home for sale

City selling off three Toronto homes ‘as is’ to highest bidder

If you’re looking to buy an affordable home in Toronto and have some serious skills as a renovator, this could be your lucky day.

The city of Toronto is selling off three residential properties and a slice of vacant land via public tender today. Two of the homes are located in trendy, very hot neighbourhoods for real estate.

For instance, the home at 46 Carling Ave. is located just a couple of blocks west of Christie Pits park near the intersection of Bloor and Ossington. A quick Google view of the property shows a rundown semi-detached two-storey home with a lot of obvious cosmetic work needed but surrounded by nice homes on a neighbourhood street.

According to the city information, the last assessed value of the property was $775,000 with a minimum bid of $97,055.89 required. 

There is another entry-level semi-detached home for sale in the same area on the open market and it is listed at well over $1 million. 

The other homes up public tender include one at 58 Laws St. in the up-and-coming Junction neighbourhood with a minimum tender of $119, 587.21. In addition, there is a home at 56 Netherley Dr. in Etobicoke with a minimum tender of $92,421.39. Both homes look to be boarded up and unoccupied in recent photos. The vacant land is located at 1339 Danforth Rd. 

The residential properties, according to the city, are being sold “as is” but that’s not the only stipulation. In addition, potential bidders cannot “view or tour the property in advance, acquire internal or external images of the property from the city, conduct a pre-bid inspection.”

It is safe to assume a total gut reno scenario. But with the potential low price and the real estate market that won’t quit, there is likely to be serious interest. 

Parties must by a tender package for each individual property from the city for $36.28 from the North York Civic Centre. The city also advises that potential buyers consult with a lawyer and review the city’s tax sale rules. A minimum of 20 per cent of the tender amount is required for a deposit. 

Tenders must be received by Nov. 28 at 3 p.m.