An assignment is when you transfer your rights and obligations under a presale contract to a new buyer before the building completes. You are not selling the condo — it does not exist yet. You are selling your contract.
Three things decide whether it works: what your assignment clause allows, whether the developer will consent, and whether the price makes sense against today's developer price list. I check all three before you spend a dollar on marketing.
The pattern across the region is worth knowing up front. In Vancouver and the inner suburbs most developers prohibit MLS listings for assignments, so the sale runs privately through buyer networks. Further out in the Fraser Valley — Surrey, Langley, Abbotsford, Coquitlam — many developers do allow MLS. That single difference changes your entire marketing plan, and it is why a general realtor's usual playbook often does not work here.
I've helped 450+ families buy more than $200M in new homes over five years, with only 2 defaults. If the numbers say hold and complete instead of assign, I will tell you that.
This is general information, not legal, tax or accounting advice. Assignment sales have real tax consequences — talk to a lawyer and a CPA who work in BC real estate before you sign anything.
In most cases yes — if your contract's assignment clause allows it and the developer consents in writing. A small number of developers prohibit assignments outright. I will read your contract and tell you which situation you are in, at no charge.
Three numbers set the price: your original contract price, the developer's current price for the same floor plan, and recent comparable assignment or resale sales. Your price usually lands between the first two, discounted somewhat because the buyer is taking on your contract as-is.
It depends entirely on the developer. In Vancouver and the inner suburbs most prohibit it. In much of the Fraser Valley many allow it. We confirm the current position in writing before marketing starts, because some developers change their stance partway through a project.
Since May 2022 CRA applies 5% GST to assignment sales of new residential property, calculated on the assignment amount rather than the full contract price. Who pays it is negotiable and is usually a deal point. CRA also generally treats assignment profit as business income rather than a capital gain. Get a CPA involved early.
That changes nothing about your options. You are not tied to the agent who wrote your original contract — see switching presale agents for exactly how that works.
Realistically two to four months from listing to accepted offer, then another 30 to 60 days to close. If your completion date is close, that timeline is the first thing we should talk about.
Call or text me directly at +1 (778) 231-3592, or book a free 15-minute call. I represent buyers and assignors — never developers.