Discover the Latest Industry News on Assignment Sales
Are you curious about the condo assignment sales segment of the real estate market? You might not see it as a typical homebuyer, but it can be lucrative – if you have the inside scoop. One expert, Simeon Papailias, Managing Partner at REC Canada, an esteemed Toronto-based real estate sales and consulting firm, recently shared his insights with Yahoo Finance Canada.
According to Papailias, the condo assignment sales market was “on fire” until March of this year, due to low-interest rates. However, with the landscape of the real estate market now changing, assignment sales activity has dropped substantially. How has this drop affected both buyers and sellers?
“The minute that the interest rate landscape changed, you had literally an entire fringe of the marketplace – the speculator – who had to instantly face the truth of potentially having bought at the height of the market and have to, for the first time in three years, think of interest rates and affordability and carrying a mortgage,” Papailias said.
With low deposit requirements and no closing costs, assignment sales can be tempting to investors from all walks of life. However, it is essential to be aware of the various conditions and restrictions in place for assignment sales. Typically, developers do not allow assignment sales until a certain percentage of units in the building are sold first.
If you’re an investor in the market for assignment sales or just interested in the latest industry news, make sure you keep up to date on the latest developments by partnering with knowledgeable professionals in the field. With new interest rates changes happening regularly, it has never been more important to stay informed.