Toronto Condo Sellers are losing $70,900+ via Assignment

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  • Опубліковано 23 гру 2024

КОМЕНТАРІ • 78

  • @bernadofelix
    @bernadofelix Рік тому +43

    fear a housing crash due to people buying homes above asking prices with little equity. If prices drop, affordability and potential foreclosures may arise, worsened by future layoffs and rising living costs. I want to invest more than $300k, but I'm not sure on how to mitigate risk.

    • @hersdera
      @hersdera Рік тому +4

      Agreed, instead of panic or following a hearsay, I simply adopted the service of an advisor early 2020 amid covid-outbreak, and so far, I've attained my most measurable financial milestone of $900k after subsequent investments.

    • @SandraDave.
      @SandraDave. Рік тому +4

      nice! once you hit a big milestone, the next comes easier.. who is your advisor please, if you don't mind me asking?

    • @hersdera
      @hersdera Рік тому +4

      I have been working with ““Margaret Johnson Arndt”” whose expertise in portfolio diversification is unsurpassed and client-focused, I have made more profits with her guidance than I ever did when I tried navigating the markets on my own.

  • @eddybigdata8794
    @eddybigdata8794 Рік тому +7

    Very useful content - best video I've seen so far about Assignment sales. Thanks Jordan and team!

  • @nishali3343
    @nishali3343 Рік тому +5

    Txs for the eye opener on the pre-construction capped development fees, i never knew how those fees affect closing. I bought an assignment back in 2008 when prices were going down, $40K below market, i had no clue about these fees that could be uncapped. I got lucky as everything went fine. My motto now is to always buy fully registered condos now, you pay more, but you are assured a condo vs some pre-construction ones that never get built or delayed or unregistered for years sometimes.....

  • @kingcookieman
    @kingcookieman Рік тому +3

    The high value content in this video was 🔥🔥🔥

  • @sharinglungs3226
    @sharinglungs3226 Рік тому +7

    Crazy how long it takes to build some of these. I would have thought anything bought in 2017 would have been completed by now. Is this just delayed from the pandemic or relatively normal to take this long?

    • @Precondo
      @Precondo  Рік тому +5

      Typically 4-5 year build cycles but things in Toronto are known to run a year or two late typically

    • @Carzone2021
      @Carzone2021 Рік тому

      ​@@Precondopls suggest some assignment sales I. Kamloops

  • @howy3333
    @howy3333 Рік тому +1

    The other thing is that Nobu has some extremely efficient 2 bed 2 bath floorplans. More efficient then Bisha

  • @ykhov
    @ykhov Рік тому +20

    Not enough blood in the streets. No position in investing is actually a position.

    • @EricAlHarb
      @EricAlHarb Рік тому +5

      A lot of people don’t realize how we live in a globally synchronized fiscal policy system.
      BoC will stay with the FED. All manner of housing, especially speculative assignments are high risky and susceptible to massive correction.
      Sit on your hands and stay thirsty my friends.
      In 2026 go on a shopping spree.

    • @Mike-sl7zy
      @Mike-sl7zy Рік тому

      Yes, a decision to NOT make a decision is still a decision.
      I know many friends waiting for prices to come done for the past 10 years, trying to time the market.
      Choosing to put themselves in a position as a renter.
      They are now waiting for a correction. when instead they could have gained 50%+ in equity over that time.

    • @EricAlHarb
      @EricAlHarb Рік тому +1

      @@Mike-sl7zy what’s new though? You think 5% sustained cost of capital is the same old same old? Nope.
      It’s not about timing the market. It’s about mathematics and 2 + 2 in no universe equals 22.
      Hence the markets gonna tank.

    • @ykhov
      @ykhov Рік тому

      ​​@@Mike-sl7zywell before 2021 the best move anyone can do is over leverage and buy the biggest house they can afford. The top is in and I don't see Canada breaking it for another 10 years and I'm saying this as a home owner myself.

    • @-Nab-
      @-Nab- Рік тому

      @@EricAlHarbmarkets have already tanked bro

  • @saveourplanet4204
    @saveourplanet4204 Рік тому

    Thank you for sharing your vast knowledge! Do you have any contacts for Victoria, BC condo assignments? I believe real-estate is licensed by province, otherwise if I'm mistaken, do you deal in Victoria assignments? Thanks

  • @kevinn1158
    @kevinn1158 Рік тому +8

    The market is going to grind downward well into 2024. The BOC won't be reducing rates anytime soon. They can't because rental rates and real estate rates are still way too expensive. So I wouldn't call any of these as good deals yet knowing the market is going south in the foreseeable future.

    • @Precondo
      @Precondo  Рік тому +1

      I’m not in the business of predicting the future
      The term good deal implies cheaper than resale - ie a better deal than what 98% of consumers are getting

    • @kevinn1158
      @kevinn1158 Рік тому +1

      @@Precondo I understand. But just know, from an economists perspective, the BOC historically is now committed to dealing with inflation, and that means no substantial rate cuts for several yrs after an inflationary period. They experimented dropping rates decades ago, relatively soon after an inflationary period, and they got caught having to raising rates even higher because inflation came roaring back.

    • @bathtubrenew
      @bathtubrenew Рік тому +8

      Any serious investor I know are not doing anything.

    • @EricAlHarb
      @EricAlHarb Рік тому +4

      @@bathtubrenewyup, cash is king right now. There are no opportunities out there. There will be in 2026 after the cleansing of the system.

    • @kevinn1158
      @kevinn1158 Рік тому

      @@EricAlHarb it’s an incredibly difficult situation to predict as the govt has always stepped in to ‘save’ the market as they did in 2008/9.
      Technically on a chart, the market has done a huge head and shoulders. If it breaks below the ‘neck’, ie the base level of those 3 peaks in prices the last 4 yrs, prices could drop 20-25% from here. People need to realize that would only take prices back to 2018. Relative to wages, that would still be considered overpriced. It would still leave prices above the long term trend line.
      I think what’s key to the future is how quickly will the BOC will be able to ease the rate hikes, and how this will overlap the ramping up of supply levels.
      The underlying problem is that many of these politicians and their big donors have investment properties and this will keep the govt from actually allowing the markets to correct shaking out investors bringing supply to endusers in the short term. Another question is will the govt drop land transfer taxes, GST taxes, reduce development charges???

  • @carsinthewild7883
    @carsinthewild7883 Рік тому

    Stumbled upon your channel. Great videos!
    Two questions:
    1. is there not central forum or website for all to post assignment deals, ala MLS? If not, why hasn’t someone created this yet ?
    2. For someone wanting to invest in real estate, is there any places or resources you can recommend to connect with Private Equity investors to either partner with or use their investments to start own PE Real Estate fund to invest in these deals?
    Thanks!

  • @darrinmacdonald9788
    @darrinmacdonald9788 Рік тому +4

    Not all builders are created equally, buyers beware.

  • @howy3333
    @howy3333 Рік тому +1

    Well said, I have several assignment deals if anyone wants. Riverside square in particular. 2 bed for 630k

  • @sampayalpatel
    @sampayalpatel Рік тому

    How to find assignment townhouse listings?

  • @bathtubrenew
    @bathtubrenew Рік тому +2

    All realtors shy away from assignments unless they are doing the assigning.

  • @manuelvivoli122
    @manuelvivoli122 Рік тому +1

    Great video and information !! How long is the time frame from occupancy to closing of these condos 1 year or more ?

    • @Precondo
      @Precondo  Рік тому +2

      Depends on building. As short as a month as long as a year +

    • @manuelvivoli122
      @manuelvivoli122 Рік тому

      @@Precondoyour nobu information was really eye opening you think this will take 1 year for closing ? Thanks for your great videos

  • @davidhunternyc1
    @davidhunternyc1 Рік тому

    Are assignment sales in NYC too? How do I find them?

  • @ЗапятаяПослевкусия

    Good video. Do you know what happened with The Waters Edge condo on Marine Parade Dr? Thanks.

    • @Precondo
      @Precondo  Рік тому

      waters edge is still under construction

    • @ЗапятаяПослевкусия
      @ЗапятаяПослевкусия Рік тому

      @@Precondo My question is not correct, sorry. What kind of condo will be in the area between Vita 2 and Jade Waterfront condos? Is any plan for constriction there? Thanks

    • @Precondo
      @Precondo  Рік тому +1

      43 storey tower where the current conservatory sales office is located

  • @mgdubya27
    @mgdubya27 Рік тому

    Just getting started.

  • @SohaibKhan1
    @SohaibKhan1 Рік тому +1

    I bought a pre con in 2022 and it's ready in 2027. Would there be a good chance to at least sell it for enough to get the same amount back?

    • @Precondo
      @Precondo  Рік тому +3

      if I could tell the future I’d be a billionaire

    • @billm3210
      @billm3210 Рік тому

      Yeah no buddy unless government still props up banks to lend mortgages that are most likely sub prime on the books to keep this bubble going for a while. 2021-2022 is the peak of all peaks. Expect another 15% downhill at least by mid 2024.

  • @raskolqqq
    @raskolqqq Рік тому

    That section on development fees versus capped and transferrable, etc, needs to be better explained. You don't explain the chart and those figures. I can't imagine those figures apply to all new condos in the city; and I do imagine that development charges vary based on location and date the building permit was issued to the builder. Please elaborate or do a video on explain this more.

  • @grossearwax3777
    @grossearwax3777 Рік тому +1

    it bothers me your shure logo is upside down, just like the assignment market.

    • @Precondo
      @Precondo  Рік тому

      never even noticed that

  • @chineduogbonna6947
    @chineduogbonna6947 Рік тому

    What’s your view on WESTLINE Condos, Sheppard. The assignment costs for 1+ 1 $780K, seems expensive , in current market?

    • @Precondo
      @Precondo  Рік тому

      need to see sq ft and layout to be able to say
      if its anything short of 800sqft its definitely too expensive

  • @MD-tp5zy
    @MD-tp5zy Рік тому +3

    prices are too damn high, we need lower land prices

    • @billm3210
      @billm3210 Рік тому

      And developers in canada sell at 1000$ per sq ft which is crazy. Its not land only. Canada is full of land. Its development in concentrated cities like Toronto and the developers dont even put 20% down the banks take all the risk. The contruction costs are high but not that high they want to make seriois $$$ in a way over valued market compared to other top cities in the world to live and Toronto is not. Citybis broke and garbage management and infrastructures.

  • @chukaokonkwo8642
    @chukaokonkwo8642 Рік тому

    How do you get the email list and channels for buyers? Please let me know.

    • @Precondo
      @Precondo  Рік тому +1

      have to get the email list organically, over the last 7 years we've had hundreds of thousands of registrations on our website - that's our list

    • @chukaokonkwo8642
      @chukaokonkwo8642 Рік тому

      @@Precondo Thank you for the advice; nothing is better than organic. I'm a relatively new realtor, so I'll work on creating this list. But for now, if I have assignments, I'll shoot them to your team.

  • @Mike-sl7zy
    @Mike-sl7zy Рік тому

    I’ve seen assignment sales allowed with builders approval. If the builder doesn’t approve the assignment sale, is there anyway to sell the assignment prior to closing on the purchase of the condo?

    • @Precondo
      @Precondo  Рік тому

      depends on APS - can't answer this Q without looking at specific deal in question

  • @ronbonora7872
    @ronbonora7872 Рік тому +1

    The CRA has an issue with assignments too! LOL

    • @Precondo
      @Precondo  Рік тому +1

      Not really an issue if you’re not making profits

  • @robertw3299
    @robertw3299 Рік тому

    Thanks for the information.

  • @DrDrae81
    @DrDrae81 Рік тому

    It’s time to update your Toronto condos vs the SNP500 analysis…😊

  • @longdog33
    @longdog33 Рік тому

    20 percent deposit on 500g is 100g.

  • @mikaelav8964
    @mikaelav8964 Рік тому +1

    Ive been in one of these condo's (similar sq ft), its literally a coffin, not worth a god damn thing. this economy is a scam.

  • @acenda-r2d2
    @acenda-r2d2 Рік тому +1

    GREED always has a RISK.

  • @dougiep2769
    @dougiep2769 Рік тому

    Minimum 75 percent haircut coming if not worse and it will take 3 more years probably to bottom out

  • @honkbalpoort
    @honkbalpoort Рік тому

    “It's only when the tide goes out that you learn who's been swimming naked.” Waste of time and money Pre-Construction condo assignment deals

  • @ellendeleon8414
    @ellendeleon8414 4 місяці тому

    Sad reality

  • @BowtieJDP
    @BowtieJDP Рік тому

    Good. Hopefully it falls another few hundred thousand to where it’s possible for domestic incomes can afford these homes.

  • @billm3210
    @billm3210 Рік тому +1

    Good analysis. But none of these over priced shoe boxes are worth that. Let those who want to lose their shirts for being in a broke city like Toronto buy them.

    • @alexandergoldman
      @alexandergoldman Рік тому

      congrats Bill on the dumbest comment I've seen on YT today..

  • @matthewjames1172
    @matthewjames1172 Рік тому

    adjusted prices going back to 2001 levels. prepare yourself accordingly.

  • @johnspadafora1771
    @johnspadafora1771 Рік тому +1

    Just offer everyone and I'm serious no more than 450 a square foot or lower why would you pay more than there worth you ever you are you sound like a real estate agent so that makes you one no way anyone buying above 450 your paying too much

    • @Precondo
      @Precondo  Рік тому

      2011 called they want their prices back

  • @bobknight6394
    @bobknight6394 Рік тому

    your dont know what your talking about

  • @angelovalentini2115
    @angelovalentini2115 Рік тому

    Good luck on market will crash even more interest rates are going to go up again.