Vikas Palan, Sales Representative
Homelife Superstars Real Estate Ltd.
For Questions or to Schedule a Visit, Please Contact
Call: 416-939-2500 or Email: vikas@vikaspalan.com
Power of Sale / Foreclosure Listings in Toronto & GTA
Listings are updated daily from MLS and lender-sourced properties.
- Default Order
- Price - Low to High
- Price - High to Low
- Date - Old to New
- Date - New to Old
| MLS | Type | Address | Bed Rooms | Bath Rooms | Parking | Price |
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Power of Sale / Foreclosure Listings in Toronto & the GTA
Power of Sale and Foreclosure properties shown above are homes being sold under lender authority due to mortgage default. These listings are available across Toronto and the Greater Toronto Area (GTA) and are typically offered in “as-is” condition, with limited representations or warranties from the seller.
Availability and pricing of these properties can change frequently. Some homes may accept conditional offers, while others may require firm offers depending on lender requirements and market conditions. Closing timelines and deposit amounts may also vary by listing.
This page is updated regularly to reflect newly listed and recently sold Power of Sale and Foreclosure properties. For the most accurate and up-to-date information, buyers are encouraged to verify listing details prior to making an offer.
Frequently Asked Questions
What is a Power of Sale?
A Power of Sale is a legal process in Canada where a lender can sell a property if the homeowner defaults on their mortgage. Unlike foreclosure, the homeowner may still have time to resolve the issue before the sale is finalized.
How is Power of Sale different from foreclosure?
While both involve selling a property due to mortgage default, Power of Sale allows the lender to sell the property directly without taking full ownership, often making the process faster than foreclosure.
Can I buy a Power of Sale property in Toronto?
Yes, anyone can buy a Power of Sale property, but these homes are sold “as-is,” and the buyer assumes responsibility for repairs or outstanding debts.
Are Power of Sale properties cheaper than regular listings?
They can be, but not always. Prices are often below market value because lenders want a quick sale, but some may require significant repairs.
How long does the Power of Sale process take?
Typically a few months from notice of default to final sale, depending on the lender and property condition.
What is a foreclosure?
Foreclosure is a legal process where the lender takes ownership of a property when the homeowner fails to pay the mortgage. Unlike Power of Sale, the lender becomes the owner before selling the home.
How is foreclosure different from Power of Sale?
In foreclosure, the lender assumes ownership before selling, which can take longer than a Power of Sale. Power of Sale keeps the sale more direct.
Can I buy a foreclosure property in Toronto?
Yes, foreclosure properties can be purchased, but they are often sold as-is and may require extra legal steps to clear ownership.
Are foreclosure properties cheaper?
They may be, but prices vary. Some foreclosures sell below market value, while others may have additional liens or repair costs.
What are the risks of buying a foreclosure property?
Risks include unpaid taxes, liens, or property damage. A title search and property inspection are crucial.
