Ontario Tax Sale Property Forum
Sheriff Sales / Foreclosures => General Discussion => Topic started by: les on June 05, 2013, 04:06:11 PM
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any thoughts on these Toronto properties,if not redeemed they will probably go for high amounts
of $$$
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The Jane/Finch condo is listed for sale on MLS - those who do not know the area will be surprised at the low price. Any hidden treasure will be in the parking spaces. I recall that the consensus on the last Toronto sale was that both of the houses would yield a small profit for the tax sale purchasers if they did the renovations before selling. There is nothing to suggest that this sale will be any different. That is, a tender on any of the houses at under 200k is just a waste of money. It is also unlikely that any will sell for more than market value although there will be no shortage of "experts" saying that the high bidder overpaid. These "experts" will be at the opening talking about the termite issues in the Rushton Road area, the CRA liens yet to be added to the Glen Avenue house, declining values in that area of Eglington Ave west (subway ignorant), and waving their GeoWarehouse reports in the air as absolute proof.
One thing to keep in mind is the high land transfer rate that applies only on Toronto sales. Also most municipalities are charging HST on all tax sale properties to non registrants and it is then up to you to argue for a full, or partial, rebate based upon the "used residential dwelling" criteria.
It should be an entertaining sale if anything of value remains. Best of luck.