ResolveSituations · Notice of Sale
You Got a Notice of Sale. What Happens Now?
A Notice of Sale means your lender has started the power of sale process. It does not mean the house is sold. In Ontario the lender has to wait at least 35 days after giving the notice before it can sell, and until it does, the home is still yours to sell. What you do in those weeks decides how much of your equity you keep.
- Complex, time-sensitive files, handled
- A network of cash-ready buyers who can close
- Private, and on your timeline
Taran Aujla, Salesperson · former real estate lawyer · HomeLife G1 Realty Inc., Brokerage
What it is
What a Notice of Sale is.
It is a formal notice, usually sent by your lender’s lawyer, that the lender intends to sell the property under the power of sale in your mortgage. It sets out the amount the lender says is owing and the date after which it can sell.
The rules come from Ontario’s Mortgages Act. The notice can only be given once a payment has been in default for at least 15 days, and the sale cannot happen until at least 35 days after the notice is given (section 32). Your notice states the date that applies to your mortgage.
Your options
What you can still do.
Until the lender completes a sale, you still own the house. Most owners in this position have the same choices: catch up, pay the mortgage out, or sell.
The Mortgages Act lets an owner pay what is in arrears, plus the lender’s necessary expenses, at any time before the sale, and be relieved of the default (section 22). If that is realistic for you, it is worth knowing the exact figure early. Your lawyer can confirm it.
If selling is the answer
Selling it yourself, inside the notice period.
If catching up is not realistic, the house will be sold either way. The question is who sells it. When you sell, you choose the agent, the price and the closing date, and you can usually stay in the home while it is on the market.
A lender’s sale tends to come later. Interest keeps running, and the lender’s legal fees and other enforcement costs are added to what you owe before anything comes back to you.
With Resolve you get a listing priced from real sales near you, your lender kept informed, and every offer sent to the lender the day it arrives, so the sale is not held up waiting for an answer. More on how this works in selling your house during power of sale.
This week
What to do now.
Keep the notice and every letter from the lender together, and ask your lawyer to confirm the dates on your file. Then find out what the home would sell for today, so you know what a sale would leave you before you decide anything.
A conversation with Resolve is private and costs nothing. For the wider picture, read our guide to power of sale in Ontario.
Common questions
Situations · Notice of Sale, answered.
- How long do I have after a Notice of Sale in Ontario?
- Ontario’s Mortgages Act says the sale cannot happen until at least 35 days after the notice is given (section 32). Your notice states the date that applies to your mortgage, and your lawyer can confirm it. The earlier you act inside that window, the more choices you have.
- Can I stop the sale by paying the arrears?
- The Mortgages Act lets an owner pay the amount in arrears, plus the lender’s necessary expenses, at any time before the sale and be relieved of the default (section 22). Your lawyer can confirm the exact figure on your file.
- Can I sell my house after getting a Notice of Sale?
- Usually, yes. Until the lender completes its own sale, you can list the home, accept an offer and close. The sale has to pay out the mortgage, or the lender has to agree to accept the net proceeds.
- Is a Notice of Sale the same as foreclosure?
- No. Under power of sale the lender sells the home and is paid from the proceeds, and any surplus belongs to the owner. Foreclosure is a court process in which the lender can take ownership, and it is rarely used in Ontario.
Where we work. Resolve represents Ontario homeowners across the GTA (Toronto, Peel, York, Halton and Durham), Hamilton, Kitchener and Waterloo.
We coordinate with the lawyer on every file. Legal, tax and financial questions sit with your own counsel. If you do not have one yet, we can recommend a lawyer who handles these matters.
What This Costs
Nothing upfront.
We’re paid only when the sale closes, at standard commission. No hidden fees. No retainers. The first call is always free.
The Next Step
A private conversation, on your terms.
Nothing public, and nothing moves without you. Some conversations do not go further, and that is fine. The point is for you to see what a clean sale looks like on your terms.
Other situations we handle