Here you can find condos, townhouses and single family homes under foreclosure, and offered as a court ordered sale on the Multiple Listing Service®. Also have a look at our blog where we offer some important information on how to deal with this category of Real Estate. Properties offered under Conduct or Sale, or court ordered sales, can often be had at a slight discount, but it is a common misconception in Canada that real bargains can be had on Real Estate offered for sale under foreclosure.
Unlike in the United States, Canada has some pretty strict laws that protect homeowners from financial institutions looking to recover their losses and forcing the sale of properties of borrowers in default on their mortgage. The law offers certain protections to property owners, like a six month redemption period and long marketing period to insure the best price is achieved for the owner in default.
Judges tend to be sympathetic to property owners in default and care a bit less about the interests of banks than their counterparts in the US. Discounts are still available but they typically max out at 5% below fair market value, unless of course there are other issues with the home beyond the foreclosure process.
It's typically novice Real Estate investors induced by US literature on the opportunities presented by foreclosure and distressed properties who search for this category of Real Estate. In Canada you are barking up the wrong tree.
Furthermore, there are virtually no properties entering the foreclosure process in this market. Buyers can easily deal with an insolvency problem by selling their properties themselves without entering the foreclosure process. Once and if the market turns that will be a different story, but then you will still have the Canadian court system to contend with, which is not for the faint of heart.
if this list is empty there are currently no properties under foreclosrue available on MLS.