This $1.7M Vancouver home has an auction reserve of $72K. Yes, there’s a catch
The property is among 116 listed for auction by Vancouver in this year's tax sale, in which properties whose owners have not paid their taxes for three years are auctioned off.
A Vancouver home on Windsor Street, East Vancouver, is up for auction at the city's annual tax auction on Wednesday, despite being in poor condition. The property, valued at over $1.7 million by the city, has a tax auction reserve price of only $72,051. The auction, which includes 116 properties with owners who have not paid taxes for three years, is set to take place at City Hall.
Other properties in the area, including those near Jericho Beach and the Royal Vancouver Yacht Club, have higher upset prices. Tax auction expert Ron Usher warns that these sales are not for the inexperienced, and realtor Sean Holden advises potential buyers to avoid them. In the past decade, only three properties have changed hands through Vancouver's tax auction, highlighting the rarity of successful sales.
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