Week 182: Pre Construction Condos Sees Flurry of Assignment Sales as Buyers Struggle to Close

Hello! What I’m seeing out there is exactly what I’ve seen every other August a whole lotta, nothing with the occasional burst of excitement as, naturally, a house or a condo sells, and luckily, we’ve been a part of many of those this month, especially off-market deals like assignments.

We’ve been quite focused on helping a lot of our clients gather the funds to close on their pre-construction purchases, more specifically at a project called Wonder Condos in Leslieville, which is shaping up to be the best project the best building in the entire east side. The location is phenomenal. The finishes are fantastic, and the amenities are second to none, so luckily, the majority of our clients have already moved in and are fully funded.

However, there have been a few clients that were not so lucky, and they weren’t able to qualify for financing anymore.

So what happens in that scenario?

Well, an assignment is really your only option. There’s very little chance of you defaulting because there’s always a buyer for the right price, but unfortunately, some people are having to leave a lot of money on the table to walk away from these deals.

So their loss is your gain, as they say because you can sleep in if you happen to be well-funded either with cash in hand or have the ability to get financing then you can snag some of these units that are either in occupancy or very close to occupancy for a phenomenal price even better than some resale options.

So, despite the summer being a typical moderately active summer, we had a ton of activity in assignment land so if you are somebody who does not want to or cannot close on their preconstruction purchase, reach out to us because we can likely help you get out of that pretty quickly or if you are somebody who would like to take a vantage of some of these opportunities right now let’s talk.

Aside from that. If you are a buyer out there right now, do you have a pretty simple experience without a crazy amount of competition although there are no major discounts available on houses and condos out there. The experience is a little bit more calm and predictable, which is nice to see

And honestly, that frees me to my next and final point, and I’ve said this before: it’s not normal for a place to sell in two days with 30 offers.

It’s much more normal to experience what we’re experiencing right now Properties are priced appropriately, and buyers have enough time to see it, do their diligence, and then decide if they want to make an offer or not, and then guess what potentially even negotiate.

So what some people call a “down market” is called balance and normal.

The only imbalance comes with the unknown of interest rates and inflation, which could trigger a significant amount of new listings, which would then truly affect pricing as we close out 2023

So let’s touch base again After September 6 when we know what the Bank of Canada is going to do with interest rates.

Because if they do increase again, it’s going to create a problem for some people that are teetering on the edge.

Go ahead and enjoy your summer, and if anything in this week’s update piqued your interest, the link is below to book a call to talk about it.

Let’s talk about it. Book a call; you can do that here.

Have a wonderful day, and I’ll see you next week. Don’t forget to subscribe to the blog so you get this in your inbox ASAP, and we’ll see you on YouTube!

Urban Markets: Downtown & Surrounding Areas
House Average Price: $1,408,602
House Median Price: $1,377,333
472 Active Listings
22 Firm Sales This Week
Months of Inventory (MoI) 1.92 – DOWN from 2.27 last month
Average Days on Market (DOM) 16.14

Condo Average Price: $750,249
Condo Median Price: $703,000
2123 Active Listings
71 Firm Sales This Week
MoI 3.91 – UP from  3.77 last month
DoM  24.48

Rosedale, Deer Park, Moore Park, Forest Hill, & Lawrence Park
House Average Price: $2,353,000
House Median Price: $1,960,000
127 Active Listings
7 Firm Sales This Week
MoI 2.69 – DOWN from 3.15 last month
DoM ~ 11.6

Condo Average Price: $789,443
Condo Median Price: $740,000
217 Active Listings
7 Firm Sales This Week
MoI 3.64 DOWN from 4.01 last month
DoM ~ 24.14

Leaside, Davisville, Yonge & Eglinton
House Average Price: $2,154,000
House Median Price: $2,200,000
45 Active Listings
3 Firm Sales This Week
MoI ~ 1.59 – UP from 1.45
DoM  11.2

Condo Average Price: $627,708
Condo Media Price: $612,625
153 Active Listings
8 Firm Sales This Week
MoI 3.04 UP from 2.48 last mth 
DoM ~ 21.5

Birch Cliff
House Average Price: $897,000
House Median Price: $897,000
29 Active Listings
2 Firm Sales This Week
MoI 1.69 DOWN from 1.88
DoM 9

Kingston Rd Corridor to Highland Creek
House Average Price: $1,302,000
House Median Price: $1,111,200
98 Active Listings
7 Firm Sales This Week
MoI 2.59 UP from 2.30
DoM 12.57

Condo Average Price: $430,000
Condo Median Price: $430,000
59 Active Listings
2 Firm Sales This Week
MoI 2.80 UP from 2.36
DoM ~ 9.5

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