Presale Assignment Condos in BC: How to Buy Someone Else's Deal in 2026
The BC assignment market is flooded with distressed sellers. Learn how to buy a brand new condo at a steep discount by purchasing someone else's presale contract.
If you spend any time reading real estate threads on Reddit, you've probably seen the advice: "You shouldn't be buying presales right now — you're better off buying the presales bought by other people who are willing to give away their deposits." This is called an assignment sale, and right now it's one of the smartest plays in BC real estate.
An assignment happens when someone who bought a presale condo from a developer decides to sell their contract before the building is finished. In 2026, the BC market is flooded with assignment sales — and for savvy buyers, this is a golden opportunity.
The Opportunity: Why Assignments Are Trending
Let's look at a real-world example from Langley. In 2019, a buyer purchased a 2-bedroom presale condo for $430,000. Before the building completed, they "assigned" (sold) the contract to a new buyer for $600,000. The original buyer walked away with a $170,000 profit.
That was the market a few years ago. Today, the script has flipped.
📉 The Tables Have Turned
Now, we are seeing the exact opposite. Original buyers are trying to unload their presales because they can't close. Assignment sales in Langley are listed as low as $428,000. In Surrey, towers have seen recent price cuts of 5% to 10%, meaning the original presale buyers are already underwater.
If you are a buyer today, you have leverage. You can negotiate directly with a distressed seller instead of a multi-million dollar developer.
How to Execute an Assignment Purchase
Buying an assignment is more complex than a standard resale or presale purchase. Here is your step-by-step execution plan:
1. Find the Inventory
Assignment listings are often not found on the standard MLS because developers restrict how they can be advertised. You need an agent who actively networks and has access to exclusive assignment databases.
2. Understand the Math
You're not just buying the condo — you're buying the contract. This means you have to pay the original buyer their initial deposit back, plus any "lift" (profit) they negotiated. If they're selling at a loss, you might pay less than their original deposit.
3. Secure Specialized Financing
Most banks will only finance the original purchase price of the contract, not the new assignment price. If you agree to pay $600,000 for an assignment that the original buyer purchased for $500,000, the bank will only base your mortgage on the $500,000. You must cover the $100,000 difference in cash.
4. Get Developer Approval
The developer must approve the assignment sale. They usually charge an assignment fee (often 1% to 3% of the original purchase price). You need to negotiate who pays this fee — you or the seller.
5. Prepare for Closing Costs
When the building completes, you are responsible for the 5% GST and the Property Transfer Tax (PTT). Ensure you have cash set aside for these closing costs, which can range from $10,000 to $30,000 depending on the purchase price.
Financial Comparison: Assignment vs. New Presale
Let's look at a scenario for a 1-bedroom condo in Surrey to see how the math works in your favor.
| Scenario | Original Price | Market Value | Your Price | Instant Equity |
|---|---|---|---|---|
| New Presale (2026) | $500,000 | $500,000 | $500,000 | $0 |
| Distressed Assignment | $550,000 | $500,000 | $480,000 | $20,000 |
✅ How This Works
The original buyer paid $550,000. The market dropped to $500,000. They're desperate to sell, so they accept your offer of $480,000. You just bought a $500,000 condo for $480,000, securing $20,000 in instant equity the day you close.
Frequently Asked Questions
Can you sell a presale condo?
Yes, but you are actually selling the contract to buy the condo, not the physical condo itself (since it isn't built yet). This is an assignment. You must have the developer's written permission to do this.
How do you get out of a presale contract?
You cannot simply walk away without severe financial penalties. If you default, the developer will keep your entire deposit (usually 10–20% of the purchase price) and can sue you for any additional losses. The only legal way out is to assign the contract to a new buyer.
What are the risks of buying a presale assignment?
The biggest risk is financing. Because banks appraise the property at the original contract price, you need significantly more cash upfront to cover the difference between the original price and the assignment price.
When do I start paying my mortgage on an assignment?
You do not start paying your mortgage until the building is officially completed and the title transfers to your name.
Ready to Find a Deal?
The assignment market is moving fast. If you have the cash available and want to capitalize on other buyers' distressed contracts, we can help you find off-market assignment deals in Surrey, Langley, and the Fraser Valley.
Book a discovery call today to review our exclusive list of assignment opportunities.