Tax Sales and COVID-19 pandemic
Since March 2020 the majority of municipalities in Ontario have stopped publishing new tax sales due to COVID-19. Officially, a municipality can postpone tax sales for up to 90 days. On the top of that, government of Ontario has released a new regulation, which allows municipalities to delay tax sales additionally for up to 120 days. It's been a long time since March, so we expect massive tax sales batches to be published within next 3 months.
British Columbia has released the Emergency Program Act, which allows municipalities to postpone tax sales till September 27, 2021.
New Brunswick has announced that the next tax sale is tentatively scheduled for April, 2021.
Nova Scotia municipalities are postponing tax sales until further notice.
Stay safe, stay healthy. We'll keep you posted.
Tax Sales Hub Team.
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Our goal is to supply valuable information and services to individuals and companies involved in the investment of tax sale property. We provide many resources to help you make well-informed decisions when it comes to investing in tax sales by public tender in Canada.
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A very strong advantage of purchasing a property at tax sale is the ability to acquire a property at a price vastly below market value. Municipalities conducting tax sales need to recoup the amount of taxes plus penalties.
We'll send weekly emails to our members with details about newly listed tax sales across Canada. Our properties search page will provide currently listed properties, as well as history of past tenders.
Since the tax sale is a public event, others will likely be submitting tenders. The person with the highest tender will be permitted to purchase the property. Your deposit should be at least 20% of the full amount.