Ontario power of sales surge as desperate homeowners run out of runway

[shockedcanadian]

Canada is collapsing. I know what some of the biggest problems are.

Some of us were the solution. Now we just watch the wheel go around as the Creepy Ones pretend to be the good guys decimate our nation.

Ontario power of sales surge as desperate homeowners run out of runway

New data points to a two-year high in forced sales as the sluggish spring market leaves little opportunity to sell before lenders take over.

www.thestar.com

Distressed home sellers are popping up more and more in Toronto’s real estate market as prices continue to tumble, leaving hundreds of homeowners with no equity in their homes.
April reached a two-year high for the number of power of sale listings in Ontario with more than 300, according to publicly available information on IDX and VOW — property listing databases that realtors can access.

A power of sale is when a borrower defaults on their mortgage and the lender takes over the home to sell it and recoup what they are owed.
Jonathan Alphonso, principal broker at Mortgage Broker Store and real estate agent with Royal LePage Terrequity, put together a site called Power of Sale Listings that collects and organizes all publicly declared power of sale listings by scanning public listings and flagging anything that indicates a property is a forced sale (within what’s allowed to be disclosed).
But the data collected is just “the tip of the iceberg,” Alphonso said, as he can only capture listings that disclose the power of sale, which many banks don’t do.
“I’d say, I’m maybe capturing 25 to 30 per cent of all power of sales,” he said. “We’re seeing a ton of power of sales and a lot more severe power of sales because many people owe more than the property is worth.”

So far, the GTA’s spring market has seen marginal sale improvements over last year but is still well below historic sales norms while prices have dropped more than 20 per cent since the February 2022 peak. That’s left a growing number of desperate homeowners with underwater mortgages, where they owe more than the property’s current market value.
While homeowners would rather sell the property on their own before the bank steps in, the lack of buyers in the market makes that difficult and lenders are under pressure to sell quickly as prices continue to drop, with the majority of forced sales occurring in the private lending space.
“We’re in a depressed real estate market, so it’s not like there’s this sideline of buyers, right?” said Graeme Hamilton, a licensed insolvency trustee at Spergel.


“I think it’s just one of those perfect storms, unfortunately.”

The most vulnerable homeowners​

Experts said that struggling homeowners either can’t pay their monthly mortgage payments (as unemployment and consumer debt rises), can’t pay their mortgage at renewal (likely because they bought at the peak when interest rates were at ultra lows), or can’t close on their preconstruction unit as it nears completion, Hamilton said.
“We’re getting new calls every week from people that have a home underwater and are falling behind on their mortgage payments,” he said. “For those who bought preconstruction condos, we’re hearing that one in five aren’t able to close right now. It’s a really tough conversation.”

 

[Dragonlady]

You really know nothing about this situation and you certainly cherry picked the article to try to prove your contention that Canada is “collapsing”.

The article stated, more than once, that most of the Powers of Sale are coming from “private lenders”. These are high risk borrowers who couldn’t get a bank or trust company loan.

The article also said that speculators are the ones losing their properties because of declining values.

These POS actions are happening to people on the fringes. Not the “working and middle class”.

But thanks for proving YOUR agenda in posting.

 

[DennisPTate]

Canada is collapsing. I know what some of the biggest problems are.

Some of us were the solution. Now we just watch the wheel go around as the Creepy Ones pretend to be the good guys decimate our nation.

Ontario power of sales surge as desperate homeowners run out of runway

New data points to a two-year high in forced sales as the sluggish spring market leaves little opportunity to sell before lenders take over.

www.thestar.com

Distressed home sellers are popping up more and more in Toronto’s real estate market as prices continue to tumble, leaving hundreds of homeowners with no equity in their homes.
April reached a two-year high for the number of power of sale listings in Ontario with more than 300, according to publicly available information on IDX and VOW — property listing databases that realtors can access.

A power of sale is when a borrower defaults on their mortgage and the lender takes over the home to sell it and recoup what they are owed.
Jonathan Alphonso, principal broker at Mortgage Broker Store and real estate agent with Royal LePage Terrequity, put together a site called Power of Sale Listings that collects and organizes all publicly declared power of sale listings by scanning public listings and flagging anything that indicates a property is a forced sale (within what’s allowed to be disclosed).
But the data collected is just “the tip of the iceberg,” Alphonso said, as he can only capture listings that disclose the power of sale, which many banks don’t do.
“I’d say, I’m maybe capturing 25 to 30 per cent of all power of sales,” he said. “We’re seeing a ton of power of sales and a lot more severe power of sales because many people owe more than the property is worth.”

So far, the GTA’s spring market has seen marginal sale improvements over last year but is still well below historic sales norms while prices have dropped more than 20 per cent since the February 2022 peak. That’s left a growing number of desperate homeowners with underwater mortgages, where they owe more than the property’s current market value.
While homeowners would rather sell the property on their own before the bank steps in, the lack of buyers in the market makes that difficult and lenders are under pressure to sell quickly as prices continue to drop, with the majority of forced sales occurring in the private lending space.
“We’re in a depressed real estate market, so it’s not like there’s this sideline of buyers, right?” said Graeme Hamilton, a licensed insolvency trustee at Spergel.


“I think it’s just one of those perfect storms, unfortunately.”

The most vulnerable homeowners​

Experts said that struggling homeowners either can’t pay their monthly mortgage payments (as unemployment and consumer debt rises), can’t pay their mortgage at renewal (likely because they bought at the peak when interest rates were at ultra lows), or can’t close on their preconstruction unit as it nears completion, Hamilton said.
“We’re getting new calls every week from people that have a home underwater and are falling behind on their mortgage payments,” he said. “For those who bought preconstruction condos, we’re hearing that one in five aren’t able to close right now. It’s a really tough conversation.”

What do you think of Canada's Political Right convincing The Pro-Life Movement in Canada to become a force for a massive BOOM in the economy of Canada that could inspire the USA?

Would an Unconditional but Taxable Basic Minimum Income Supplement for all forty one million Canadians of a paltry five hundred dollars per month, that could be financed Through the Bank of Canada in the same way that nearly half of the money supply of Canada was created from 1938 to 1974 begin to turn the tables on the Canadians who seem to want "Bear Market 2026 to 2036?"

Zone1 Thread 'A Basic Minimum Income Supplement and the percentage of women who choose abortion?'

Nov 30, 2025

In a high percentage of cases where a woman chooses to have an abortion, money and obtaining an education and getting a better career in the future are cited as being major reasons for choosing to have an abortion.

An Unconditional but Taxable Basic Minimum Income for all citizens of the USA and Canada would almost certainly result in a significant percentage of women deciding instead to give birth to their baby, [even if they were to give their baby up for adoption, a less scary economy for the USA and Canada would impact pregnant women so that they would be less pessimistic about the...

• DennisPTate
• Replies: 29
• Forum: Clean Debate Zone

 

[shockedcanadian]

What do you think of Canada's Political Right convincing The Pro-Life Movement in Canada to become a force for a massive BOOM in the economy of Canada that could inspire the USA?

Would an Unconditional but Taxable Basic Minimum Income Supplement for all forty one million Canadians of a paltry five hundred dollars per month, that could be financed Through the Bank of Canada in the same way that nearly half of the money supply of Canada was created from 1938 to 1974 begin to turn the tables on the Canadians who seem to want "Bear Market 2026 to 2036?"

Zone1 Thread 'A Basic Minimum Income Supplement and the percentage of women who choose abortion?'

Nov 30, 2025

In a high percentage of cases where a woman chooses to have an abortion, money and obtaining an education and getting a better career in the future are cited as being major reasons for choosing to have an abortion.

An Unconditional but Taxable Basic Minimum Income for all citizens of the USA and Canada would almost certainly result in a significant percentage of women deciding instead to give birth to their baby, [even if they were to give their baby up for adoption, a less scary economy for the USA and Canada would impact pregnant women so that they would be less pessimistic about the...

• DennisPTate
• Replies: 29
• Forum: Clean Debate Zone

A basic minimum of $500 to replace current entitlements or in addition to? That amounts to $20B a month, or $240B a year. Not sustainable.

The only manner in which UBI succeeds, I suspect, is if it replace administration costs of programs and uploads from cities and provinces to the federal government.

Thus, the immense costs to administer entitlement programs from cities and provinces is essentially eliminated, all of the savings (plus some additional money as a benefit) is given directly to all citizens instead of the high administration costs.

Ultimately, as A.I begins to usurp entire industries, many industrial nations will be forced to at least consider some incarnation of UBI I presume.


If a nation does not destroy talent, precocious intellect and ambition, and instead embraces and encourages it, a necessary condition for a successful benefits program of this scale; it probably surpasses expectations for economic benefit aceoss society Pursuit of higher education, application of ones aptitude is paramount in my opinion.

UBI works best in resourceful, entrepreneurial nations. If a system is driven to encourage career government officials and covert police who undermine liberty and talent of their citizens to justify their existence and fund their own careers, especially among the underprivileged; it will be an abject failure almost certainly.

Innovative, intelligent citizens are rare. The more a nation resents and destroys them, the quicker that nations fall regardless of social programs.

Hence I do not see a UBI program in the near future, at least not in Canada. In Japan perhaps. As culturally intellect and innovation is viewed in high esteem, encouraged and government entities do not seek to destroy their talent, they seek to leverage it.

Can you say the same of Canada?

 

[DennisPTate]

A basic minimum of $500 to replace current entitlements or in addition to? That amounts to $20B a month, or $240B a year. Not sustainable.

The only manner in which UBI succeeds, I suspect, is if it replace administration costs of programs and uploads from cities and provinces to the federal government.

Thus, the immense costs to administer entitlement programs from cities and provinces is essentially eliminated, all of the savings (plus some additional money as a benefit) is given directly to all citizens instead of the high administration costs.

Ultimately, as A.I begins to usurp entire industries, many industrial nations will be forced to at least consider some incarnation of UBI I presume.


If a nation does not destroy talent, precocious intellect and ambition, and instead embraces and encourages it, a necessary condition for a successful benefits program of this scale; it probably surpasses expectations for economic benefit aceoss society Pursuit of higher education, application of ones aptitude is paramount in my opinion.

UBI works best in resourceful, entrepreneurial nations. If a system is driven to encourage career government officials and covert police who undermine liberty and talent of their citizens to justify their existence and fund their own careers, especially among the underprivileged; it will be an abject failure almost certainly.

Innovative, intelligent citizens are rare. The more a nation resents and destroys them, the quicker that nations fall regardless of social programs.

Hence I do not see a UBI program in the near future, at least not in Canada. In Japan perhaps. As culturally intellect and innovation is viewed in high esteem, encouraged and government entities do not seek to destroy their talent, they seek to leverage it.

Can you say the same of Canada?

Excellent points ShockedCanadian but.....
what IF a plan was put forward to offer to purchase the National Debt of the USA for forty TRILLION Northern Pesos, [or Canadian Dollars if you prefer]?


Could Canadians form into Film Production Cooperatives or Kibbutzes and exalt The Wayne Gretzky to the place where a "Walter Gretzky Dollar" or "Walter Gretzky Memorial Dollar" is used to set in motion a Reverse Engineering of essentially the same idea that is put forward in the documentary film "Banking on BitCoin?"


Why could not Canadians.....
work together.....
to do something like "The 1932 Worgl Austria Local Money Experiment" that set up F. D. R. so that he could give Americans "The New Deal?"

Whether or not P. M. Mark Carney's motives would be altruistic or selfish......
the man clearly does have the intelligence to perhaps become "Canada's F. D. R?"

[The Truth About Money: The Money SystemIsnt There a Better Way?
by Francis and Lia Ayley] :

"City in Austria Printed Local Currency
Worgl, like many other European towns and cities, was hit hard by the Great Depression. There was mass unemployment; four of the five local factories had closed, and the people were starving in the streets. Nobody had any money to buy anything. One of the features of an economic depression is that there is not enough money in circulation to ensure that people can meet their basic needs, and in the 1930s, the shortage of currency in many countries of the world became catastrophic.

The mayor of Worgl, together with local businessmen, decided to try to break this economic impasse by creating their own local currency. They printed and issued 60,000 Austrian shillings worth of local currency. These shillings could only be spent in Worgl, so they remained in the local community and were exchanged over and over again.

The positive impact was immediate and surprising to everyone. In only six weeks, unemployment disappeared, all the factories had reopened and everyone had food. For the inhabitants of Worgl, the economic depression was gone. This dramatic transformation became known as the “miracle of Worgl.” Surrounding towns, inspired by the success of Worgl, immediately started printing their own local currencies.

Sadly, the miracle did not last long. When the Austrian Central Bank heard about Worgl’s local currency, they initiated legal proceedings against the mayor and local businessmen. According to Austrian banking law, it was illegal for anyone except the Austrian Central Bank to issue money. The bank won the court case, and the mayor was ordered to shut down the local currency, which he did, under threat of imprisonment. The town then returned to the devastating economic depression of the 1930s, with all the human pain and suffering associated with this catastrophe. Factories closed, and once again, the people starved.

Alternative Currency in the U.S.
Irving Fisher, an American professor of economics at Yale University, visited Worgl before the local currency was suppressed and witnessed the ‘miracle’ firsthand. When he returned to the United States, Fisher spread the word by traveling and lecturing across the country, advocating the use of the Worgl ‘scrip’ everywhere. Inspired by his vision, hundreds of communities began issuing their own currency, and by 1934 there were over 1,000 local communities using ‘scrip’ throughout the U.S.

Every one of these communities experienced a tremendous rejuvenation of their local economies. They thrived while others suffered. Fisher then met with President Franklin D. Roosevelt, proposing the implementation of government-sanctioned local ‘scrip’ in every community in America. When FDR consulted with his top financial advisors and bankers, however, he was advised to shut all the ‘scrip’ systems down, which he did. Instead, he borrowed large amounts of money from bankers, at interest, and used it to pay for the Reconstruction Finance Corporation and the other work-creation projects, which collectively came to be known as the ‘New Deal.’ So ended the last widespread use of a local currency within the U.S.

This pattern of economic collapse and re-emergence of local currencies has occurred thousands of times in many parts of the world. When these currencies have failed or have been suppressed, banks have not always been to blame. Sometimes, local currencies fail because they have been badly designed or implemented. Sometimes, people lose interest in them when the mainstream economy recovers. But they have always returned in one form or another during times of economic failure.

Our present world situation is uniquely different. Despite a relatively prosperous and stable world economy, a quiet monetary revolution has been occurring around the globe over the last 20 years. Awareness is growing about the flaws in our current monetary system, and people are re-creating viable alternatives. We are witnessing for the first time the worldwide creation of money systems designed by the people who use them, instead of by central banks.

Time Dollars in Whatcom County"

[ The Truth About Money: The Money SystemIsnt There a Better Way?
by Francis and Lia Ayley}

Thread 'Was FDR essentially FORCED into The New Deal?'

Apr 3, 2026

Or did the application of the Worgl Austria Local Money Experiment give FDR the excuse that he needed to do what he really wanted to do for Americans anyway?

I personally would like to think that Economics Professor Irving Fisher gave FDR the tools that he needed to convince the Elite of his time period into agreeing to something that the Elite.... tends to NOT want to see happen?

[The Truth About Money: The Money SystemIsnt There a Better Way?
by Francis and Lia Ayley] :

"City in Austria Printed Local Currency
Worgl, like many other European towns and cities, was hit hard by...

• DennisPTate
• Replies: 0
• Forum: Economy

• 

 

[HikerGuy83]

Toronto housing prices had gotten stupid.

And people were still buying.

Seen in the US on several cycles.

Why people buy at the peak is beyond me.

 

[Dragonlady]

Toronto housing prices had gotten stupid.

And people were still buying.

Seen in the US on several cycles.

Why people buy at the peak is beyond me.

Toronto real estate prices have never seen a downturn in my lifetime.

Our house on DeGrassi Street, which sold for $230,000 in 1999, sold for $1.5 million in 2019. Yes it had been been through an expensive renovation but the basic footprint of the house was unchanged. The only wall removed was the archway between the kitchen and the sunroom. They did add a window to the sunroom, and build a new garden shed. The lot is only 28 feet wide and there's no driveway or garage.

SOLD - 28 De Grassi Street - LESLIEVILLE, TORONTO (6 Comments) — the MASH

This is a really good house and… READ MORE

themash.ca