Though housing markets are on the upswing and presales back in force, the assignment trade is starting to stage a comeback – but with nowhere near the strength it had in 2006, according to an article in this week’s Business in Vancouver publication, written by Peter Mitham.
“For those that persevered and bought on the basis of a floor plan and show suite, the investment rewards were sweet, with news of presale units appreciating in the range of 50% to 100%,” said Nicola Way, manager of the online listings site AssignmentsCanada.ca.
But inquiries from realtors looking to list assignments have increased in the past quarter in tandem with the uptick in markets. They’re up 30%, according to Way, with listings on AssignmentsCanada.ca rising 20% over the same period.
“Assignments become more attractive as price points increase,” she said. “With the BCREA posting the highest level of sales in six years for the month of October, and the average Metro Vancouver house price up 15% compared to October 2008, all of this spells good news for assignment listings as they can be more competitively pitched against rising prices.”