Foreclosures / bank reposessions on the rise in Quebec

Sept 5, 2014 - Without making too much noise, financial institutions have taken a growing number of properties in Quebec since early 2014. 

- The number of "surrenders" - a term that encompasses bank foreclosures and some voluntary abandonment by the owners - climbed 14.4% last month compared with August 2013, according to a compilation of the firm JLR published this week. 

- The trend is less worrisome regarding the notice of exercise or warnings sent by the bank 60 days before a seizure. Last month, 729 notices were sent, a decrease of 2.5% compared to August 2013. 

- In a study published last spring QFREB notes that only one property in 1529 was the subject of a foreclosure last year in Quebec, against 1 of 96 in the United States.

Click here for the full article - in french

Marlene Ofter

Marlene Ofter

Certified Real Estate Broker
CENTURY 21 Max-Immo
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