Real Estate

Assignment sales on pre-construction condo

  • Last Updated:
  • Jan 13th, 2018 5:43 pm
[OP]
Newbie
Nov 9, 2017
17 posts
10 upvotes

Assignment sales on pre-construction condo

Typically how long one has to wait till she can sell her unit in pre construction on assignment? Assuming closing date is like 4 years later
5 replies
Newbie
Apr 29, 2017
69 posts
10 upvotes
Wait as long as possible. Prices only going up.
Deal Addict
User avatar
Sep 8, 2007
4923 posts
2995 upvotes
Way Out of GTA
Sell as soon as possible. Prices only going down.
[OP]
Newbie
Nov 9, 2017
17 posts
10 upvotes
I am asking about technicality to be able to sell, not about price going up or down. For example assignment to a relative.
Deal Addict
Oct 29, 2010
4128 posts
566 upvotes
I don't think there is a rule, the less you keep it the more likely the CRA will view it as a flip but pretty sure if you sell on paper they will view it as a flip regardless.
As long as the builder is ok with you assigning it, as long as you are ok with paying the taxes on it, chances are you can just do it.
Deal Addict
Nov 22, 2004
1209 posts
240 upvotes
Dann384476 wrote:
Jan 12th, 2018 7:02 pm
Typically how long one has to wait till she can sell her unit in pre construction on assignment? Assuming closing date is like 4 years later
There's no waiting time, but do check your APS for any clauses on assignment sales.
Heatware: 9-0-0
Realtor @ Royal LePage United Realty

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