In Canada, when a homeowner stops making mortgage payments, the lender has the legal right to begin the foreclosure process. The property serves as collateral for the mortgage loan. When the property is sold, sale proceeds that exceed the outstanding mortgage balance are returned to the homeowner. However, if the sale price does not cover the full mortgage balance, the lender may seek legal action to recover the remaining amount from the homeowner.
Importantly, in Canada, foreclosures are required to be sold at or near market value. Whether the seller is a bank or a court-appointed trustee, they are prohibited by law from selling a property at fire sale prices. Lowball offers will not be entertained or countered. Foreclosure Offers to Purchase are structured similarly to regular Offers to Purchase, but with a few key differences
If you're interested in purchasing a foreclosure in Canada, we only work with serious buyers who sign our Buyer Brokerage Agreement and provide a non-refundable deposit. We help you find and buy foreclosed real estate.
Calgary's foreclosure market offers unique opportunities for savvy buyers and investors. Whether you're looking for a great deal on a home or are interested in understanding how foreclosure sales work in Calgary, our expert insights can help.
Stay updated with the latest foreclosure trends, tips, and listings. Our blog covers everything you need to know to navigate the Calgary foreclosure market.
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