Messages

1

General / County Lambton 205 ACRES

« on: April 14, 2023, 07:50:53 PM »

sold for $1,862,000, 11 tenders

Is this the most expensive tax sale in history?

2

General / Interesting bid

« on: May 25, 2022, 11:54:34 PM »

209 Alberta St, Schreiber
Minimum Tender Amount: $8,621.89
2 tenders, sold for $8,622.00

Can you guess the 2nd bid? 

3

Member Experiences / Re: Re: Interesting read - Vendor takeback Mortgage Danger

« on: May 16, 2022, 03:09:02 PM »

https://www.cbc.ca/news/canada/british-columbia/b-c-man-s-property-sold-by-township-without-any-notice-over-6-700-in-unpaid-taxes-1.6447505 

This article also illustrates one of the often overlooked dangers of taking back a vendor takeback mortgage on sale of a property.
The owner does not pay their property taxes and it goes to tax sale.   The mortgage owner is supposed to be notified but if you
hold a mortgage make sure that you check the tax status if you are the mortgage holder and are facing a default.

The recent North Kawartha 73ac has VTB of $550k and the taxsale fetched $450k. Lucky the previous owner might be able to get some back. But I assume the legal will start or continue.

BTW, for those seasoned contributors here like Dave2, what is the common rule, if any, with regard to the term "grandfathered"? - does it apply to buildings/structures on the lot only, or does it apply to (the size of) the lot created (before or after the current zoning requirements take effect)? A few players received contradicting info re the NK waterfront from the town planner.

4

General / Re: Dangers of the game Elizabethtown Kitley / Georgian Bluffs

« on: March 04, 2022, 05:39:13 PM »

High or low, it looks like the 74ac in Elizabethtown Kitley and the 96ac in Georgian Bluffs got canceled after their respective opening. 

5

General / Re: Dangers of the game Elizabethtown Kitley / Georgian Bluffs

« on: March 04, 2022, 04:24:51 PM »

Didn't follow the 99 ac in Elizabethtown. Checked OTS results after. I believe there was one time OTS showed it was sold for the minimum (so was the 72 ac. glitch?) ... gee, Dave2 must have been on vacation. 
So I tendered a little over the minimum for the 96 ac in Georgian.  That was obviously opportunistic.  There were many tenders with the highest over 600k. Many in the 500k, 400k, 300k ranges. Not sure if it's worth it. There was a 100 ac +- a little further northwest in BP recently listed and sold for 500k +-.

6

General / I always thought BC had one year redemption period ...

« on: December 09, 2021, 03:41:04 PM »

B.C. woman loses home, $270K in equity over $10K unpaid tax bill; ombudsperson calls for change
https://bc.ctvnews.ca/b-c-woman-loses-home-270k-in-equity-over-10k-unpaid-tax-bill-ombudsperson-calls-for-change-1.5699326

Does it not?

7

Questions and Answers / Re: Can the owner sell?

« on: October 15, 2021, 10:30:07 PM »

You can but you definitely have a lot of explaining to do to the buyer, which ain't easy. The recent Newmarket taxsale was successful. At the same time the property was also listed on the market for sale. The owner was too broke to get enough credit to redeem it or he/she just bet on taxsale to get more proceeds maybe.

8

General / Does anyone know what's happening with Sheriff's Sale?

« on: October 04, 2021, 11:50:57 PM »

There hasn't been any since last March.

Justice can wait this long??

9

General / Re: Re: Are tax sales final?

« on: October 04, 2021, 11:38:30 PM »

Frank was the lower bidder who won at the end of the day.

Poor guy who had to come first before a CPA. 

10

General / Re: Re: Are tax sales final?

« on: October 04, 2021, 12:08:12 AM »

Here are the provincial regulations.  

https://www.ontario.ca/laws/regulation/030181

You can also dig up a few cases on Canlii

Perry Township Tax Sale No. 92-1 (Re), 1993 CanLII 8472 (ON SC)

and of course the famous one penny  case with Frank  who is likely the most knowledgeable person on this site..

https://www.canlii.org/en/on/onsc/doc/2004/2004canlii15530/2004canlii15530.html

Who is  Frank in the one penny case? Carrocci? or the guy who paid one penny short for the deposit? 

I also dug out Marsh v. Quinte West (City), 2017 ONSC 6869 (CanLII) https://www.canlii.org/en/on/onsc/doc/2017/2017onsc6869/2017onsc6869.html?searchUrlHash=AAAAAQAKInRheCBzYWxlIgAAAAAB&resultIndex=35 wondering if it's because the treasurer read it thus the recent Orkney Beach property got cancelled? 

11

Member Experiences / Re: Tax sale has no fun no bargain anymore!

« on: May 27, 2021, 08:21:06 PM »

$783k
$611k
.
.
.
$76k

unofficial

12

Member Experiences / Tax sale has no fun no bargain anymore!

« on: May 27, 2021, 08:09:45 PM »

Lambton Shores - so far the highest is 10 times of the minimum / the lowest tender - $783k!

13

Questions and Answers / Re: What's the best item you have found in a tax sale property?

« on: May 21, 2021, 12:45:02 AM »

Dave found a coffin with a dead body in. 

14

Property Information / Re: Re: Re: Grey Highlands 80 acres...Retirement plans crushed again.

« on: April 22, 2021, 05:09:49 PM »

The winner also has to consider: although 80ac it is, it's surprisingly undersized and short on the frontage to build on according to the town's Zone Provisions. I believe it can be resolved through the town's COA, but there will be hurdles let alone extra fees and costs.

it was 600 frontage.... not an issue

Minimum lot frontage 200 metres = 656 ft
Minimum lot area = 40 hectares = 98.8 acres

15

Property Information / Re: Grey Highlands 80 acres...Retirement plans crushed again.

« on: April 19, 2021, 05:32:54 PM »

The winner also has to consider: although 80ac it is, it's surprisingly undersized and short on the frontage to build on according to the town's Zone Provisions. I believe it can be resolved through the town's COA, but there will be hurdles let alone extra fees and costs.