The preconstruction assignment market, once the darling of real estate speculators, is facing its moment of truth, with investors having to hand over ever more cash to escape unsellable contracts and already facing steep losses.
Those who specialize in this market – which is not public and so has no official or semi-official statistics to track it – say the worst may be yet to come. “The current price gap between new and resale condo prices remains near a record high at roughly 60 per cent, and a full 20 percentage points above its long-run average,” according to a 2025 forecast from CIBC economists Benjamin Tal and Katherine Judge. “Simply put, the resale condo market is a buyers’ market and will remain so during the course of 2025.”A recent post to a Facebook group devoted to assignment sales.
“That particular client actually has 135 units now. … They are sitting on catastrophic losses,” he said. The only reason anyone would even consider making such a deal – essentially paying money to avoid buying a condo – is because they fear litigation if they default on the deal.with Feld Kalia Professional Corp. who said that, by the time some clients become aware of the legal risks of a default – such as being sued for any losses the developer takes when they resell the condo – it may already be too late.
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