|25 Active Listings|
|17 Sold in the Past 30 Days|
|$224 Per Square Foot - Average Sold Price|
|42 Active Listings|
|15 Sold in the Past 30 Days|
|$209 Per Square Foot - Average Sold Price|
|48 Active Listings|
|12 Sold in the Past 30 Days|
|$233 Per Square Foot - Average Sold Price|
Banks are not motivated sellers of foreclosed homes.
Foreclosure Supply is controlled by banks and mortgage companies. It is against the best interests of the banks and mortgage companies to increase the supply beyond the demand. If lenders flooded the market and drove down prices that action would damage the value of the mortgages they still hold on similar properties. It would take a major financial market meltdown before Canadian Banks and Canadian Mortgage Companies became forced sellers of real estate. A rare event, but never say never....
The Court of Queens Bench are not motivated sellers of pre-foreclosure homes.
The Court is working on behalf of the home-owner. The Court will turn the property over to the bank after all home-owner equity is used up. Penalties, interest on interest and legal fees add up quickly. At that point, the courts evict the former home-owner and legal title transfers to the bank.
Foreclosures that appear to be a good deal, in general, are priced appropriately for the condition they are in. The really bad ones offer at most an opportunity to build what's called Sweat Equity. That means you do the work required instead of paying a tradesperson. But you don't need to limit yourself to looking at just foreclosures. Sweat Equity opportunities can be found in the much larger pool of regular MLS® Listings.
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