Business in Vancouver writer Frank O’Brien outlines an interesting story to watch-what is happening with those assignment sales of uncompleted highrise developments in the Vancouver area. Imagine-87 per cent of the 8,955 concrete units commenced in 2016 were pre-sold in advance of construction. And imagine-these units are exempt from assignment and foreign buyer tax payments, so it would be assumed there would be value added for people wanting to invest in a little Vancouver condo concrete.
The interest in pre-sales is such that in 2016 ” a separate Urban Analytics survey found only 31 new concrete condos complete and unsold as of 2016’s third quarter, the lowest Metro inventory in five years.”
“Assignment sales are exempt from B.C. anti-flipping legislation. Enacted in May 2016, it stipulates that sales contracts can’t be assigned without the written consent of the seller and that any profit from an assignment goes to the initial…
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