🏠 Episode 5 of “Get Smart with Saurabh” – Property Assignments & Canadian Housing Market Challenges
In this episode, Saurabh dives into property assignments, explaining the process of transferring rights before closing and the importance of developer consent. Key topics include penalties for failing to close, Canada’s housing shortage (3.5 million homes needed), labour shortages in construction, and current market discount opportunities for assignment sales. The episode also covers navigating the occupancy period and legal requirements for renting units during this time.
Highlights
🏠 What is an Assignment? An assignment is when the original buyer transfers their rights to a new buyer before closing.
📜 Importance of Consent: Always obtain consent from the developer to exercise the assignment clause. ⚖️ Risks of Not Closing: Failing to close can lead to penalties and complications.
🏗️ Housing Shortage: Canada needs 3.5 million additional homes to restore affordability, with a significant gap in Ontario and BC.
👷 Labor Shortage: A projected shortage of skilled labor in construction could exacerbate housing issues.
💰 Discount Opportunities: Assignment sales currently offer substantial discounts due to market conditions.
📅 Occupancy Period: Units can be rented during the occupancy period, but written consent from the developer is essential. Subscribe to Stay informed on property investments with expert insights!
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