Individual residential real estate auctions are extremely uncommon in Canada, while one of this scale is unheard of.
The auction will be held by Royal LePage Signature Realty and California-based Kennedy Wilson, a real estate investment and services company. It’s set for Dec. 4 at the Westin Harbour Castle in downtown Toronto. This will be the first time the city has hosted a real estate auction. Opening bids are set for $85,000 for studios. There will also be one- and two-bedroom suites offered, which were previously listed as high as $375,000 each. Two-bedroom, two-bathroom waterfront condos with 1,850 sq. ft. will have opening bids of $155,000, and were once listed at $650,000.
CRE reported in July a waterfront Hudson mansion was sold via auction in Quebec for $3.4 million in an open-outcry auction also run by a U.S. company – Grande Estates Auction Co. The original list price was $3.4 million, but after 200 showings, the sellers decided for the auction option. Auctions are rare in Canada, but more common in countries like the U.S. and Australia.
For the upcoming auction in Toronto, there will also be commercial lots at Muskoka Wharf with up to 5,190 sq. ft. offered with opening bids of $120,000. They were previously priced at up to $507,900.
“Residents of Muskoka Wharf enjoy ‘cottage life’ at its finest, just a 90-minute drive away from the exciting sights and sounds of Toronto,” said the Kennedy Wilson press release.
To help potential Canadian buyers with the new auction experience, Kennedy Wilson is offering an informational seminar on Nov. 27 to registered bidders. It will be held at 1 p.m. at the Auction Informational Office in Toronto at 8 Sampson Mews, Suite 201.
Live online bidding is also being offered for this auction. Registered bidders are required to present a $2,500 deposit for each home or lot they have been approved to purchase. All homes also have a reserve price in which the seller has established an unpublished minimum selling price.
For more informaton, visit www.MuskokaAuction.com.
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