Sale of Vancouver home for $1M below assessed value cancelled after outstanding taxes paid
A tax sale that would have seen an East Vancouver home purchased for $1 million less than its assessed value has been cancelled without the need for a planned intervention from city council.
The City of Vancouver confirmed to CTV News Thursday that the taxes owing on 3018 Knight St. had been paid by the Public Guardian and Trustee of British Columbia, which recently took over management of the estate of the property's former owner, who died in 2016.
"That payment satisfies the owner’s liability and voids the tax sale, thereby negating the need for any decision by council," the city said in an email.
The home was included in Vancouver's 2021 tax sale, where it sold for $601,000. The winning bidder paid the "upset price" – which city staff describe as "the sum of the delinquent taxes, penalty interest, and registration charges payable to the Land Title Office" – of $34,906.32 for the right to purchase the property.
Tax sale purchases don't go through right away, however. Instead, the property owner has 12 months to pay the upset price and "redeem" the property.
The vast majority of tax sales in Vancouver are redeemed, a fact that the city attributed, in part, to "extensive outreach" from city staff, "above and beyond what is minimally required" by legislation.
"Over the last 20 years, there has only been one instance where a property changed hands from a tax sale," the city said in its email.
What made 3018 Knight St. unusual is that it looked like the sale might go through, which was a problem because the city had been unable to confirm that the owner was aware of the sale.
In a report to city council ahead of a special meeting that was scheduled for Thursday, city staff recommended that councillors declare a "manifest error" in the tax sale process.
Specifically, the error involved the city's statutory obligation to notify an owner of a tax sale. Because the owner died in 2016 – something the staff report indicates the city had only just learned – he couldn't have received proper notification that the tax sale was happening.
The home's assessed value for 2022 is $1,619,000, according to the staff report.
As with most homes in the City of Vancouver, the vast majority of that assessed value – some $1,325,000 – is attributed to the land, rather than the structure built on it.
BC Assessment lists the home as a duplex built in 1998, with a total of six bedrooms and four bathrooms across the two units. It sits on a 4,029 square foot lot on an arterial road that the city has prioritized for multi-family rental and strata buildings that meet affordability criteria.
CTV News has reached out to the Public Guardian and Trustee of British Columbia to inquire about what will be done with the property going forward. This story will be updated if a response is received.
CTVNews.ca Top Stories
Auto theft probe leads to arrest of 59 suspects, recovery of more than 300 stolen vehicles: Toronto police
Toronto police say 59 suspects are facing a total of 300 charges in connection with an auto theft and re-vinning probe.
Ont. woman posed as registered nurse in Simcoe County for 4 years: OPP
An Ontario woman is facing serious charges after police allege she pretended to be a registered nurse at several Simcoe County facilities, despite being unqualified.
B.C. mayor's 'luxury' trip to Dubai climate conference was against ethics rules: commissioner
New Westminster Mayor Patrick Johnstone's all-expenses-paid trip to Dubai for a climate conference last December violated the city's Code of Conduct for Council Members and the Community Charter, the city's ethics commissioner has ruled.
Democrats Abroad Canada warns U.S. voters to take action ahead of possible Canada Post strike
Democrats Abroad Canada is warning Americans that a potential postal workers strike this weekend could affect the ability to vote in next week's election.
WATCH 'It's mind-boggling': Drought reveals U.S. town submerged in the 1940s
Hundreds of people are flocking to see a rare site in Pennsylvania: remnants of a historic town that is usually underwater.
Caught on camera: Edmonton police run over woman during welfare call
An Edmonton Police Service officer was caught on camera running over a woman with a marked cruiser last month.
Orphaned squirrel who became social media star was euthanized after being seized from New York home
An orphaned squirrel that became a social media star called Peanut was euthanized after state authorities seized the beloved pet during a raid on his caretaker's home, authorities said Friday.
B.C. landlord who evicted longtime tenant, hiked rent and re-listed unit ordered to pay $16K
A landlord from B.C.’s Lower Mainland who evicted a longtime tenant only to rent out the same unit months later for more money has been ordered to compensate him $16,480.
Secret Service report offers new details on failures during Trump assassination attempt
A new Secret Service report into the July assassination attempt against former U.S. president Donald Trump said multiple staffers knew about clear line-of-sight risks but found them 'acceptable' and that farm equipment intended to obstruct the view from the nearby building where the gunman opened fire was never used.