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.