Houses with unpaid property taxes up for auction in Vancouver

VANCOUVER (NEWS 1130) – It’s that time of year again.

Homeowners who haven’t been paying their property taxes in Vancouver have their homes listed for auction in what is largely a pressure tactic by the city to get these people to settle their debts.

In practice, very few homes actually change hands, says Esther Lee with the city of Vancouver.

“It has happened in the rare, rare occasion, if a property owner feels that the bid price is good, and they are thinking of letting the property be sold, this might be an opportunity to save on real estate fees,” says Lee.

Owners have a year to gather the funds necessary to pay their property taxes.

Lee says those bidding often do it for the short term investment, as the owners are forced to shell out six percent interest to those people until they settle up with the city.

“It’s usually more for the short term investment than really the chance of getting a property for what people think might be a bargain price,” says Lee. “It’s very rare that the property actually transfers.”

This year, homes priced between $300,000 and $3-million were posted on the city’s website.

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