July 2004 - 'New Website aimed at Assignment Sales launched throughout Canada'
July 20th, 2004 - Responding to a significant rise in the phenomenon called 'assignment sales' across Canada, a new Canadian Web site has been launched. AssignmentsCanada.ca aims to list all the condos that are up for 'sale' even though the building has not even been built.
"There's a definite niche for these types of sales - which are not to be found on MLS. We set up this site when I missed out on buying a condo in a desirable tower but then was stuck on where to look for a possible assignment sale," says Nicola Way, founder of AssignmentsCanada.ca. "I hope it will become the MLS of assignment sales."
Demand for housing in popular city locations is now out-stripping supply. Buyers who have missed out on the property development pre-sales or are not in a position, either financially or geographically at the exact moment of pre-sale, need a forum where they can search for and view property assignment sales in the building or areas of their choice. www.AssignmentsCanada.ca brings these sales to a global audience.
With an assignment sale, unlike a regular apartment purchase, instead of the physical property being bought at the time of sale, the seller transfers to the buyer the obligations and contractual rights to the apartment before the completion of the building. Upon completion, the buyer gains the title deeds from the building's developer.
As Canada consistently remains one of the most desirable countries to live and with the population of metropolitan Vancouver alone increasing by approximately 80% between 1999 and 2040*, demand for housing continues to rise. Construction and cranes dominate the skylines of Canada's cities. Success with Expo and the 2010 Olympic Games bid, ensures that Canada is no longer viewed as a wilderness of prairies, mountains and snow, but instead represents the prime choice for Europeans wishing to move overseas.
* http://www.urbanfutures.com/Institute/abstracts/report42.htm