Friday, February 13, 2009

GTA Powers of Sale Continue to Rise

In January 2009, the number of new power of sale listings that went on the MLS, in the Greater Toronto Area, was 218. These are new contracts to list properties for sale that the bank have taken over. The number is an increase of 29% from the prior month, December 2008, which had 169 new power of sale listings, and an increase of 32% from the same month a year ago, January 2008.

As of today (February 13, 2009), there are 415 active GTA power of sale listings on the MLS in total, of which 95 were newly added in the month of February.

With more and more job losses, I would expect the number of home owners who can no longer pay their mortgage to go up. I suspect many of them will try to sell the home themselves first in the spring market. Many will fail, resulting in an increase in delinquencies and therefore an increase in the number of properties that will go into power of sale.

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