Last Updated on October 24, 2023 by Steve Randall
Six properties are being sold by the City of Toronto in a property tax sale this month.
The properties have combined property tax arrears of $2.2 million; once tax arrears reach two years, the City can issue a Tax Arrears Certificate and put the property up for sale unless the arrears are paid off.
The City makes every reasonable attempt to contact the property owner by mail, phone, site visits and speaking with neighbours to locate and inform the property owner before listing a property for sale.
However, once the sale begins anyone can purchase the properties with the highest offer being accepted by the City. If the purchase price exceeds the money owed in taxes and other charges related to the sale, then the balance is paid to the Ontario Court.
The six properties to be sold are three unoccupied residential properties (46 Carling Ave., 58 Laws St., and 56 Netherly Dr.), one vacant commercial land property (1339 Danforth Rd.), and two occupied commercial properties (97 and 127 Rivalda Rd.).
Tenders must be submitted in the prescribed form and be accompanied by a deposit of at least 20% of the tender amount.
Steve Randall has more than three decades of media experience encompassing online, newspapers, magazines, radio, and podcasts. He focuses on insights and news for professionals in finance, real estate, and legal services. Steve writes for multiple Key Media titles in Canada, United States, Australia, and New Zealand.
