Recently there was an assignment course conducted by one of our specialists and it has come to our attention that Realtors would prefer a full course outline accompanied by OREA credits. The course would be a full day and agents would not only learn about the world of assignments but also be able to earn required credits.
If you would like to earn credits and take this assignment course, please fill out the form below and it will be submitted to OREA for approval.
I realize that you all probably know about assignments and most of you heard of assignit.ca but just to clarify.
Assignments for condominiums, this is act of selling the property prior to owning it. The seller (assignor) the buyer (assignee) and the third party for consent is the developer.
One would make the attempt to assign their property by either selling it to a friend or family member or using some other form of marketing, assignit.ca, kajeejee, craigslist, possible newspaper or flyer or in some cases mls. Continue reading →
Wow. Woke up this morning thinking \”I have to email my Realtors to check in!\”. Brew a cup of Chai Latté using the Tassimo, sit down and unwrap the Globe and Mail and WHAM there it is. The other shoe has dropped (finally). \”Flaherty hands CMHC control over to OFSI\”. I nearly dropped my coffee.
Many people do not understand what an assignment is. www.assignit.ca does and they explain the whole process for all potential users. If you are thinking about assigning your unit, or buying an assignment than check out this web site assignit.ca. Assignments must be great, prices are lower than current market values because the units are sold by individual investors happy with making a smaller profit for the sake of not paying closing costs and carrying costs.
I use assignit.ca for all of my assignment needs both for myself and for my clients.
Though assignments are somewhat new and difficult to understand, they offer a full list of FAQ\’s to help anwer your questions and full in-depth descriptions with advantages and disadvantages.
Today I was invited as part of a delegation to speak to CMHC in an industry round-table discussion regarding the Investor. Topics such as profile, purchases, intentions along with discussions on other types of buyers, assignment market and the risks and opportunities were on the agenda. The three hour discussion was quite interesting looking from the prospective of the attendees (Developers, Bankers, Lawyers, TV Show hosts, Top Producing Realtor\’s, Internet Bloggers etc.) I was somewhat surprised with the discussion as it pertained to these issues and the diverse answers and comments made. It is obvious to me that we have a long road ahead of us in regards to understanding and educating ourselves and the consumer public when it comes to issues regarding assignments, HST costs in pre-construction, condo rebates and the percentage of foreign investors in our market place, all of which came with a variation of responses and recommendations. A few things that I took from this discussion and as a summery to this entry, would be to say that there are various opinions to the future of pre-construction appreciation, rental increases and consumer debt and how it is associated with the viability to off set carrying costs. In conclusion I continue to be satisfied with the out look and the future of the investor and pre-construction condominium industry. It is my opinion that we are in for some volatile corrections in regards to interest rates and property valuations 5-10 years from now. I would hope that this brain storming will assist CMHC in making certain regulations to consider longer term amortizations, flexible terms and conditions and lower costs to insure mortgages along with adding an aspect of consideration to investors to their current mandate which is housing Canadians.
The Massey Tower Condos on Yonge
Earlier this year Toronto’s MOD Developments Inc. announce the official closing of the purchase of 197-201 Yonge Street in the celebrated Theatre Block in downtown Toronto.MOD Developments plans to completely restore the four-storey portion of the bank and erect a 60-storey mixed-used development behind the historic landmark.The 20,000 square foot site contains the historically designated Canadian Bank of Commerce Building, designed by Darling & Pearson Architects in 1905, and vacant since 1987. Massey Tower is presented by MOD Developments at 197 Yonge Street across from the Eaton Centre. It was the Canadian Bank of Commerce building, which was originally built in 1905 and has sat vacant since 1987. ERA Architects will be overseeing the restoration of this building. Massey Hall will expand their facility, MOD will breathe new life into a downtown landmark, and the purchasers in this exciting new tower will experience the energy and excitement of downtown living within one of the most architecturally innovative complexes to grace the skyline. Along with interior designers Cecconi Simone and landscape architects Janet Rosenberg + Associates, this is the same team involved in the design of Mod’s current project at St. Joseph (review by developer)