This $1.7M Vancouver home was auctioned for half the price -- but there's a catch

An East Vancouver home on Windsor Street with a BC Assessment value of more than $1.7 million sold for $825,000 at Vancouver’s annual tax auction at city hall on Wednesday, despite looking heavily worn. The reserve price was $72,051. The sale was part of the City of Vancouver’s tax sale, which auctions properties when owners have failed to pay taxes for three years in a row, with reserve prices set at the amounts owed to the city. The article also references other auctions, including homes near Jericho Beach and the Royal Vancouver Yacht Club that sold for less than half their assessed values. The catch: owners have one year to redeem by paying taxes, triggering a refund to bidders plus 6% interest.