Foreclosures in Canada

[Pascal Lapointe]

Hi everyone,

I was wondering if you guys knew about some websites related to foreclosures in Canada? Are these typically listed on websites by banks or are there other ways of obtaining that information? 

I sometimes see listings on Kijiji where the agent mentions it being a foreclosure but they are quite rare, and honestly they usually don't advertise it.

I appreciate your help!

[Roy N.]

Pascal:

Not all provinces in Canada use judicial foreclosure - about half use contractual power of sale.

You are not going to find the lists and websites of forthcoming foreclosures here in Canada due to both privacy law and the regulatory/compliance obligations of the lender ... that and mortgage default is less common here.

Here you will typically find out about a foreclosed property or mortgage sale a few weeks before the auction when it is published in a local newspaper or the Royal Gazette (or equivalent) for the province.

When you see a listing on MLS or Kijiji which indicates the property is a foreclosure, that property likely has already been to auction - and didn't sell - and was subsequently listed with a real estate agent.