If you’re hunting for an incredible property deal, mark your calendars for April! The City of Calgary is preparing to auction off a staggering 82 properties that have overdue taxes.

This public auction comes as a decision from the City of Calgary's Real Estate Public Auction after a crucial vote by the infrastructure and planning committee. This annual event aims to retrieve unpaid property taxes—a novel opportunity for potential buyers. However, it's essential to understand that this isn't your run-of-the-mill property sale.

A municipal report clarifies, "The City of Calgary does not ‘own’ the properties being offered for sale at the public auction. Current registered owners or tenants may still occupy these properties." Therefore, stepping foot on any auction property could be deemed trespassing—a risk you need to be aware of if you decide to participate.

Running under the Municipal Government Act, this auction is a critical strategy to tackle outstanding property taxes. The properties on offer range widely, including everything from million-dollar homes to vacant parking stalls, providing diverse options for bidders. At the forefront of the auction is a stunning commercial building located in Franklin Industrial Park, with an eye-watering price tag of $7.5 million. However, due to the unpaid taxes, it opens with a surprisingly low starting bid of just over $285,000!

For interested buyers, be prepared: you must fork out at least one-third of the outstanding tax balance upfront, either in cash or a cheque, at the Royal Bank of Canada’s prime rate of 5.2% (as of this writing), with an additional 3% interest annually payable within just two months.

Want to ensure you don’t miss out on securing a property? If you need to remove a property from the auction list, you’ll have to settle all overdue taxes with guaranteed funds by March 31.

The auction will take place at the Historic City Hall Building atrium at 10 a.m. on April 24, presenting a golden opportunity for savvy investors and potential homeowners alike. Don’t wait—could this be the chance to snag your dream property at a bargain price? Keep your eyes peeled; the countdown has begun!