In Ontario, a lender who takes back a home almost never forecloses. It sells under power of sale — on the open market, through an agent, usually on MLS®. That is why the “secret foreclosure list” you see advertised does not exist, and why the real opportunity is in knowing which listings are power of sale and how to bid on them properly.
Tell me what you are looking for and I will send you the power of sale listings that fit, with the things the listing will not tell you: what the lender is actually owed, what comparable homes closed at, what condition to expect, and how to write an offer that a lender’s lawyer will accept.
- The real listPower of sale listings on the board across the GTA as they appear, matched to your area, type and budget.
- The contextComparable closed sales and a candid read on whether the price is a genuine opportunity or a distressed home priced like a normal one.
- The offer that worksLender sales come with their own schedule and terms. I have read them; you should not have to learn on your first one.
Set up power of sale alerts
About forty seconds. No account, no password, no portal login.
Power of sale versus foreclosure, in plain terms
Under a power of sale the lender sells the property and must account to the borrower for anything left after the debt and costs. Because the lender has a duty to obtain a fair price, these homes are listed on the open market and marketed like any other, which is why they rarely trade at the fire-sale discount people expect. Foreclosure, where the lender takes title and keeps any equity, exists in Ontario but is slower and uncommon. Nearly everything you will see is power of sale.
What is different about buying one
The lender has never lived in the home and will not answer questions about it. The sale is typically “as is, where is”, with no warranties about condition, appliances or even that the property is vacant on closing. The lender attaches its own schedule to the agreement, which overrides parts of the standard Ontario form, and its lawyer will not negotiate much of it. And until the deal closes the original owner can usually redeem the mortgage by paying what is owed, at which point your purchase simply ends. None of that should scare you off. All of it should be priced into your offer, and that is what I help with.
Where the opportunity actually is
Not in the list price. It is in the homes that sit because ordinary buyers are put off by the schedule and the uncertainty, in knowing what the lender is owed so you can judge how much room exists, and in being ready to close cleanly, because a lender chooses certainty over a slightly higher number almost every time.
Being on this list means you see them the day they post, with the numbers you need to decide whether to move.
Useful before you write an offer
- What you can afford and qualify for
- Renovation return on investment
- Rental cash flow on a hold
- Land transfer tax on your budget
- Price drop alerts
- Investment property in Toronto
Questions people ask first
Anyone selling you one is selling you a filtered MLS® search. Power of sale listings are public; what is not public is the context and the way to bid. That is what these alerts give you, and they cost nothing.
Usually yes if it is vacant, sometimes with difficulty if it is still occupied. Either way you should expect to buy without a seller’s disclosures, so a home inspection condition, or the budget to absorb surprises, matters more than on a normal purchase.
Often very little, because the lender must try to obtain a fair price and most are listed at market value. The real discount, when there is one, comes from homes that linger, from condition, and from the certainty you can offer. I will tell you candidly when a listing is not worth chasing.
No. If we get to an offer, Ontario requires a representation agreement and the RECO information guide, and on a lender sale you will also want a real estate lawyer to read the lender’s schedule before you sign. I will walk you through all of it then, not now.