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Are there real estate auctions in Canada?

Q: We read about U.S. and Australian real-estate auctions all the time. Are there such auctions in Canada and what is the procedure?

A: Well, yes and no. First off, in the United States, the auction process varies from state to state.

In some, you stand literally at the city hall steps and bid with a group of other people on whatever the clerk is offering daily. Others take place in big barnlike environments.

In Australia, every regular house is sold via auction in the living room of each house or the broker’s office.

In Australia, auctions have a reserved price … so negotiations are actually similar to ours. No stealing a property. However, in the U.S., auctions are unreserved … meaning the best price gets the property.

In Canada, you have both kind of auctions … but very few of them. Your best bet is to go to an auction house like Ritchie Bros. where you can bid online and -very important -all auctions are unreserved (best bid wins).

Alas, there are now only properties in Alberta, Saskatchewan and New Brunswick coming up for auction there. But you can bid on-line. Look it up here: web/rba/auctions/real-estate

About Ozzie Jurock

OZZIE JUROCK (FRI) is the author of Forget About Location, Location, Location. Ozzie Jurock is also president of Jurock Publishing Ltd. Peter C. Newman in his book Titans called him a Real Estate Guru. Vancouver Magazine called him one of the 45 brightest people in Vancouver. Ozzie Jurock appears every 2nd Wednesday on Global TV News Hour. He also authored the book: Forget About Location, Location, Location and has written hundreds of published real estate articles in the Vancouver Sun, Business in Vancouver, the Globe and Mail, the Western Investor and dozens of magazines. (List of published articles.) Several thousand people have subscribed to his monthly and weekly newsletters Jurock Real Estate Insider and Jurock's Facts by Email.

Comments ( 2 )

  1. I’ve been a licensed real estate broker in the niagara region ontario canada for 20 years. I’ve sold several large industrial properties, apartment houses, etc. Two years ago I went to Repperts Auction School in Indiana & got my license to auction real estate. I have no support from my bank even though my credit is good. Seems like a lot of resistence from clients to sell real estate by auction. Objections are: 1) Auction is a last ditch effort, risky,2) They might be forced to sell too cheap, 3) Buyers premium too high (always same with past sales),4) They just don;t believe…I believe I can address concerns ie value: i insist on AACI appraisal, vendor agrees to sell @ 15% below evaluation, but they don’t pay listing comission I’ve not been able to book one auction & I’ve tried different marketing efforts. You are obviously a very smart man in real estate.& I would do anything for your help in Ontario.

    Many years ago, my family owned Sheraton Hotels in Niagara Falls, Montreal & St. Louis & I lived on a plane running the properties. I only mention this so you know I can work on a broader scale.
    I sincerely hope to hear from you.

    Thank you,

    Bill White
    Principal Broker,,
    Niagara Real Estate
    Real Estate Auctions Ontario Brokerage
    Licensed Real Estate Auctioneer.

  2. Real estate agents should not be permitted to auction real estate unless they abide by the rules as set out in court proceedings on foreclosures. A real estate agent is to facilitate the trade between buyer and seller according to the definition of market value. An auction may or may not be at fair market value so there has to be guidelines for fairness. The auction should be scrutinized by an unbiased third party, for adhering to those guidelines and for fairness, such as a lawyer, notary or designated appraiser.

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