A neighbourhood in the city of Markham, Ontario.
If you’re looking to own some property in the GTA but can’t drop a cool seven figs to own a place in Toronto, then listen up.
The city of Markham currently has a tax sale on some real estate properties, and right now the starting bid is as low as $8,190.48.
So, what exactly is a “tax sale”? Well, according to the city, these sales happen when taxpayers fail to pay off their taxes to win their properties back during the “right of redemption period.”
“During this period, he or she has the opportunity to pay off the tax arrears in full and reclaim the property. If the property owner fails to pay the back taxes, along with any interest accrued, the property is then eligible to be sold by the City of Markham through a bidding process,” city officials wrote.
There are currently five properties that are up for bids, and all bids have to be submitted by 3 p.m. on September 1 at the Clerk’s Department at the city’s municipal office.
All tenders have to include at least a 20% deposit of the tender amount, which can be sent through a cheque, bank draft, or money order payable to the municipality.
Here’s what you should know before placing a bid
You’ll need to follow a few rules and be aware of some things if you’re considering submitting a tender for a tax-sale property.
While it’s allowed to drive past the property to see where it is and what it looks like on the outside, the city says site visits aren’t available.
The sale isn’t a “vacant possession” either, meaning that the successful bidder won’t just receive a key to the property but will be held “responsible for the eviction process if necessary.”
The city recommends doing some research into the place you’re placing a bid on because you will be held responsible for “any Federal or Provincial liens on title.”
You will also have to be responsible for tackling any environmental concerns tied to the property and if you’re wondering what the hydro situation is like, you’ll have to figure that out on your own.
Lastly, the city recommends retaining a lawyer during this process — as these kinds of sales aren’t your average real estate transaction — and that you should do all of your due diligence while researching the place.
So, here are the five properties that are currently up for sale through the City’s tax sale:
- Moore’s Court, Markham, the assessed value is at $25,000, and the minimum tender amount is $8,190.48
- Northside Road, Markham, the assessed value is at $17,800, and the minimum tender amount is $8,704.99
- Moore’s Court, Markham, the assessed value is at $190,000, and the minimum tender amount is $34,658.82
- 66 Fieldview Cres., Markham, the assessed value is at $653,000, and the minimum tender amount is $38,231.47
- 10 Black Cherry Dr., Markham, the assessed value is at $826,000, and the minimum tender amount is $161,700.39
This article’s cover image was used for illustrative purposes only.