Real Estate News Headlines // November 13th 2015

Jethro Seymour, one of the Top Toronto Real Estate Brokers, provides you with Canadian real estate news headlines

There is little doubt that overseas money has had an impact on the high cost of Canadian real estate.
Even the Canada Mortgage and Housing Corporation appears to have conceded the fact. In a speech this week, CMHC president Evan Siddall said that despite having poor data on foreign ownership, it was likely pushing up the price of Canadian housing.

The real estate market in Metro Vancouver is one of the tightest in the country, with many more prospective homebuyers than properties up for sale.So it may surprise some to learn that every November, the city simply auctions off homes to the highest bidder.
The auction is called a tax sale, an event in which the city takes over ownership of properties with three years of unpaid property taxes and put them up for sale.
This year, 18 homes and businesses owing a total of $600,000 in back taxes are up for bids. Bidding on these properties begins at the “upset price,” which is the total of the longest overdue taxes plus interest. That means opening bids are often just a fraction of the property’s market value.

Jethro Seymour, Davisville Real Estate Broker at Royal LePage RES Ltd., Johnston & Daniel Division

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