Failure to pay municipal property taxes for over three consecutive years results in a property being placed for tax sale in British Columbia. This can be an excellent opportunity for Canadian real estate investors, once they understand the local Government Act. This Act gives the collector the authority to sell a property for the upset price. The upset price is the total of all outstanding taxes plus interest, 5% of tax sale costs, and the Land Titles office fees.

There are some differences among various municipalities in the province of British Columbia, but the majority of them have similar rules. The rural areas have different tax sale rules as does the city of Vancouver, which has its own charter and rules. You can obtain more information from the surveyor of taxes.

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The word foreclosure means “to deprive a borrower [in default] of the right to redeem the mortgaged property.” In British Columbia, the foreclosure process it is a Judicial Sale.

It is also an extinguishment. In legal terms, this means to pay off and satisfy in full, or to nullify. In a sense, a foreclosure is like a divorce proceeding, where the borrower and the lender become divorced under the mortgage terms. All of the foreclosures in British Columbia are subject to Judicial Sale proceedings. The lender can apply to the British Columbia Supreme Court for a judicial sale, also known as Court-ordered sale, which will then be carried out under strict Court orders.

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