Episode 44 – Are Foreclosures Worth Buying in Canada?

Are foreclosures cheaper in Canada? // Foreclosure laws in Canada are much different than the US. The lender has to get fair market value and court approval. // Final sale prices are generally not much cheaper than market price. The risks to the buyer may negate the small savings they could get on a foreclosure.

0:00 Intro and News – The NDP announce a plan to register pre-sale assignments in an effort to tax profits. Will this help housing affordability?

10:40 Why does a home go into foreclosure?

15:16 You’re a buyer, how does it go if you find a foreclosure you like? The process of getting an offer accepted.

20:24 Waiting for your court date. You win the sealed bid auction at court.

28:48 What are the consequences if you lose in court? How long to wait until possession? You take the home “as is, where is”. There is a lot risk associated with that.

42:02 Storytime – A foreclosure that resulted in a 24 hour security guard at the house.

47:50 QOTW – Last minute, surprise question from Matt.