Question 1

Where is Galleria on the Park located?

Accepted Answer

Galleria on the Park is a new pre-construction houses development in Toronto, ON.

Question 2

What kind of homes does Galleria on the Park offer?

Accepted Answer

Galleria on the Park is a houses development in Toronto, ON. Register to see the full model and floor-plan collection.

Question 3

How much does Galleria on the Park cost?

Accepted Answer

Homes at Galleria on the Park start from $518,000, averaging about $812 per square foot. Register for the current full price list, as pricing can change between releases.

Question 4

What home sizes are available at Galleria on the Park?

Accepted Answer

Galleria on the Park offers 1B+D homes. Register to see floor plans with exact sizes and pricing.

Question 5

When is occupancy for Galleria on the Park?

Accepted Answer

The estimated occupancy for Galleria on the Park is 2025. Occupancy dates on pre-construction are set by the builder and can shift as construction progresses.

Question 6

Is Galleria on the Park a good investment?

Accepted Answer

Buying pre-construction at Galleria on the Park lets you secure today's price with a staged deposit and take occupancy in 2025. Whether it fits your goals depends on your budget, timeline, and the local Toronto, ON market — ask our team or Zara for a project-specific assessment.

Question 7

How do I get floor plans and prices for Galleria on the Park?

Accepted Answer

Register on this page and our team will send you Galleria on the Park's floor plans, price list, and current incentives — plus Platinum priority access where available, at no cost to you.

Question 8

What is an assignment sale?

Accepted Answer

An assignment sale is when the original pre-construction buyer (assignor) transfers their Agreement of Purchase and Sale to a new buyer (assignee) before the unit is completed. The assignee takes over the contract and completes the purchase with the builder at closing. You step into the original buyer's position and pay the assignor for their interest plus any assignment fee.

Question 9

How does the assignment process work?

Accepted Answer

The assignor and assignee sign an assignment agreement. The builder must typically consent to the assignment. The assignee pays the assignor the agreed price (often original purchase price plus deposit paid, plus a premium or assignment fee). At final closing, the assignee completes the purchase directly with the builder and takes title to the unit.

Question 10

What is an assignment fee?

Accepted Answer

The assignment fee is the amount the original buyer (assignor) asks above their costs (e.g. original purchase price and deposits paid). It may also include a fee charged by the builder for consenting to the assignment. This is separate from your closing costs and is paid to the assignor (and sometimes the builder) as part of the assignment transaction.

Question 11

Do I have to pay HST on an assignment sale in Ontario?

Accepted Answer

Since May 7, 2022, all assignment sales of newly constructed or substantially renovated residential housing in Canada are taxable for GST/HST purposes. The HST generally applies to the assignment fee/profit portion (the assignor's margin), not to the deposit reimbursement. Whether you also pay HST on the home itself, and any rebate eligibility, depends on your intended use — always confirm with a tax professional and your lawyer.

Question 12

Is the profit on an assignment a capital gain or business income?

Accepted Answer

It depends on your original intent when you signed the purchase agreement. If you intended to live in or hold the property, the profit may be treated as a capital gain (50% taxable). If you intended to resell for profit, the CRA may treat it as business income (100% taxable). The federal anti-flipping rules can also deem short holds to be business income. Get professional tax advice before assigning.

Question 13

Can the builder refuse the assignment?

Accepted Answer

Most purchase agreements allow the builder to approve or refuse an assignment, and many require their written consent and charge an assignment/administration fee. Some agreements permit only a single assignment. If the builder refuses, the assignment cannot proceed. Always confirm assignment is permitted and obtain builder consent before finalizing the assignment agreement.

Question 14

Can assignments be advertised on MLS or Realtor.ca?

Accepted Answer

Many builders prohibit the public marketing of assignment units (including on MLS/Realtor.ca) in the original purchase agreement. Breaching that clause can put the original buyer's contract and deposits at risk. This is why some assignment inventory is only shared privately with registered buyers. We market only assignments the seller is permitted to advertise, and share restricted units with registered buyers.

Question 15

When do I pay the assignor vs. the builder?

Accepted Answer

You typically pay the assignor for their interest (deposit paid plus the assignment fee/premium) when the assignment closes, after the assignment agreement is signed and builder consent is obtained. You pay the remaining balance to the builder at the original final closing date when you take title to the unit.

Question 16

Do I need mortgage pre-approval for an assignment?

Accepted Answer

Yes. You will need financing to pay the assignor (if required) and to complete the purchase with the builder at final closing. Lenders treat assignments similarly to resale or pre-construction in terms of approval. Get pre-approved early so you know your budget and can move quickly when you find a suitable assignment.

Question 17

What documents should I review for an assignment?

Accepted Answer

Review the original Agreement of Purchase and Sale, the assignment agreement, any builder consent and fee letter, and the assignor's deposit receipts. Your real estate lawyer will help you understand your obligations, closing dates, and what is included in the purchase (e.g. upgrades, parking, locker).

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