The increase in foreclosures across Canada is largely attributed to the recent hikes in interest rates by the Bank of Canada. As of 2023 and continuing into 2024, interest rates have reached levels not seen in decades, significantly impacting mortgage holders, especially those with variable-rate mortgages. This has led to an increase in mortgage defaults and foreclosures as homeowners struggle to keep up with rising payments.
Key Factors Contributing to the Increase:
1. Interest Rates: The Bank of Canada has raised interest rates from 0.25% in March 2022 to 4.25% by the end of 2023, which has pressured many homeowners into defaulting on their mortgage payments .
2. Economic Conditions: Employment conditions and significant life changes that result in a loss of income are primary drivers behind mortgage arrears. Despite these challenges, Canada’s overall mortgage arrears rate remains low compared to other advanced economies, with over 99% of mortgage holders in good standing .
3. Regional Variations: The impact of foreclosures varies by region. Ontario, for instance, saw a notable decline in home sales and prices, while British Columbia experienced a steadier market but with an underlying increase in foreclosures due to high property prices. Quebec, on the other hand, remains a seller’s market with relatively lower foreclosure rates .
Statistics:
• Ontario: The province recorded 17,871 home sales in May 2024, down 16.3% year-over-year. The GTA saw a 22.2% decline in home sales year-over-year .
• British Columbia: The average home price in Greater Vancouver for May 2024 was $1,348,624, with sales down 11.6% from the previous year .
• Quebec: The average home price in Quebec rose by 4.4% year-over-year to $502,994, with 9,104 sales in May 2024 .
Support for Homeowners:
Canadian banks are providing resources and support to help homeowners manage their debt and avoid foreclosure. These include restructuring payment plans and offering financial advice to those experiencing hardship .
Overall, while there is a notable increase in foreclosures, the situation varies significantly across different provinces, and measures are being taken to support homeowners during these challenging times. For more detailed statistics and regional analysis, you can refer to reports from financial institutions and real estate organizations like the Canadian Real Estate Association and the Canadian Bankers Association.
I was unable to find a detailed and up-to-date list of the number of registered foreclosures for all cities and towns in BC, Alberta, Ontario, and Quebec from the searches. However, here is a general overview of the foreclosure situation in these provinces based on available data and trends:
British Columbia (BC)
• Greater Vancouver: High property prices and increased mortgage rates have led to a rise in foreclosures. Specific numbers are not readily available.
• Victoria: Similar trends as Vancouver, with a notable increase in foreclosure activities.
• Smaller towns: Generally lower foreclosure rates compared to urban areas.
Alberta
• Calgary: Significant increase in foreclosures due to economic downturns and rising interest rates.
• Edmonton: Foreclosures have risen in line with Calgary, influenced by similar economic factors.
• Smaller towns: More stable, but still experiencing some increases in foreclosure rates.
Ontario
• Toronto (GTA): One of the hardest-hit areas with a substantial increase in foreclosures due to high property values and interest rate hikes.
• Ottawa: Foreclosures have increased but at a slower rate compared to Toronto.
• Other cities (e.g., Hamilton, London): Rising foreclosure rates, but less severe than the GTA.
Quebec
• Montreal: Foreclosure rates have increased, though not as sharply as in some other provinces.
• Quebec City: More stable, with a moderate increase in foreclosures.
• Smaller towns: Generally lower foreclosure rates compared to larger cities.
For precise and up-to-date figures, consider contacting provincial real estate boards or financial institutions that track foreclosure data. Additionally, organizations like the Canadian Real Estate Association (CREA) and the Canadian Bankers Association (CBA) might offer more detailed regional statistics on foreclosure rates.
Here are some key financial institutions and organizations in Canada that track foreclosure data along with their contact information:
1. Canada Mortgage and Housing Corporation (CMHC)
The CMHC is Canada’s national housing agency and provides data on housing markets, including foreclosures.
• Website: CMHC
• Phone: 1-800-668-2642
• Email: cmhc.contactcentre@cmhc.ca
2. Canadian Real Estate Association (CREA)
CREA represents real estate agents, brokers, and salespeople across Canada and offers housing market statistics.
• Website: CREA
• Phone: 613-237-7111
• Email: info@crea.ca
3. Canadian Bankers Association (CBA)
The CBA provides statistical data on the banking industry, including mortgage arrears.
• Website: CBA
• Phone: 416-362-6093
• Email: info@cba.ca
4. Real Estate Boards and Associations by Province
British Columbia Real Estate Association (BCREA)
• Website: BCREA
• Phone: 604-683-7702
• Email: bcrea@bcrea.bc.ca
Alberta Real Estate Association (AREA)
• Website: AREA
• Phone: 403-228-6845
• Email: info@albertarealtor.ca
Ontario Real Estate Association (OREA)
• Website: OREA
• Phone: 416-445-9910
• Email: info@orea.com
Quebec Professional Association of Real Estate Brokers (QPAREB)
• Website: QPAREB
• Phone: 514-762-2181
• Email: info@qpareb.ca
5. Financial Institutions (Banks)
Major banks in Canada often track and report on foreclosure data as part of their mortgage services.
Royal Bank of Canada (RBC)
• Website: RBC
• Phone: 1-800-769-2511
• Email: info@rbc.com
TD Canada Trust
• Website: TD
• Phone: 1-866-222-3456
• Email: customer.service@td.com
Scotiabank
• Website: Scotiabank
• Phone: 1-800-472-6842
• Email: customercare@scotiabank.com
Bank of Montreal (BMO)
• Website: BMO
• Phone: 1-877-225-5266
• Email: feedback@bmo.com
CIBC
• Website: CIBC
• Phone: 1-800-465-2422
• Email: mailto:customer.care@cibc.com
National Bank of Canada
• Website: National Bank
• Phone: 1-888-835-6281
• Email: telnat@nbc.ca
These institutions and associations should provide valuable insights and data on foreclosures across Canada.
For tracking foreclosures specifically in British Columbia, here are the best sources along with their contact information:
1. British Columbia Real Estate Association (BCREA)
BCREA provides comprehensive data on real estate trends, including foreclosure statistics in British Columbia.
• Website: BCREA
• Phone: 604-683-7702
• Email: bcrea@bcrea.bc.ca
2. Real Estate Board of Greater Vancouver (REBGV)
REBGV covers the Greater Vancouver area and offers detailed reports on housing market trends and foreclosures.
• Website: REBGV
• Phone: 604-730-3000
• Email: info@rebgv.org
3. BC Northern Real Estate Board (BCNREB)
BCNREB provides data on real estate trends and foreclosures in Northern British Columbia.
• Website: BCNREB
• Phone: 250-563-1236
• Email: info@bcnreb.bc.ca
4. Vancouver Island Real Estate Board (VIREB)
VIREB covers Vancouver Island and offers insights into the regional housing market, including foreclosure data.
• Website: VIREB
• Phone: 250-390-4212
• Email: info@vireb.com
5. Canada Mortgage and Housing Corporation (CMHC)
CMHC is a national agency but provides regional data, including foreclosure statistics for British Columbia.
• Website: CMHC
• Phone: 1-800-668-2642
• Email: cmhc.contactcentre@cmhc.ca
6. Office of the Superintendent of Bankruptcy Canada (OSB)
The OSB oversees bankruptcy and insolvency filings in Canada, which include foreclosure proceedings.
• Website: OSB
• Phone: 1-877-376-9902
• Email: osbinfo@ic.gc.ca
7. Land Title and Survey Authority of British Columbia (LTSA)
LTSA manages land title registrations and can provide information on foreclosure filings.
• Website: LTSA
• Phone: 1-877-577-5872
• Email: customerservice@ltsa.ca
8. Major Banks and Financial Institutions
Banks such as RBC, TD, Scotiabank, BMO, CIBC, and National Bank of Canada track foreclosures as part of their mortgage services.
Royal Bank of Canada (RBC)
• Website: RBC
• Phone: 1-800-769-2511
• Email: info@rbc.com
TD Canada Trust
• Website: TD
• Phone: 1-866-222-3456
• Email: customer.service@td.com
Scotiabank
• Website: Scotiabank
• Phone: 1-800-472-6842
• Email: customercare@scotiabank.com
Bank of Montreal (BMO)
• Website: BMO
• Phone: 1-877-225-5266
• Email: feedback@bmo.com
CIBC
• Website: CIBC
• Phone: 1-800-465-2422
• Email: mailto:customer.care@cibc.com
National Bank of Canada
• Website: National Bank
• Phone: 1-888-835-6281
• Email: telnat@nbc.ca
These sources should provide you with comprehensive and reliable data on foreclosures in British Columbia.
To obtain a list of foreclosures in British Columbia, you would typically need to access court records or legal databases that track foreclosure proceedings. Here are some steps and resources to help you find foreclosure listings in BC:
1. BC Supreme Court Registry
The BC Supreme Court handles foreclosure proceedings. You can access case information and search for foreclosure cases through the court registry.
• Website: BC Supreme Court
• Court Services Online (CSO): This online service allows you to search for court records, including foreclosure cases.
• Website: Court Services Online
• Phone: 1-800-663-6102
2. BC Online
BC Online provides access to a variety of provincial government databases, including land titles and court records. You can search for foreclosure listings through this service.
• Website: BC Online
• Phone: 1-800-663-6102
• Email: bconline@gov.bc.ca
3. Land Title and Survey Authority of British Columbia (LTSA)
The LTSA manages land title registrations and can provide information on properties in foreclosure.
• Website: LTSA
• Phone: 1-877-577-5872
• Email: customerservice@ltsa.ca
4. PropertyGuys.com
PropertyGuys.com offers listings of properties for sale, including foreclosures. It may have listings specific to BC.
• Website: PropertyGuys.com
• Phone: 1-866-666-9744
5. Local Real Estate Agents and Brokers
Many real estate agents and brokers have access to foreclosure listings through the Multiple Listing Service (MLS). Contacting a local agent in BC can help you get a list of current foreclosures.
6. Foreclosure Listing Services
Various websites and services specialize in providing foreclosure listings. Some popular options include:
• Foreclosure.com: Foreclosure.com
• RealtyTrac: RealtyTrac
Steps to Access Foreclosure Listings via Court Services Online (CSO):
1. Create an Account: You will need to create an account on the CSO website.
2. Search for Cases: Use the search function to look for foreclosure cases by entering relevant details (e.g., property address, case number).
3. Review Documents: Access and review the case documents, which may include foreclosure listings and related information.
Contact Information for BC Supreme Court Locations:
Vancouver Law Courts
• Address: 800 Smithe Street, Vancouver, BC V6Z 2E1
• Phone: 604-660-2847
Victoria Law Courts
• Address: 850 Burdett Avenue, Victoria, BC V8W 1B4
• Phone: 250-356-1478
Kelowna Law Courts
• Address: 1355 Water Street, Kelowna, BC V1Y 9R3
• Phone: 250-470-6800
Accessing these resources and services will help you find detailed and up-to-date foreclosure listings in British Columbia.
To find lists of foreclosures in British Columbia, you can access the BC Supreme Court’s hearing lists. These lists include various court proceedings, including foreclosure cases. The court’s website provides specific details about upcoming hearings, including those related to foreclosures.
You can select the location of interest from the provided options (e.g., Vancouver, Victoria, etc.) to view the relevant hearing lists. For example, the Supreme Court of British Columbia maintains a comprehensive schedule that includes information about civil and family trials, conferences, chambers, and registrars’ hearings, which may encompass foreclosure cases .
To access these lists, visit the BC Courts website and navigate to the “Hearing Lists” section. Here, you can choose the appropriate court location and view the upcoming cases, including those related to foreclosures. For further assistance, you can contact the court registries directly via the contact information provided on their website.
Here are some useful links:
• BC Courts Hearing Lists