{"id":201072,"date":"2025-04-23T17:50:46","date_gmt":"2025-04-23T17:50:46","guid":{"rendered":"https:\/\/peraltafinancing.com\/business\/real-estate\/the-toronto-condo-assignment-market-is-shocking\/"},"modified":"2025-04-23T17:50:46","modified_gmt":"2025-04-23T17:50:46","slug":"the-toronto-condo-assignment-market-is-shocking","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=201072","title":{"rendered":"The Toronto Condo Assignment Market Is Shocking!"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div id=\"\">\n<p>Chris just looked over my shoulder as I was writing the title for today\u2019s blog.<\/p>\n<p>He said, \u201cShocking?\u00a0 The assignment market is \u2018shocking?\u2019\u00a0 Dave, I\u2019d be shocked to hear there\u00a0<em>is<\/em> a market out there\u2026\u201d<\/p>\n<p>Good point.<\/p>\n<p>And he\u2019s not exactly wrong, and if a tree falls in the woods but doesn\u2019t make a sound in doing so, then maybe would-be assignment sellers don\u2019t\u00a0<em>actually\u00a0<\/em>represent a market if there\u2019s nobody looking to buy?<\/p>\n<p>I was on CTV\u2019s \u201cYour Morning\u201d two weeks ago talking about the state of the condo market and was so happy to discuss\u00a0<em>pre-construction condominiums<\/em> in a forum with such a vast reach.<\/p>\n<p>Sure, I\u2019ve been touting the dangers of pre-construction condominium \u201cinvesting\u201d for fifteen years here on Toronto Realty Blog, but it was nice to be able to say the following, on air, in front of tens of thousands of live viewers, as well as 100,000+ viewers on YouTube since then:<\/p>\n<blockquote>\n<p>\u201cPre-construction condominium investing; it\u2019s gambling.\u00a0 It\u2019s always been gambling.\u00a0 You don\u2019t walk into a casino, put all your money on the roulette wheel, lose, then turnto the pit boss and say, \u2018I\u2019ve changed my mind.&#8217;\u201d<\/p>\n<\/blockquote>\n<p>The host, Anne-Marie, pointed out, \u201cReal estate is a market, and markets go through cycles.\u201d<\/p>\n<p>Sadly, it seems as though most pre-construction buyers never understood this.<\/p>\n<p>Here\u2019s the video:<\/p>\n<p><iframe loading=\"lazy\" title=\"Declining condo sales | What\u2019s behind the struggling market?\" width=\"840\" height=\"473\" src=\"https:\/\/www.youtube.com\/embed\/qYR5qnp1I0w?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p>In any event, the \u201chouse of cards,\u201d as I described it during\u00a0<em>Your Morning,<\/em> has caved in, as we know, and the stories we\u2019re hearing out there are like something out of The Big Short.<\/p>\n<p>I\u2019ve told a few stories so far this year about random phone calls I\u2019ve received, related to pre-construction condos, but here\u2019s a new one that\u2019s relatively recent.<\/p>\n<p>A young man called me two weeks ago and asked for help with his condominium assignment.<\/p>\n<p>I asked him where he found me, and he said, \u201cThrough your podcast.\u201d<\/p>\n<p>I asked him to recall\u00a0<em>which<\/em> episode, because I wondered why in the world he would call a guy like\u00a0<em>me,<\/em> who has nothing positive to say about pre-construction, who has never listed an assignment, and who is realistic about the tire-fire that is the assignment market in 2025.<\/p>\n<p>He said, \u201cI know you hate pre-construction condos, and so do I.\u00a0 I mean, <em>now<\/em> I do, but not when I bought.\u00a0 That\u2019s why I need you to help me.\u201d<\/p>\n<p>The following is shocking, so hold on to your hats.<\/p>\n<p>In 2021, he purchased a pre-construction condominium for a $689,000 sticker price, but after $15,000 for a locker and $18,000 in \u201cupgraded finishes,\u201d he was in for $722,000.<\/p>\n<p>The condo is a\u00a0<em>studio,<\/em> and it\u2019s 471 square feet.<\/p>\n<p>He\u2019s made the structured deposit payments per the Agreement, which is 20%, or $144,400, but he doesn\u2019t want to\u00a0<em>own<\/em> this condo.<\/p>\n<p>\u201cMy occupancy is scheduled for May,\u201d he told me.<\/p>\n<p>But the surprising part was when he said, \u201cThey moved it up from July.\u201d<\/p>\n<p>Wow, who ever heard of a developer moving the occupancy date\u00a0<em>up<\/em>?<\/p>\n<p>The problem that he had was one that I hadn\u2019t heard of before:<\/p>\n<blockquote>\n<p>The Agreement stipulates that while assignments <em>are<\/em> permitted (without any public advertising, of course), they are permitted\u00a0<em>only<\/em> up to the point of occupancy.<\/p>\n<\/blockquote>\n<p>With buildings taking around a year to go from occupancy to registration, that meant he would be forced to keep this unit for a year or more.<\/p>\n<p>\u201cI basically have to find a buyer for the assignment in the next couple of months or I\u2019m screwed.\u201d<\/p>\n<p>He was right\u2026..in\u00a0<em>part<\/em>.<\/p>\n<p>I explained to him, in no uncertain terms, that he was screwed either way.<\/p>\n<p>\u201cNobody is buying assignments right now,\u201d I told him.\u00a0 \u201cAnd you paid an insane price for the condo in the first place, so unless you\u2019d take $500,000 for that property now, why would anybody buy it from you?\u201d<\/p>\n<p>To his credit, he didn\u2019t scream, didn\u2019t cry, and didn\u2019t seem all that surprised.<\/p>\n<p>\u201cI paid, like, almost $1,600 per square foot,\u201d he told me.\u00a0 \u201cWhat the fuck?\u201d<\/p>\n<p>I was wondering the same thing, I just didn\u2019t say it.<\/p>\n<p>I asked him, \u201cDo you mind if I satisfy a curiosity of mine and inquire as to\u00a0<em>why<\/em> you bought this and what the goal was?\u201d<\/p>\n<p>He laughed and said, \u201cI was like two years out of undergrad, and one of my friends from school just got into real estate.\u00a0 We had a tight group in university, and we always said, no matter what we all did for a living, we\u2019d support each other.\u00a0 So when he came to me with this \u2018unbelievable investment opportunity,\u2019 I trusted him and I went for it.\u201d<\/p>\n<p>I asked him how long this friend of his had been in real estate for and he said, \u201cAbout six months.\u201d<\/p>\n<p>That made sense.<\/p>\n<p>He added, \u201cBut the messed-up part was that he works in Durham and I live in London and we\u2019re looking at investments in Toronto like we know what we\u2019re doing\u2026\u201d<\/p>\n<p>I told him that he was far more self-aware than anybody else in his position, and he laughed and said, \u201cUnfortunately, that doesn\u2019t help me.\u201d<\/p>\n<p>He said that he was willing to take a loss on the condo to get out from under it, but how\u00a0<em>big<\/em> a loss was the question.<\/p>\n<p>I said, \u201cLook, I don\u2019t sell assignments, never have, never will, but I\u2019m happy to chat with you for a bit.\u00a0 Let me ask you this: can you afford to close on this condo and keep it?\u201d<\/p>\n<p>He said that he could.<\/p>\n<p>I continued, \u201cThen do it.\u00a0 You\u2019re not going to find a buyer for this unless you\u00a0<em>give<\/em> it away.\u00a0 Close, put a tenant in there, and come back to this in three years.\u201d<\/p>\n<p>A few days later, we got the infamous <a href=\"https:\/\/www.thestar.com\/real-estate\/this-condo-investor-is-being-sued-for-860-000-for-failing-to-close-hes-one\/article_e0442c6a-dec0-4f72-8fce-c67d32942135.html\" target=\"_blank\" rel=\"noopener\">Toronto Star article about the developers suing pre-construction buyers who can\u2019t close<\/a>.<\/p>\n<p>The young man emailed me, referencing the article, and said, \u201cYeah, I\u2019m just gonna close.\u00a0 I don\u2019t need to invite <em>this<\/em> into my life.\u201d<\/p>\n<p>Despite the fact that there seemingly aren\u2019t any assignment buyers out there right now, I continue to receive emails with \u201copportunities\u201d and field calls from agents who are trying to beat the bushes, fruitlessly or otherwise.<\/p>\n<p>What really made me chuckle last week was the masthead on this email blast that seems like the best (or worst?) oxymoron I\u2019ve ever heard:<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-49744\" src=\"https:\/\/torontorealtyblog.com\/wp-content\/uploads\/2025\/04\/AssignmentDistress01.jpg\" alt=\"\" width=\"578\" height=\"123\" srcset=\"https:\/\/torontorealtyblog.com\/wp-content\/uploads\/2025\/04\/AssignmentDistress01.jpg 578w, https:\/\/torontorealtyblog.com\/wp-content\/uploads\/2025\/04\/AssignmentDistress01-300x64.jpg 300w\" sizes=\"auto, (max-width: 578px) 100vw, 578px\"\/><\/p>\n<p>Really?<\/p>\n<p>\u201cHot assignment distress sale\u201d?<\/p>\n<p>Is that like, \u201cDelicious rotten chicken\u201d?<\/p>\n<p>How in the world does one pair something\u00a0<em>amazing<\/em> with something exceptionally\u00a0<em>awful<\/em>?<\/p>\n<p>The FIRE icons are the icing on the cake.<\/p>\n<p>I was reviewing offers on one of our listings last Tuesday night, irritable and <em>hangry<\/em>, and that email came up in my inbox.<\/p>\n<p>\u201cMatt!\u00a0 Tara!\u00a0 Get in here, you have to see this!\u201d<\/p>\n<p>Hot assignment distress sale.\u00a0 Wow.\u00a0 I just can\u2019t get over it.<\/p>\n<p>In any event, some of these distress sales just weren\u2019t distressed enough, nor were the offers all that \u201chot.\u201d<\/p>\n<p>I also don\u2019t know about the marketing here, because it\u2019s one thing to suggest that rotten chicken is delicious, but it\u2019s another thing to suggest that eating out of a dumpster is five-star dining\u2026<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-49747\" src=\"https:\/\/torontorealtyblog.com\/wp-content\/uploads\/2025\/04\/AssignmentDistress02-1.jpg\" alt=\"\" width=\"621\" height=\"693\" srcset=\"https:\/\/torontorealtyblog.com\/wp-content\/uploads\/2025\/04\/AssignmentDistress02-1.jpg 621w, https:\/\/torontorealtyblog.com\/wp-content\/uploads\/2025\/04\/AssignmentDistress02-1-269x300.jpg 269w\" sizes=\"auto, (max-width: 621px) 100vw, 621px\"\/><\/p>\n<p>430 Square One Drive.<\/p>\n<p>\u201cLuxury Living.\u201d<\/p>\n<p>I mean, my five-star dining analogy wasn\u2019t\u00a0<em>that\u00a0<\/em>off-side, was it?<\/p>\n<p>Ask me how many units are available for lease in this building right now, just on MLS alone?<\/p>\n<p><strong>76.<\/strong><\/p>\n<p>That doesn\u2019t include the units owned by people who want to save listing fees and are posting on Facebook Marketplace or Kijiji.<\/p>\n<p>Now, what\u2019s the offer?<\/p>\n<p>This:<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-49746\" src=\"https:\/\/torontorealtyblog.com\/wp-content\/uploads\/2025\/04\/AssignmentDistress03.jpg\" alt=\"\" width=\"522\" height=\"291\" srcset=\"https:\/\/torontorealtyblog.com\/wp-content\/uploads\/2025\/04\/AssignmentDistress03.jpg 522w, https:\/\/torontorealtyblog.com\/wp-content\/uploads\/2025\/04\/AssignmentDistress03-300x167.jpg 300w\" sizes=\"auto, (max-width: 522px) 100vw, 522px\"\/><\/p>\n<p>\u201cSale For Loss\u201d is another catchy marketing tag, and I do enjoy the\u00a0<em>pointing-finger<\/em> emoji that somebody used while typing this up on their iPhone.<\/p>\n<p>Including the outdoor square footage in the overall square footage is a time-tested technique, although at least these folks broke it down.<\/p>\n<p>So overall, we\u2019re looking at a $725,900 purchase price that\u2019s now available for $638,000.\u00a0 Or less.<\/p>\n<p>But what really pops out at me:<\/p>\n<blockquote>\n<p>Occupancy April 25, 2025<\/p>\n<\/blockquote>\n<p>I received this email on April 14th.<\/p>\n<p>Does this person have\u00a0<em>nine\u00a0<\/em>days in order to sell the unit?\u00a0 If that\u2019s the case, maybe add \u201cHOT\u201d again in the marketing, and then put the word \u201cSUPER\u201d in front of the word \u201cdistressed.\u201d<\/p>\n<p>Here\u2019s another one:<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-49748\" src=\"https:\/\/torontorealtyblog.com\/wp-content\/uploads\/2025\/04\/AssignmentDistress05.jpg\" alt=\"\" width=\"639\" height=\"854\" srcset=\"https:\/\/torontorealtyblog.com\/wp-content\/uploads\/2025\/04\/AssignmentDistress05.jpg 639w, https:\/\/torontorealtyblog.com\/wp-content\/uploads\/2025\/04\/AssignmentDistress05-224x300.jpg 224w\" sizes=\"auto, (max-width: 639px) 100vw, 639px\"\/><\/p>\n<p>Hmmm\u2026.<\/p>\n<p>The first unit was offered for $691 per square foot after being bought for $787 per square foot.<\/p>\n<p>This<em>\u00a0<\/em>unit is being offered for $725 per square foot after being bought for $823 per square foot.<\/p>\n<p>It seems as though the pricing is identical here: these units are being offered for 88% of the original list price.<\/p>\n<p>This next one, however, is not:<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-49752\" src=\"https:\/\/torontorealtyblog.com\/wp-content\/uploads\/2025\/04\/AssignmentDistress06.jpg\" alt=\"\" width=\"535\" height=\"279\" srcset=\"https:\/\/torontorealtyblog.com\/wp-content\/uploads\/2025\/04\/AssignmentDistress06.jpg 535w, https:\/\/torontorealtyblog.com\/wp-content\/uploads\/2025\/04\/AssignmentDistress06-300x156.jpg 300w\" sizes=\"auto, (max-width: 535px) 100vw, 535px\"\/><\/p>\n<p>Bought for $698,400 and being offered for $670,000?<\/p>\n<p>Not good enough!<\/p>\n<p>Another real estate agent blasts my inbox with other \u201chot\u201d assignment sales.<\/p>\n<p><strong>\u201cHOT DEALS ON THE MARKET\u201d<\/strong><\/p>\n<p>That\u2019s what the tagline in the email says.<\/p>\n<p>Here\u2019s one such deal being offered:<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-49753\" src=\"https:\/\/torontorealtyblog.com\/wp-content\/uploads\/2025\/04\/AssignmentDistress07.jpg\" alt=\"\" width=\"525\" height=\"596\" srcset=\"https:\/\/torontorealtyblog.com\/wp-content\/uploads\/2025\/04\/AssignmentDistress07.jpg 525w, https:\/\/torontorealtyblog.com\/wp-content\/uploads\/2025\/04\/AssignmentDistress07-264x300.jpg 264w\" sizes=\"auto, (max-width: 525px) 100vw, 525px\"\/><\/p>\n<p>Do the math on this: $799,900 + $189,000 = $988,900 original purchase price.<\/p>\n<p>That\u2019s $1,419 per square foot.<\/p>\n<p>A 20% deposit on $988,900 would have been $197,780, so this \u201cinvestor\u201d is looking at losing almost the entire deposit.<\/p>\n<p>Something tells me there\u2019s a ways to go here, however.<\/p>\n<p>This assignment is being offered for $1,148 per square foot, but we don\u2019t know anything about the occupancy fees and closing costs, which could drive the price higher.<\/p>\n<p>The problem, as I have been saying for the last fifteen years, is that you could buy a competing property that\u2019s:<\/p>\n<p>-Finished, without any more construction<br \/>-Not in occupancy<br \/>-Not half-empty<br \/>-Not with 90% renters<br \/>-Better location<br \/>-Better building<\/p>\n<p>Oh, and for\u00a0<em>less money<\/em>.<\/p>\n<p>Here\u2019s one such listing that a colleague of mine has:<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-49754\" src=\"https:\/\/torontorealtyblog.com\/wp-content\/uploads\/2025\/04\/AssignmentDistress08.jpg\" alt=\"\" width=\"756\" height=\"205\" srcset=\"https:\/\/torontorealtyblog.com\/wp-content\/uploads\/2025\/04\/AssignmentDistress08.jpg 756w, https:\/\/torontorealtyblog.com\/wp-content\/uploads\/2025\/04\/AssignmentDistress08-300x81.jpg 300w\" sizes=\"auto, (max-width: 756px) 100vw, 756px\"\/><\/p>\n<p>This is a 725 square foot unit, or $959 per square foot.<\/p>\n<p>It\u2019s resale, so no hidden closing costs and no occupancy fees.<\/p>\n<p>George Street \/ King Street is an infinitely better location than\u2026\u2026\u2026.<em>Jarvis and Carlton<\/em>.\u00a0 Directly across from a park synonymous with homeless encampments and one block north of a <em>very<\/em> famous Toronto landmark, located on the northwest corner.\u00a0 Can anybody name this icon \u2013\u00a0<em>and<\/em> provide the correct moniker?<\/p>\n<p>In any event, with resale properties like this one on George Street available, I have no idea who\u2019s paying 20% more for an assignment.<\/p>\n<blockquote>\n<p>But I have never understood who\u2019s paying 20% more for pre-construction!\u00a0 Or 30% more.\u00a0 Or 40% more.<\/p>\n<\/blockquote>\n<p>For the record, while I now have the opportunity to say \u201cI told you so,\u201d it doesn\u2019t make me feel any better.\u00a0 This never should have happened.\u00a0 Pre-construction prices should never have settled at a 30-40% premium over resale.\u00a0 I said this for years.\u00a0 Nobody listened.<\/p>\n<p>And\u00a0<em>now<\/em> look at the mess.<\/p>\n<p>I have absolutely no idea who is going to buy these\u00a0<em>assignments<\/em>, no matter how \u201cHOT\u201d they are or how \ud83d\udd25 \u00a0<em>distressed<\/em> \ud83d\udd25.<\/p>\n<p>Fire icons.<\/p>\n<p>Seriously.\u00a0\u00a0<em>This<\/em> is what the assignment \u201cmarket\u201d has devolved into.<\/p>\n<p>Emojis in marketing.<\/p>\n<p>Le Sigh.<\/p>\n<p>Oh, and one more thing:<\/p>\n<blockquote>\n<p>The assignment above notes an occupancy date of April 25th.<\/p>\n<\/blockquote>\n<p>Gosh, if only there were an emoji to help describe this.<\/p>\n<p>Wait, I think I know of one\u2026<\/p>\n<p>\u2026ah, here:<\/p>\n<p>\ud83d\ude31 \ud83d\ude31 \ud83d\ude31<\/p>\n<footer class=\"entry-meta blog-tags\">\n\t\t\t\t\t<\/footer>\n<p><!-- .entry-meta -->\n\t<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>Chris just looked over my shoulder as I was writing the title for today\u2019s blog. He said, \u201cShocking?\u00a0 The assignment market is \u2018shocking?\u2019\u00a0 Dave, I\u2019d be shocked to hear there\u00a0is a market out there\u2026\u201d Good point. And he\u2019s not exactly wrong, and if a tree falls in the woods but doesn\u2019t make a sound in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":201073,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[99],"tags":[3026,16675,11209,25484,13726],"dealstore":[],"offerexpiration":[],"class_list":["post-201072","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-assignment","tag-condo","tag-market","tag-shocking","tag-toronto"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Toronto Condo Assignment Market Is Shocking! - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fivemor.com\/?p=201072\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Toronto Condo Assignment Market Is Shocking! - Som2ny Network\" \/>\n<meta property=\"og:description\" content=\"Chris just looked over my shoulder as I was writing the title for today\u2019s blog. 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