The are many condo buildings under construction and being completed around the GTA every month. It is nearly impossible to miss all the construction cranes dotted across the skyline. You might see a building under construction that looks perfect for you, but it has been entirely sold out and the presentation centre closed. Fortunately, there are still ways that you can get your perfect condo.
It is common for investors purchase units in these buildings with no intention of living there or leasing it out. Alternatively, someone may have purchases a unit and their circumstances may have changed and they are no longer able to close. Often these units are sold as assignments. This essentially means that the owner sells their contract at an inflated price before closing.
Commonly, the developer will state in the contract that these units cannot be advertised on the MLS, making it difficult to find assignments for sale. Cityscape sells a large amount of pre construction units every year and we are often the first to become aware of an assignment sale. Even though assignments are sold at a higher price than when they were first purchased the complexity of the sale makes it is still possible to get a better deal than purchasing a previously occupied unit. There is also less risk to the purchaser as assignments are often sold close to the closing date.