There were 65,982 sales, which was 12.1% fewer than in 2022. The average selling price for all home types in Toronto was $1,126,604, which was 5.4 percent lower than in 2022.
2024 – a total of 67,610 sales (a modest 2.6% increase), with the average selling price for all home types slipping further to $1,117,600.
In 2023 and 2024, realtors collectively closed only 55% of the trades they did in 2021. This means there have been fewer sales than there are TRREB member realtors, who number around 73,000. The drop in the volume of real estate trades matched the total number of sales in the year 2000, when Toronto’s population was two-thirds the size it is now.
What Is An Assignment Sale?
This is the definition from RECO: “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 when they take title to the property).”
“The assignee is the one who ultimately completes the deal with the seller.”
To summarize:
When you buy or sell a completed home in a traditional real estate transaction, a physical product changes hands between owners. With an assignment sale, you are essentially transferring a contract.
As the Buyer, you are buying the contract with the developer from the original Buyer before completion.
You assume all of the terms and conditions of the contract with the developer and the original Buyer is released. The deposits paid by the original Buyer to the developer – which should match the ones stated on the contract – are credited as being paid by you.
While assignments can technically be done with any kind of property, they became an increasingly common submarket in preconstruction single-family homes and condominiums in the early 2000s. This is when developers started inserting clauses in Agreements of Purchase & Sale requiring their approval and fee requirements for assignments.
The rules and regulations havehave evolved to become more comprehensive, with policies deterring speculative investing through taxation. The practice of “shadow flipping” – whereby the original Agreement of Purchase & Sale is bought and sold one or more times for higher sums each ‘flip’ – became the focus of the Canada Revenue Agency around 2016. Why? Because the exchange of these paper contracts was being done without disclosing it to governmental authorities (unlike when a property trades and title is registered with local authorities). As a result, there were instances where speculators were not reporting these financial gains to the ire of the CRA and law-abiding citizens.
Why Are Buyers Trying To Assign Their Agreement Of Purchase & Sale?
There are various reasons that someone might consider selling on assignment. For an end-user, most of the reasons center on life events, such as marriage, divorce, births, and deaths. Given that the start-to-finish time frame for a preconstruction purchase can span 30 to 48 months, a lot can happen in that time period while the market fluctuates.
Currently, given how much borrowing costs rose in 2022 and 2023, there is a pool of original New Homes Buyers who are finding they don’t re-qualify for a mortgage at current higher interest rates compared to when they bought when interest rates were lower.
It’s also not uncommon for appraisals to come in lower than the original preconstruction purchase price. As a result, lenders are offering Buyers a smaller mortgage sum based on the Loan-to-Value ratio, meaning that the Buyer must come up with the difference in order to close the sale at the agreed purchase price. If the Buyer doesn’t have sufficient funds their first course of action is to see whether someone is willing to buy their contract as an assignment.
And then there is the matter of speculation. There is a segment of property investors who always intend to assign their Agreement of Purchase & Sale to avoid paying HST and land transfer taxes and extract their profit more quickly. This is when the shelter is treated like buying commodities on the stock market, whereby the speculator anticipates a future higher value for their investment and builds it into their selling price as their ROI—selling through assignment allowed speculators to cash out more quickly and re-invest their capital in other ventures.
Interestingly, around 2015, some developers selling their condos preconstruction were even including clauses in their Agreements of Purchase & Sale stating that their prices were accounting for higher future values to justify their asking prices.
Now that the Toronto real estate market is contracting, Buyers looking to sell their Agreements of Purchase & Sale through assignment are not looking to make a profit but instead mitigate their losses. At this moment, many original Buyers are prepared to walk away from their 20 percent deposits to the developer to extract themselves from their contractual obligations. Unfortunately, the real value of these properties at this moment is in the range of this 20 percent discount, so there’s no real incentive for a Buyer to purchase one of these unless the original Buyer is willing to take an even more significant loss. For anyone in this situation, it’s soul-crushing because no one thought this would be the outcome.
Thinking About Buying A Home On Assignment? Here’s What You Need to Know
Sellers in the assignment market, particularly in the end-user segment, have been derailed by higher interest rates compared to when they originally purchased. Their primary motivation is not profit but to recover as much of their deposit with the developer as possible by assigning the sale to a new Buyer. In the most dire of circumstances, the original Buyer is willing to walk away from their initial deposits or even pay their Buyer to take over their contractual obligations.
If you purchase an assignment, anticipate not being able to make any changes to the property until after you’ve taken ownership, meaning that you must accept the property in its basic offering or with any upgrades the original Buyers selected. There may be exceptions, depending on the developer and when you’re making the purchase (meaning, is it under construction so the developer is willing to make design/finishing changes, or is it nearing completion and too late?).
Furthermore, every home purchase comes with closing costs (click here to read Dear Urbaneer post: “What Are The Closing Costs For A Resale Property Purchase?”), but a preconstruction purchase requires some additional ones, including HST (with or without a rebate, depending on whether it’s owner-occupied or a rental unit), which is not the case with residential resale dwellings.
Furthermore, for many years some Sellers of assignments failed to report the sale to Revenue Canada because only the paper contract was exchanged rather than title. Revenue Canada made clear, Effective May 7May 7, 2022, “all assignment sales in respect of newly constructed or substantially renovated residential housing are taxable for GST/HST purposes, regardless of the original intention of the assignor.”
In addition, the Agreement of Purchase & Sale with the developer may oblige the Buyer to pay for additional costs listed in the contract’s fine print, which in some cases can add another 1-3 percent to the original purchase price. These fall under the “developer’s adjustment” category and can cover many possible costs, ranging from city development charges, education levies, the Tarion New Home Warranty fee, and any utility connection fees. The Agreement of Purchase & Sale may also mention that items such as a heat pump or hot water tank will be rental items and not included in the purchase.
Bottom Line: Plan To Earmark More Funds For Closing Costs Than You Would With A Resale
Here’s an article from July 2022 about several new home buyers who faced additional closing costs of as much as six figures: “Buyers Of Preconstruction Townhomes In Mississauga Hit With 6-Figure Closing Costs“. Seriously? Yup.
If you make an assignment purchase, your lawyer should review all the paperwork associated with a property purchase from a developer in advance of making your purchase firm and binding with the original Buyer so they can advise you of the additional expenses that will be owed to the developer and any issues you may have to navigate or resolve.
It’s also likely that several units are being offered as assignments in any given development. It’s worth undertaking a comprehensive investigation and identifying which ones match your needs and your pocketbook. Given how competitive the market currently is, you may be able to negotiate better terms, conditions, and prices in these situations.
Should the developer still have unsold units, they will likely have dropped their asking prices to align with current market conditions. As a result, they may have their own incentives to entice buyers, including completing custom upgrades or financing packages.
In a nutshell, here are the bullet points:
– There are increased legal costs when navigating the complexity of assignments.
– There is an increased risk of HST rebate losses if improperly executedit is . For example, a new condo delivered to the original Buyer and rented to a tenant but not yet registered will create HST implications to the detriment of the original and new Buyer.
– the original Buyer may be liable to pay HST on their original deposits.
– an assignment is still a flip and subject to income or capital gains tax.
It’s essential to balance these against some of the benefits of buying on assignment: lower prices, motivated sellers and a chance to negotiate. Depending on the development, you may have a shorter window before completion than other preconstruction offerings.
How Some Lenders & Developers Are Apparently Working It Out
When I read that a policy change dating back to 2016 granting lenders the right to extend the amortization period of mortgages for property owners in need, I didn’t realize that meant amortization periods could be extended from 25 to 90 years, nor that it would be readily available to those with variable-rate mortgages when interest rates started rising in March 2022! But that’s what happened, as I shared in Will Extending Mortgage Amortizations Delay, Or Save, Toronto’s Real Estate Market From Further Price Declines?
And apparently it was needed, for although I couldn’t find any stats that disclosed how many mortgage holders extended their amortization there were plenty of reports in the media in 2023 with headlines like this one Canadian Banks Report 1 In 4 Mortgages Are 35 Years Or Longer.
More recently, as I first shared in March 2024 in Over A Recent 90 Day Period, I Discovered 1 In 4 Sellers Of Downtown Toronto Lofts Lost Money – is how some big banks spread their risk by providing new condo Buyers mortgages based on their original preconstruction purchase price.
Instead of the property appraising below its original purchase price as most any condo unit would that was purchased in the city since 2021 (and sometimes earlier), thereby requiring the Buyer to increase their down payment to cover the shortfall, under the auspices of a “blanket appraisal” – which is the appraised value of the entire project project as a single asset – the lender assumes the unit is worth the original purchase price.
Why did they do this? There are a couple of reasons. First, it’s not unusual for the lender financially backing the developer’s condo construction to also be the in-house lender who prequalifies the pre-construction Buyers during the presales program. This is beneficial for both the lender and the developer. Why? Because the lender gets to vet the pre-construction Buyers, confirm they’re credit-worthy and potentially convert a high percentage of them into debtors. In return, the developer gets the peace of mind that their Buyers are qualified and deemed satisfactory without expending any time, energy or capital on this undertaking. Win-Win right?
Now, if you were a developer of a new project nearing completion and most of your time as of late was fielding calls from Buyers saying they won’t be able to close if the appraisal for their unit comes in for a sum less than their purchase price, what would you do? You know if the Buyers don’t advance their funds and sign the closing documents to complete their purchase to get title to their unit, the building won’t get registered as a condominium corporation. And if the project doesn’t get registered you’ll have insufficient funds to pay off your debt to the lender. So you call your lender and explain the situation, and ask them what they can do to keep Buyers on board, failing which instead of getting their money they’re more likely to get the keys to a finished albeit unregistered residential tower. And they ring you back and say “We have a blanket appraisal for these sorts of situations”.
In other words, to prevent the potential catastrophic financial losses and sheer headache that would happen if a new project that was completed but didn’t register as a condo corporation were not to complete and get registered, and to avoid having that capital tied up for years, the lender treats the project as a single asset held safe and secure under their blanket mortgage while facilitating the transfer of ownership to as many of the original pre-construction Buyers as possible on condo registration using the mortgage instruments they have available in order to reconcile their developer clients debt.
These lenders recognize and anticipate a percentage of original Buyers will default on their mortgages when they realize that the real value of their condos has put them in ‘negative carry’ on a unit in negative equity. Even so, it’s the best way to mitigate their risks and potential catastrophic losses. This Globe & Mail article, inserted after this post went live confirms the practice –> “Toronto Buyers Left In Lurch As Preconstruction Condos Now Worth Less Than Original Value“.
Here’s a piece in The Globe & Mail dated December 11th that has some sobering insights: “The Bleeding In The Assignment Market Gets Worse“.
This article in Storeys dates from October 29th, 2024 “GTA Condo Supply Is Approaching A Number “The Market Has Never Seen“.
As I wrote in my post published in March 2022 just before interest rates began their precedent-setting rise When Dreams Of Domesticity Became Nightmares: A Recollection Of The 1989 Toronto Housing Market Crash, the bubble initially burst in the new condominium market before it seeped into the resale market.
I have literally been writing for years about the condominium market being the Achilles Heel in a then, scorching-hot Toronto housing market, and as the market shifted over the years, it has come to pass. That’s in part because when the economic factors are in place, it is only a matter of time before the inertia begins, because markets are dynamic and cyclical, not static.
How Do I Find An Assignment Property for Sale?
The markets of 1989 and today are similar, albeit not parallel, but I still find it very deja vu. What’s also fascinating is that, just like back then, the new condominium market operates off radar. There is no central database of reliable, publicly accessible information that provides a real-time snapshot of how that market is oscillating.
To find Assignments for sale, along with brokerages that focus specifically on new construction, you’ll find assignments listed privately on Facebook, Kijii and other “For Sale” apps and sites. And there are lots of listings and members. One only has to peruse Facebook to see that over three dozen community pages dedicated to assignments, of which five have anywhere from 20,000 to 152,000 members, such as GTA / ONTARIO ASSIGNMENT SALES. Each of them offers properties nearing completion that have been substantially discounted.
As for “official” real estate data on how many of these are on the market, you have to dig a little. The firm Urbanation, which has a proprietary database that tracks all condominium projects, purpose-built rental projects and land sales across the Greater Golden Horseshoe and Ottawa regions, regularly and reliably reports how these markets are generally performing, but it can’t quantify or track the absorption data of the assignment segment because it an assignment is the exchange of a contract between two private parties.
At best, a developer may share with Urbanation how many buyers have requested and received their consent to assign a unit—which is included as-of-right in most New Condo Agreements of Purchase and sale—but this isn’t information they would share publicly because it would only reveal the fragility of the new homes market.
Thinking About Selling On Assignment? Here’s What You Need To Know
For those who own a preconstruction contract and are considering selling on the assignment market, there are a few things to consider.
As a first step, as the original Buyer (the assignor in the new deal), you need to ensure that you are allowed to sell your preconstruction contract on assignment. This information is listed in your original purchase agreement. Some developers have rules and requirements around assignment sales, including getting permission to proceed. Usually, you have to submit an application to the developer and possibly pay an assignment fee.
Once you have the developer’s consent, you and a Buyer (an assignee) can negotiate the exchange of the original contract to create a meeting of the minds. The assignee takes over your original contract, and any sums you have paid to the developer must be accounted for in favour of each party.
Pricing and negotiating with potential buyers is part of your sell strategy, much the same way you would if you were putting your home on the market. Know that there is lots of competition out there, and the Buyer pool for assignments is primarily filled with bargain hunters, as opposed to property investors strategizing purchases, which had been the dominant purchasing profile in previous years and market cycles.
If you can still afford to close on your preconstruction purchase, holding on the propertyt might be more advantageousrty until the market regains some footing. The good news is that interest rates are falling, and real estate is cyclical. After all, the data is already signalling the New Homes Market will recover simply because last year, the sales volume was 20 percent of what it was in 2021. This means that we’ll need more housing once all the existing products are absorbed,.
In the interim, engaging in an assignment sale requires heavy due diligence and the guidance of trained professionals, such as a realtor and a real estate lawyer, to help you secure a good deal and protect your interests.
With decades of experience attending to the details of deals around all market conditions, I am here to help!
Thank you for your question!
Although I’ve written about the similarities between the 1989 Toronto Real Estate crash and our current market, it’s also unravelled in its unique ways. This post from 18 months ago, ” Is The Toronto Real Estate Market Crashing? ” provides a summary, making it essential reading if you’re interested.
These other articles on Urbaneer.com may offer you further insights and guidance:
Five Reasons Owners Are Selling Their Toronto Real Estate At A Loss
What’s Trending In Toronto Real Estate?
Dear Urbaneer: Has The Toronto Real Estate Market Gone SLO MO?
It’s A Different Toronto Real Estate Market, Folks!
Dear Urbaneer: A Question About Letters Of Opinion And Estimating Fair Market Value
Over A Recent 90 Day Period, We Discovered 1 In 4 Sellers Of Downtown Toronto Lofts Lost Money
Dear Urbaneer: Which Property Owners Are Selling Their Toronto Real Estate Now In 2023?
Dear Urbaneer: Who Is Buying Toronto Real Estate In 2023?
Interest Rates And The Toronto Real Estate Market
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Since 1989, I’ve steered my career through a real estate market crash and burn; survived a slow, painful cross-country recession; completed an M.E.S. graduate degree from York University called ‘Planning Housing Environments’; executed the concept, sales & marketing of multiple new condo and vintage loft conversions; and guided hundreds of clients through the purchase and sale of hundreds of freehold and condominium dwellings across the original City of Toronto. From a gritty port industrial city into a glittering post-industrial global centre, I’ve navigated the ebbs and flows of a property market as a consistent Top Producer. And I remain as passionate about it today as when I started.
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Steven Fudge, Sales Representative
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