Looking for a great deal on a Toronto condo? Check out our list of assignments for sale! With units starting at just $$$$$, you’re sure to find something that fits your budget.
Negotiate significant savings in comparison with resale and other pre-construction units.
Move into your new home in just weeks or months
Get the full warranty on a brand-new, never-been-lived-in unit
An Assignment Sale in the Pre-Construction Market
In other words, an assignment sale is thesale – or “assignment” of a contract to buy a pre-construction condominium suite. An assignment sale usually happens before the condo has been registered, so no one can own the unit itself. The only thing that can be sold is the contract.
When you buy a pre-construction condominium unit, you receive an assignment clause/right to sell in the form of a contract. You can decide to sell your assignment even before the condominium is constructed.
The Assignee is not purchasing the property from the Assignor. Instead, the Assignee is obtaining the right to buy the property from a third party, such as a builder.
The Assignor is authorizing the transfer of its interest and rights in the Original Agreement with the Builder (or original seller) to another party.
The Assignor is assigning its interest in the original deposit to the Assignee.
The Assignee agrees to take on all the duties of the original contract from the Assignor.
The many benefits of contract sales exist for both the buyer and seller before a building is even constructed and registered.
This article will explore assignment sales, from why they are used to the process of making this type of transaction and how it can be transferred.
By learning more about assignment sales, you can decide if this type of sale is right for you. Here at GTA-Homes, we pride ourselves on giving our clients the tools they need to make informed decisions about investing in pre-construction homes.
This way, you will be able to determine if an assignment sale is right for you. We at GTA-Homes strive to provide our clients with the knowledge of the pre-construction market, so that they can make a more informed choice when it comes to investing in their future.
Is It Worth It to Purchase an Assignment?
You may be able to find some of the best deals on condos in the GTA by looking for assignment sales. These types of sales typically have fewer buyers because many real estate agents aren’t familiar with them and don’t bother to advertise these listings.
Assignment sales are often foregone by potential buyers because they are not fully understood. Lack of Knowledge about the process can cause people to overpay for their suite due to bidding wars amongst other things. By opting into an assignment sale, you have the opportunity to avoid all that extra competition and pay much less than what you would for a resale unit.
The condo market benefits both the buyer and the seller in multiple ways. The seller can list their unit earlier, and the buyer can save time and money.
An assignment agreement also has the perk of receiving a unit that is brand-new and automatically registered under the seven-year Tarion Warranty Program. Also, you’ll be able to move in much sooner than if you were waiting for the building completion which could take 3 to 4 years!
Mississauga is Canada’s one of the largest cities. It has become a vibrant economic and cultural hub, and It offers a variety of living experiences through its increasing stock of condos and homes.
Mississauga is surrounded by beautiful Lake Ontario shorelines, home to many waterfront condos and homes. The old village of Port Credit was transformed into a pedestrian-friendly shopping district. The Square One Shopping Centre is located further north on Hurontario Street, the city’s main thoroughfare. It also houses a large number of corporate headquarters. A string of communities along the Credit River to the west provide a family-friendly, lush living environment. In the city’s northwest corner is the former village of Streetsville. There are also several shopping centers and recreational areas scattered throughout the community.
MiWay is the city’s transit agency and offers a wide range of bus routes. Many use the Mississauga Transitway, which provides increased frequency and reliability. The Transitway runs approximately from Pearson Airport to Winston Churchill Boulevard via Square One. It is served by both GO Transit or MiWay routes. GO offers rail service to the area. The Lakeshore West runs parallel to Lake Ontario and offers high-quality service seven days per week. The Milton Line runs through the city’s centre and western reaches and offers ten round trips on weekdays. As well, the opening of the Hurontario LRT in 2024 provides transit access for those commuting from north to south in Mississauga. There are four major highways – Highway 401, Highway 403, Highway 407 and Highway 410 – all crossing through the Mississauga city.
If you’re looking to buy your first home, but don’t have the money to get into the market right now, it may be worth your while to look into Mississauga’s many pre-construction condo developments. With the right pre-construction condo, you can get into the market early, take advantage of great savings on your monthly mortgage payment, and build equity as the building itself rises around you. Here are some things to keep in mind if you’re considering getting into the Mississauga pre-construction condo market.
1. Lakeview DXE Club Condos
Developer: Vandyk Properties Address: 1345 Lakeshore Rd E, Mississauga Nearest Intersection: Lakeshore Rd E & Dixie Rd Pricing: TBA Occupancy: TBA Storeys / Suites: 2 Towers – 8 & 12 Storeys / TBA Suite Types: One Bedroom – Three Bedroom Suites Suite Sizes: TBA Maintenance Fees: TBA Deposit Structure: TBA Incentives*: Platinum VIP Pricing & Floor Plans, First Access to the Best Availability, Capped Development Levies, Assignment, Property Management & Leasing Services Available, Free Lawyer Review of Your Purchase Agreement, Free Mortgage Arrangements
2. The Vic Condos
Introducing The Vic Condos, the newest mid-rise condominiums coming soon to your town. You’ll find everything you need around here in beautiful Downtown Streetsville; with great food, shops and sights all just a few minutes away by car or bus. And when it comes time for higher education – Its right next door to the University of Toronto – Mississauga Campus!
Developer: Forest Green Homes Address: Tannery St & Queen St S, Mississauga Pricing: TBA Occupancy: TBA Storeys / Suites: 4 Storeys / TBA Suite Types: One Bedroom – Three Bedroom Suites Suite Sizes: TBA Maintenance Fees: TBA Deposit Structure: TBA Incentives*: Platinum VIP Pricing & Floor Plans, First Access to the Best Availability, Capped Development Levies, Assignment, Free Leasing & Property Management Services, Free Lawyer Review of Your Purchase Agreement, Free Mortgage Arrangements Suite Finishes: Laminate Flooring, Stone Kitchen Countertops, Stainless Steel Kitchen Appliances and more Building Amenities: TBA
3. Eleven 11 Clarkson Towns
Eleven 11 Clarkson Towns new townhomes are coming to Clarkson Village in Mississauga, Ontario. These homes will be right next door to the shops and restaurants of Lakeshore, making it easy for residents to do everything they need without having to leave home!
Developer: Saxon Developments Address: 1111 Clarkson Rd N, Mississauga Nearest Intersection: Clarkson Rd N & Lakeshore Rd W
Pricing: Starting From The Mid $500s
Occupancy: December 2020 Suite Types: One Bedroom – Three Bedroom Suites Suite Sizes: 690 sq ft – 1,687 sq ft Maintenance Fees: Approx. $0.30 / sq ft Deposit Structure: $10,000 on Signing // 5% Minus $5,000 in 30 Days // 5% in 180 Days // 5% in 300 Days // 5% on Occupancy Incentives: Platinum VIP Pricing & Floor Plans, First Access to the Best Availability, Capped Development Levies ($5,000 for 1 Bed // $7,500 for 2 Bed // $10,000 for 3 Bed), Free Assignment (Value of $10,000), Property Management & Leasing Services Available, Free Lawyer Review of Your Purchase Agreement, Free Mortgage Arrangements
4. 91 Eglinton Ave East Condos
Introducing a new condo community in the heart of Mississauga- at 91 Eglinton Ave East! Nestled between Hurontario St. and Eglinton Ave., you will never want to leave this condominium townhome block which features 6 towers and 2 buildings all within walking distance from everything that Mississauga has to offer. From major highways, shops and schools- it’s all right around the corner for you at 91 Eglinton Ave East.
Developer: Liberty Developments Address: 91 Eglinton Avenue East, Mississauga Nearest Intersection: Eglinton Ave E & Hurontario St Pricing: Anticipated To Start From The High $400’s
Occupancy: Anticipated For 2024 Storeys / Suites: Six Towers – 13, 19, 24, 25, 35, & 37 Storeys / Suites TBA Suite Types: One Bedroom – Three Bedroom Suites + 3-Storey Townhomes Suite Sizes: TBA Deposit Structure: TBA Incentives: Platinum VIP Pricing & Floor Plans, First Access to the Best Availability, Capped Development Levies, Assignment, Free Lawyer Review of Your Purchase Agreement, Free Mortgage Arrangements, Exclusive 1 Year Free Leasing Services & 1 Year Free Professional Property Management Services*
5. Kindred Condos
Introducing your next home- a beautiful new condo in Mississauga perfect for anyone who wants to be closer to everything. With Westwood Mall just around the corner, major highways and universities nearby, as well as being situated near other essential amenities; this is a great option for those looking for convenience.
Developer: The Daniels Corporation Address: 2475 Eglinton Ave W, Mississauga Nearest Intersection: Eglinton Ave W & Erin Mills Pkwy Pricing: Starting From $485,900 Occupancy: February 2025 Storeys/Suites: 25-Storeys / TBA Suite Types: Studio – Two Bedroom + Den Suites Suite Sizes: 433 sq ft – 953 sq ft Maintenance Fees: $0.59/sq ft (Includes Bell Gigabit Fibe 1.5 Internet // Water & Hydro Separately Metered) Deposit Structure: $7,000 on Signing // 5% Minus $7,000 in 30 Days // 1% in 90 Days // 1% in 120 Days // 1% in 150 Days // 1% in 180 Days // 1% in 210 Days // 5% in 400 Days // 5% on Occupancy Incentives*: VIP Pricing & First Access to the Best Availability, Capped Development Levies, Free Assignment, Free Lawyer Review of Your Purchase Agreement, Free Mortgage Arrangements, One Parking Unit ($55,000 Value) + One Locker Unit ($3,000 Value for a half-height locker or $5,000 Value for a full-height locker) Available for ONLY $45,800!*, Capped Closing Costs (All One Bedroom + Den & Smaller – $10,000 + HST // All Two Bedroom & Larger – $12,500 + HST) Suite Finishes: Laminate Flooring, Stone Kitchen Countertops, Stainless Steel Kitchen Appliances, Stacked Washer & Dryer Building Amenities: 24/7 Concierge, Private Roundabout Driveway Entrance, Pet Wash, Co-Working Space, Bookable Boardroom, State-of-the-Art Fitness Centre, Yoga Studio, Party Room, Outdoor Playground with Firepit, Games Room, Outdoor Terrace, Gardening Plots