$1.7M East Van House Sells for $825K at Tax Auction—But the 'Catch' Changes Everything

At Vancouver’s annual tax sale held Wednesday at city hall, a dilapidated house at 4750 Windsor Street in East Vancouver sold for $825,000—less than half its B.C. Assessment value of over $1.7 million. The property’s yard is overgrown, its shingles are weathered, and the back stairs have disintegrated, yet it still carried a reserve, or upset price, of just $72,051, representing the unpaid taxes owed to the city. It was one of more than 60 properties auctioned after owners failed to pay taxes for three consecutive years. Nearby on Point Grey Road, two side-by-side homes assessed around $5 million and $6 million sold for $2 million and $2.75 million respectively, steps from Jericho Beach and just blocks from some of the most expensive residential real estate in the province.

The City of Vancouver’s tax sale operates under strict provincial rules designed to protect property owners. After a winning bid is secured by paying the upset price, the current owner retains the right to redeem the property for a full year by settling the overdue taxes. If that happens, the bidder receives a full refund plus six per cent interest—far above current government bond yields or standard bank savings rates. Retired notary Ron Usher told CBC News the law is structured to give owners the maximum possible opportunity to resolve the debt, and that many cases stem from situational oversights like inheritances rather than deliberate abandonment. The city itself confirmed that over the last decade, only three Vancouver properties have actually changed hands through this process, with the vast majority of taxes paid within the redemption window.