Sale of land by public tender

This is how much those discounted million dollar houses sold for in Toronto

Three residential properties and one commercial piece of land hit the housing market yesterday at unthinkably low prices as a part of a Sale of Land by Public Tender.

The houses of course were unthinkably dilapidated and abandoned. Most of them have only had raccoons as residents in the last several years.

The city auctioned off the houses with a starting bids which were equivalent to the amount the property owed in taxes. For instance one of the addresses in the Junction had a starting bid of $119,587.21, which is a price unheard of in that neighbourhood.

Buyers weren't allowed to see the inside of the houses, or do any kind of inspection of the properties. But the risk didn't stop bidders.

Unfortunately for people looking to snatch up a good deal, the low low prices did not stay that way. Many of the houses ended up being sold for what their assessed values would be. 

According to CBC News, there were 75 bids on a storey Bloor-Ossington house at 46 Carling Ave. The minimum bid received by the city was just over $97,000, but the  winning bid ended up being almost eight times that at $729,000.

As for the Junction house at 58 Laws St., 77 bids came in for the property, with the minimum coming in at over $119,000. The winning bid was $901,000.

There were 80 bids on a split-level fixer-upper in Etobicoke at 56 Netherly Dr. The highest bid came in at $550,000. The minimum bid was just over $92,000.

Google Maps image of 56 Netherly DriveHopefully those who were hoping to snag one of the houses at low cost will have better luck on Black Friday.

Lead photo by

Google Maps


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