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

[westwardloo]

Looks like the City gotten taken for about $700,000 on this property by the previous owners who bought to property for $1 and sold it for $1.4 million. No maintenance was done and no property tax were for over 20 years. The city tried to sell multiple time to recoup the outstanding bills. I don't know how this kind of think is legal, but seems like this sleazy property owner, who used his son as the realtor of sale got away with it. So in the end the city lost what could have been a great heritage conversion and 700k. Seems like the city dropped the ball on this one.   

https://www.therecord.com/news-story/973...4-million/

I don't think it's the city dropping the ball, so much as their hands being tied by provincial legislation. There clearly weren't any takers at the prior price point, so the city reduced it and wrote off the tax debt. The problem is that provincial law guarantees the owner the ability to buy at the auction's minimum bid. I think at the very least the owner should have to compete with everyone else in bidding on the property, but I'd also be happy to see a separate minimum set for the previous owner at the amount of taxes owing. Either way it's a loophole in provincial law.

I have to agree with limiting the ability for the previous owner to bid on the property. But obviously there was a buyer and they bought the property for $1.4 million vs the $1.2 million the city tried to sell for. Obviously potential buyers low-balled the city because they knew their hands were tied. If Ford wants the city to start trimming the waste and find efficiencies maybe the provincial government can do something about this loophole to stop these tax criminals.