The city is auctioning off these Toronto homes for ridiculously low prices

Nov 28 2019, 8:55 am

The City of Toronto is holding an auction (or a “sale of land by public tender, also known as a property tax sale) on November 28, and three residential properties are up for bids.

According to the city, this is a final step in the collection of overdue and unpaid property taxes.

“Once a property has accumulated property tax arrears of two years or more, a Tax Arrears Certificate is registered against the title of the property, allowing the property to be put up for sale unless it is paid off,” stated the city in a release.

“Typically, the properties that are chosen for sale have more than three years of arrears and are residential homes or land that is not occupied, where owners may be deceased or relocated, and next of kin cannot be found.”

The minimum bids are going for way less than market value, which as we know is currently very high in Toronto as the average house is now close to $1 million.

The three residential properties up for bid are:

Address: 46 Carling Avenue
Minimum tender amount: $97,055.89
Last returned Assessment Roll value: $775,000
Type: Vacant Residential

Address: 58 Laws Street
Minimum tender amount: $119,587.21
Last returned Assessment Roll value: $932,000
Type: Vacant Residential

Address: 56 Netherly Drive
Minimum tender amount:  $92,421.39
Last returned Assessment Roll value: $457,000
Type: Vacant Residential

As well, a vacant land is also up for bid at the auction, and the details for that include:

Address:  1339 Danforth Road
Minimum tender amount:  $357,502.15
Last returned Assessment Roll value:  1,293,000
Type: Vacant Commercial Land, Subject to restrictive covenant registered as Instrument Number AT157577. Site formerly used as a gas station/auto repair shop. Environmental investigation is advised.

The city said it makes every reasonable attempt to contact the property owner by mail, phone, site visits, and speaking with neighbours to locate and inform the property owner before listing a property for sale.

These properties can be purchased by anyone, with the highest offer accepted by the city.

Note that if you bid, full payment must be made to the city within 14 days, and a tax deed for the property is prepared.

Happy bidding, home hunters!