Robert McLister·General·February 15, 2010Foreclosure Times By Province When borrowers default, Canadian lenders usually use one of two methods to recover mortgage debt: Judicial sale Traditional foreclosure via the courts Used in BC, Alberta, Saskatchewan, Manitoba, Nova Scotia, and Quebec Power of sale Liquidation with minimal court involvement Used mainly in Ontario, Newfoundland, New Brunswick, and PEI Below are estimates from DBRS of the time it takes to foreclose on a typical property in each province (in months). Province Foreclosure Period AB 4 BC 8 MB 1 NB 2 NL 6 NS 3 NT 10 NU 10 PE 2 ON 4 QC 9 SK 4 YT 4 Keep in mind, there are several variables, as well as additional collection times, that often apply. DBRS estimates that these factors could add up to 10 months to the total liquidation time. Here’s more about the (Ontario) liquidation process from Blakes… Like news like this?Join our CMT Updates list and get the latest news as it happens. Unsubscribe anytime. SUBSCRIBE! Thank you for subscribing. One more step: Please confirm your subscription via the email sent to you.