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Quin Green
  • Rental Property Investor
  • Windsor
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How to find Foreclosures in Ontario

Quin Green
  • Rental Property Investor
  • Windsor
Posted Jul 23 2019, 16:35

Hi!

I am new to real estate investing!  I was hoping someone could help guide me in the right direction on how to acquire foreclosures in Ontario Canada?

Cheers,

Quinton

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Cole Black
  • Rental Property Investor
  • Markdale Ontario
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Cole Black
  • Rental Property Investor
  • Markdale Ontario
Replied Jul 23 2019, 19:16

@Quin Green are you looking to do rehabs, brrrrs, rentals or what is your goal with these foreclosures.

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Quin Green
  • Rental Property Investor
  • Windsor
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Quin Green
  • Rental Property Investor
  • Windsor
Replied Jul 23 2019, 19:45
Originally posted by @Cole Black:

@Quin Green are you looking to do rehabs, brrrrs, rentals or what is your goal with these foreclosures.

 I am looking for a place to house hack and looking for income properties!  Will get into rehabing, etc later on down the road potentially. Thanks!

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Roy Cleeves
  • Residential Real Estate Broker
  • Kitchener, Ontario
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Roy Cleeves
  • Residential Real Estate Broker
  • Kitchener, Ontario
Replied Jul 25 2019, 14:59

In Ontario, Canada we really don't have many foreclosures. The big lenders all do Power of Sale instead of foreclosure so that they never own the property. Power of Sale homes are listed on the MLS system and can be found on realtor.ca yet you would not necessarily know that they are a power of sale. The best way is to get a Realtor in the area that you want to buy and have them do a key word search such as Bank or Trust - these show up in the Seller names. Many of the lenders will not even allow us to say power of sale anywhere on the listing yet when owned by a bank or trust company then it is usually a power of sale and they usually sell for less due to poor condition of the home. I hope that helps!

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Replied Jul 26 2019, 10:49

@Roy Cleeves

With power of sale they are required to get fair market value. It's not like the foreclosure system in the US where you can get them at a substantial discount. You want pre power of sale, the owner will atleast receive some money instead of loosing it all. And you will receive a property with built in equity.

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Roy N.
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  • Rental Property Investor
  • Fredericton, New Brunswick
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Roy N.
Pro Member
  • Rental Property Investor
  • Fredericton, New Brunswick
ModeratorReplied Jul 27 2019, 19:17

@Quin Green

If you are going to be chasing mortgage sales, then it behooves you to follow the Ontario Gazette (Royal Gazette) and the classifieds section of the local newspaper for properties headed to mortgage sale.

When an interesting property comes up, attend the auction - if for no other reason than learn the upset price and learn if it sells. If the property does not sell at auction, then it will typically end-up on MLS a few weeks later. If you know the upset price from the auction, it will be a helpful comparison to the listing price and will give you guidance on how low your offer can be and still get a response.

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Paul H.
  • Developer
  • Ottawa, Ontario
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Paul H.
  • Developer
  • Ottawa, Ontario
Replied Jul 28 2019, 09:06

@Roy N.  Thank so much for that.  Until this post I had no idea how to find these auctions. <3

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Quin Green
  • Rental Property Investor
  • Windsor
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Quin Green
  • Rental Property Investor
  • Windsor
Replied Jul 29 2019, 18:17

Thanks everyone for the input!  

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Quin Green
  • Rental Property Investor
  • Windsor
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Quin Green
  • Rental Property Investor
  • Windsor
Replied Jul 29 2019, 18:18
Originally posted by @Kevin Hushagen:

@Roy Cleeves

With power of sale they are required to get fair market value. It's not like the foreclosure system in the US where you can get them at a substantial discount. You want pre power of sale, the owner will atleast receive some money instead of loosing it all. And you will receive a property with built in equity.

 How do you go about finding pre power of sale?

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Roy N.
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  • Rental Property Investor
  • Fredericton, New Brunswick
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Roy N.
Pro Member
  • Rental Property Investor
  • Fredericton, New Brunswick
ModeratorReplied Jul 30 2019, 19:26
Originally posted by @Quin Green:

How do you go about finding pre power of sale?

 You get to know your target neighbourhood: identify the properties of interest; then write some {yellow} letters - or have door knockers made - and get them to the owners.

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Replied Aug 4 2019, 20:30

@Quin Green

Here in Quebec we have 3 ways of finding pre foreclosures

1. Registre Foncier du Québec

This will tell you about anything that has happened to a property

Sale, Transmission, Lean, 60 day notice, Expropriation, sub dividing land....

Very had to find specific deals in here, you’d need to be lucky to find a 60 day notice, you have to search every address and fall upon it

2. JLR/ Mon Prospecteur

These are services where for a monthly fee they will have combed through #1^ and found the leads you want.

They cost 30-120$ a month.

Every time you access any documents to see the 60 day notice or any of the other things it will cost you 1$ each time you open it

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David Luhut
  • Ottawa, Ontario
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David Luhut
  • Ottawa, Ontario
Replied Aug 6 2019, 12:04

@Kevin Hushagen How do you find "Pre Power of Sale" then so that like you said, you can contact the owner and that they will at least receive some money.

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Replied Aug 14 2019, 11:52

@David Luhut

I am very new, I have yet to do one myself. Only way I'm aware of is advertising and having the owners contact you. I wish I could help you more. But that's about the limit of my knowledge in that area, best of luck. Keep at it

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Replied Mar 17 2020, 11:12

@AndrewJones 

@Andrew Jones @Quin Green Hi! I know this thread is very old but I was wondering if either of you found a tool like Mon Prospecteur for the Ontario market?

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Replied Aug 21 2020, 02:46

Yes I am also looking for a way to find a property in Ontario before it hits the market. I looked at the Ontario Gazette as suggested by Roy N but no luck. Has anyone else found a source for these?

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Roy Cleeves
  • Residential Real Estate Broker
  • Kitchener, Ontario
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Roy Cleeves
  • Residential Real Estate Broker
  • Kitchener, Ontario
Replied Aug 21 2020, 05:21

@Ryan Blackwell The easiest way to get the off market properties is to advertise for them.  That means using flyers in the neighbourhoods that you are interested in and advising that you want to buy their house.  Once they contact you, then you can make an offer that works.

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Gary McGowan
  • Investor
  • Stouffville, Ontario
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Gary McGowan
  • Investor
  • Stouffville, Ontario
Replied Aug 27 2020, 08:44

The best bet is to work with a local Agent that access Off-Market Deals, or exclusive listing networks. One of the Private Networks in the Greater Toronto Area currently has over 770 Exclusive listings on it (only Realtors® have access to it). They are listed on there to generate a buzz about the property. 


It also depends on the area you are investing in. 99.9% of Sellers want their home on the market as it is a very strong Sellers market at the moment.