Auction Sale

Explore auction sales in Canadian real estate — what they are, how they work, and why they’re used for certain properties.

Auction Sale

July 27, 2025


What is an Auction Sale?

An auction sale in real estate is a public sale where a property is sold to the highest bidder, often used for distressed properties or unique assets.

Why Auction Sales Matter in Real Estate

In Canadian real estate, auction sales provide an alternative way to sell or acquire property, often with quicker timelines and transparent pricing.



Key aspects:
  • Can be voluntary or court-ordered (e.g., foreclosure)
  • Typically sold as-is, where-is
  • Requires due diligence before bidding



Understanding auction sales helps buyers and sellers navigate risk, pricing, and process requirements.

Example of an Auction Sale in Action

The bank held an auction sale to recover funds after foreclosing on a commercial property.

Key Takeaways

  • Property sold to highest bidder
  • Used for distressed or unique properties
  • Transparent and competitive process
  • Buyer accepts property as-is
  • Requires thorough pre-sale research

Related Terms

Additional Terms

Public Realm Improvements

Public realm improvements are enhancements to public spaces such as sidewalks, parks, plazas, and streetscapes, often funded or contributed by. more

Mortgagee in Possession

A mortgagee in possession is a lender who takes control of a property after borrower default, but before foreclosure or power of sale. The lender. more

Lease Surrender Agreement

A lease surrender agreement is a negotiated contract between a landlord and tenant that ends a lease before its scheduled expiration. Terms may. more

Green Infrastructure

Green infrastructure refers to natural or engineered systems that manage stormwater, reduce heat, and improve sustainability in developments.. more

Escrow Holdback

An escrow holdback is a portion of funds withheld at closing and held in escrow until specific conditions are met, such as completion of repairs,. more

Underused Housing Tax

The Underused Housing Tax (UHT) is a federal annual 1% tax on the value of vacant or underused residential property owned by non-resident,. more

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