Buying bank owned and foreclosure real estate including houses, condo’s, apartments and other foreclosed property in Canada is quite different than buying the same foreclosures in the USA. Canadian government laws and rules are slanted in favor of the person being foreclosed on.
The Courts, Banks and other lenders are not allowed to sell below market value just to get rid of these types of properties. The lenders in Canada are required by law to minimize the losses to the original borrower. So you will see what appears to be deals from time to time, but chances are good the properties are in need of major repairs and have been discounted to the true before repair values.
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