The Shannondale (née Electrohome, 152 Shanley St) | 8 fl | U/C

[tomh009]

I don't think the City was legally allowed to sell the property for less than the tax owing. They have now written off interest on the taxes, so the new selling price is the principal amount.

Which makes no sense at all. A property cannot be sold for more than its worth to a bidder. So conceivably you could end up with an unsellable property, and indeed we might have such already.

Quite right. But it's how the rules work, and the city did not have a choice in the matter.