The red-hot Toronto housing market is a tough place for many people, so imagine owning a home worth just over $700,000 for a small fraction of that price.

At least that was what people were hoping Thursday as they bid on properties seized by the city after the owners failed to pay overdue property taxes.

Unfortunately for those looking for a deal, the bargain-basement prices (no pun intended) were not to be, as the listed homes were auctioned off for well above their minimum bids.

The city said they received about 239 bids on three homes. Here’s what they went for:

46 Carling Avenue: 75 bids – minimum bid: $97,055.89 – Highest bid: $729,000

58 Laws Street: 77 bids – minimum bid: $119,587.21 – Highest bid: $901,000

56 Netherly Drive: 80 bids – minimum bid: $92,421.39 – Highest bid: $550,000

The homes were in pretty rough shape and the bidders weren’t allowed to go inside before placing their offer.

The city typically auctions off seized properties about twice a year, so for those looking for a deal on a Toronto property, they will have to wait until next time.

With files from CityNews’ Melissa Nakhavoly