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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.
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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
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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.
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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 CareSteve
*** dont forget to sign up for your chance to win $25000 at www.mikamloops.ca
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