Canadian tax sales enable local governments to collect delinquent taxes, which are used to pay their bills – for roads, schools, transportation systems, and the like. The tax sale process is open to anyone who’s aware of it, and who invests some time to learn how it works.
Ordinary individuals who might feel they can’t afford real estate at this time will be surprised to discover that tax sales allow you to acquire real estate for little more than the price of the taxes owed. Any interested party can bid on a property.
Except for instances in highly sought-after areas, the winning bidder (typically the highest) gets the property at a deeply discounted price. However, in large cities like Toronto, it’s not unheard of for a property to go for more than its assessed value, due to aggressive bidders that might include developers.
Although under the marketing radar, tax sales have been ongoing across Canada for many years. These properties are never sold by real estate agents or financial brokers, and don’t follow marketing trends, which regularly change. Tax sales are governed by the Municipal Act, 2001 and the Municipal Tax Sales Rules made under that Act.
You can learn more about tax sales by getting the book, How To Buy Tax Sale Properties: A Canadian Guide.
It’s available in hard copy or an e-book version. The e-book is available only from this website; email firstname.lastname@example.org.
The hard copy is also available from this website, and from Amazon Canada
To get the e-book today, click here.
If you’re a rehabber and you want help calculating your wholesale purchases and being confident of how much to resell a property for, click here to learn how to get a FREE download tool, with no obligation, click FREE .