Should you buy resale or condo assignment?

June 26, 2008

Condo Age Size Sq Ft Sold Price $ Price / Sq Ft $ No. Days
New 732 355,000 485 52
2 yr 816 393,000 482 79
New 955 428,000 448 54
New 900 418,000 464 62
1 yr 1060 451,000 425 108
New 900 468,000 520 36
1 yr 860 416,000 483 16

With a slower condo market, buyers have more negotiation power and may be successful in buying resale new condos at $450 to $460 per sq ft (no GST). Most of the current new condo available from the developers are priced at $500 per sq ft or more.

On assignment sales, buyers are expected to take over the contracts from the sellers, and pay the GST on closing dates. Whether you should buy resale or take over a condo assignment, depends on the location, price, floor plan, amenities, etc.

You can view here condos available for sale in Richmond. If you need more info on buying or selling your home, kindly contact me at 604-721-4817 or email me.

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