Foreclosure

They are very rare in Ontario and I am assuming BC as well. What bank listings in your area are probably Power of Sale. Difference being that the bank is not the legal owner in a power of sale but they are in a forclosure.

Hello, below is a link to a great article relating to the key differences between Properties being sold under Power of Sale and those being in Forclosure.

http://www.mytorontorealty.com/blog/p/buying-a-power-of-sale-in-toronto---toronto-real-estate-blog

I am surprised to hear that foreclosures are rare in Ontario. About 4% of MLS listings in Alberta have been foreclosures for the last couple of years.

Greetings
In BC, we have seen more and more foreclosure listings as houses sit unsold after long exposures to the market. It is a new trend for sure.
Take Care

Steve

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