While the list currently includes nearly 140 properties, the city states the actual number of properties auctioned off will be much lower
Calling it a last resort to recover outstanding property taxes, the City of Calgary is once again preparing to auction off tax-delinquent properties this spring.
The city has released a tentative list of 139 properties, some of which could be sold at the 2024 Real Estate Public Auction on April 24 at City Hall.
All of the listed properties have a tax notification registered on the Certificate of Title as a result of tax arrears, according to the city.
“Each municipality is required by law to hold a public auction and offer for sale any parcel of land shown on its auction list if the tax arrears are not paid,” reads a statement to Postmedia from the city’s real estate and development services team.
Properties offered for sale in the auction can include vacant lands, parking stalls, residential properties and commercial properties.
Currently, the highest-priced property on the list is a row of townhouses at 1426 23 Avenue N.W., just south of Confederation Park. The city’s minimum starting bid for the property is set at $12.5 million and the balance of outstanding taxes is $257,443.48.
While the list currently includes nearly 150 properties, the city states the actual number of properties auctioned off will likely be much lower. That’s because in the lead-up to April 24, the city’s credit and collections team will work with property owners to determine a debt repayment plan.
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“It is important to remember that when a property owner is unable to fulfill their responsibility to pay their property tax, it is often a symptom of other challenges in their life,” the city said, adding such challenges could include finances, physical, mental and emotional health issues, addictions, and family or relationship issues.
At the infrastructure and planning committee meeting on Wednesday, Chris Gusa from the city’s real estate and development services team told councillors the city anticipates two to eight properties will be auctioned off this year.
Historically, “very few properties” on the listing end up being auctioned, thanks to the efforts undertaken by the credit and collections team, according to Gusa.
“Every day, the list is updated with properties being removed once the outstanding property taxes are paid, or if the owner enters into a tax agreement with the city,” he said, adding “the majority of these properties” will be removed from the listing prior to the start of the auction.
To illustrate this point, the city said there were 164 properties included on the initial list in 2023, but only five properties ultimately went to auction, with one selling for $150,000.
Revenues raised from the auction are deposited into a city-managed tax sale account, which is then used to pay off the tax arrears. An administration fee of five per cent is also applied.
If any money remains after the tax debt is paid off, the city said the previous owner may be paid the balance of these funds.
However, if there are any other interests in the property, the city will ask the previous owner to make an application to the Court of King’s Bench for an order “on how the proceeds of the sale are to be handled.”
If the previous owner does not submit an application within 10 years, the city may then use the proceeds deposited into the tax account for any purpose it chooses.
OTTAWA – The Canadian Real Estate Association says the number of homes sold in August fell compared with a year ago as the market remained largely stuck in a holding pattern despite borrowing costs beginning to come down.
The association says the number of homes sold in August fell 2.1 per cent compared with the same month last year.
On a seasonally adjusted month-over-month basis, national home sales edged up 1.3 per cent from July.
CREA senior economist Shaun Cathcart says that with forecasts of lower interest rates throughout the rest of this year and into 2025, “it makes sense that prospective buyers might continue to hold off for improved affordability, especially since prices are still well behaved in most of the country.”
The national average sale price for August amounted to $649,100, a 0.1 per cent increase compared with a year earlier.
The number of newly listed properties was up 1.1 per cent month-over-month.
This report by The Canadian Press was first published Sept. 16, 2024.
The Canadian Press. All rights reserved.
MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.
Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.
Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.
She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.
The two brokers were suspended in May 2023 after La Presse published an article about their practices.
One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.
This report by The Canadian Press was first published Sept. 11, 2024.
The Canadian Press. All rights reserved.
MONTREAL – The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales rose 9.3 per cent in August compared with the same month last year, with levels slightly higher than the historical average for this time of year.
The association says home sales in the region totalled 2,991 for the month, up from 2,737 in August 2023.
The median price for all housing types was up year-over-year, led by a six per cent increase for the price of a plex at $763,000 last month.
The median price for a single-family home rose 5.2 per cent to $590,000 and the median price for a condominium rose 4.4 per cent to $407,100.
QPAREB market analysis director Charles Brant says the strength of the Montreal resale market contrasts with declines in many other Canadian cities struggling with higher levels of household debt, lower savings and diminishing purchasing power.
Active listings for August jumped 18 per cent compared with a year earlier to 17,200, while new listings rose 1.7 per cent to 4,840.
This report by The Canadian Press was first published Sept. 6, 2024.
The Canadian Press. All rights reserved.
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