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Power of Sale in Ontario Right Now: If This Is You, You’re Not Alone

If you’re behind on payments, getting letters from your lender, or you’ve heard the words “Power of Sale” and your stomach dropped — read this carefully:

You’re not alone.
And you’re not the first person this has happened to.

Right now in Ontario, more homeowners are finding themselves in Power of Sale situations than we’ve seen in years. It’s becoming more common, and it’s happening to regular people — not just “bad borrowers” or irresponsible homeowners.

First Things First: Power of Sale Doesn’t Mean You Failed

Most people don’t end up here because they made one terrible decision.

They end up here because life got expensive and unforgiving, fast.

Here are the most common reasons I’m seeing in Ontario right now:

• mortgage payments jumped after renewals
• variable rates didn’t come back down fast enough
• debt piled up from inflation and cost of living
• job changes, reduced hours, or business slowdowns
• divorce or separation
• illness or family emergencies
• rental properties not cash-flowing anymore
• missed payments turning into arrears quicker than expected

Power of Sale isn’t always about “bad choices.”

A lot of the time, it’s simply what happens when the math stops working.

Yes — Power of Sale Is Rising in Ontario

Across Ontario (especially in the GTA), Power of Sale listings have increased noticeably compared to the last few years.

Even though Power of Sale properties still make up a smaller percentage of total listings, the increase is real — and it’s one of the clearest signs that more people are under pressure right now.

If you’re going through this, it doesn’t mean you’re the only one struggling.

It means you’re living through the same market conditions that are squeezing thousands of households.

Here’s the Part Most People Don’t Realize: You Still Have Options

Power of Sale is a process. It doesn’t usually happen overnight.

And in many cases, there’s still time to take control of the outcome — even if things feel urgent.

Depending on your situation, some of the most common solutions include:

• refinancing to pay out arrears and stabilize payments
• a second mortgage to stop enforcement and buy time
• private financing as a short-term bridge solution
• selling the property before the lender forces the sale
• restructuring debt to lower monthly pressure
• creating a realistic exit plan (not just “hoping it works out”)

The goal is simple:

Stop the bleeding, protect your equity, and get you back in control.

Because once the lender sells the property, the process becomes much harder to manage — and the outcome is often worse for the homeowner.

The Truth About Power of Sale: It’s Not Just About the House

This is the part nobody talks about.

Power of Sale hits people emotionally just as hard as financially.

It brings stress, shame, and sleepless nights. People stop answering calls. They avoid opening mail. They feel like they’re “in trouble.”

But here’s the truth:

This is a financial problem. Not a character problem.

And financial problems have solutions — if you deal with them early enough.

If You’re in Power of Sale, Here’s What I’d Tell You to Do This Week

If you’re in Ontario and you think you’re headed toward Power of Sale (or you’re already there), your next move should be action — not avoidance.

Here are the steps that matter most:

• figure out exactly how much is owed (arrears + legal fees)
• confirm your deadline and lender timeline
• understand what your home is actually worth today
• map out your exit strategy (refinance, sell, or bridge)
• get a real approval plan in place — fast

Even if you feel stuck, you’re not stuck until you stop moving.

You’re Not Alone — and You Don’t Have to Guess Your Way Through This

If you’re in Power of Sale, you don’t need judgement.
You don’t need a lecture.
You need a plan.

At Chartered Finance / CentumCF, this is exactly the kind of situation we help people navigate — quickly, professionally, and with a focus on protecting your equity and getting you back to stable ground.

If you’re dealing with Power of Sale right now, reach out.

You’re not alone — and there are still options.

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