Assignment sales are usually not listed on public platforms such as MLS and are conducted privately between agents From m_zadikian
Data from BrokerPocket shows the buyer pool for condo assignment sales has dried up as higher interest rates put a damper on real estate investor sentiment REUTERS/Carlos Osorio
"The minute that the interest rate landscape changed, you had literally an entire fringe of the marketplace - the speculator - who had to instantly face the truth of potentially having bought at the height of the market and have to, for the first time in three years, think of interest rates and affordability and carrying a mortgage," he said.
Assignment sales are also usually not listed on public platforms such as MLS and are conducted privately between agents. Eric Skicki, founder and chief executive officer of BrokerPocket, says many investors have opted to hold off on buying preconstruction condo units from developers and assignments as interest rates rise.
To get an idea of just how much the dynamics of the Greater Toronto Area condo market have changed over the past year, data released on Monday by market research firm Urbanation showed new condo sales in the region plummeted 79 per cent, with just 1,748 new condos sold in the third quarter, from 8,320 during the same time last year. Aside from the early months of the pandemic, Urbanation says it was the worst quarter for new condo sales since the financial crisis.
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