It's not often there's a bargain to be found in the Vancouver real estate market, but today a slew of property goes under the hammer, at a fraction of its resale value.
Everything from west side single family homes to downtown condos are up for auction at the City of Vancouver's sale to reclaim unpaid property taxes — at starting prices mostly under $10,000.
There is a catch, of course: the current owners of the homes have one year following the auction sale to pay their arrears in full, plus interest accrued and any monies paid by buyers over the auction starting price.
But, while the home may never actually become yours, if the original owner does pay up within the year, you receive your money back plus six per cent interest. Purchases must be made by cheque, debit card or cash only.
Read the full list of properties available for purchase, and view a selection below.
#2108-1199 Seymour Street
Assessed land value: $280,000
Starting price: $2,553.92
Currently being advertised as a furnished rental for $2,095 per month.
1231 Salsbury Drive
Assessed land value: $602,000
Starting price: $3,263.76
1248 West 15th Avenue
Assessed land value: $882,000
Starting price: $6,419.52
Currently operating as Hycroft Suites, a four-unit vacation rental with rack rates of between $250 and $400 per night.
654 East Broadway
Assessed land value: $1,255,000
Starting price: $24,230.52
This mixed-use building has both living and commercial space.
The City of Vancouver auction started at 10 a.m. on November 12. An earlier version of this story was incorrect.Nov 12, 2015 4:50 PM PT