Short answer
No. Ontario’s Mortgages Act contains different routes. A contractual power of sale commonly uses the Part III notice framework, while the statutory power in Part II provides for 45 days’ notice. The mortgage, notice and dates must be reviewed—not guessed.
The urgent client problem
A borrower searches online, sees “35 days,” and assumes that is either the day the property will be sold or the last day on which any solution can be arranged.
What the official rule says
The Mortgages Act says the statutory power under section 24 cannot be used until after three months of default and a sale cannot occur until after 45 days’ written notice; notice may be given after 15 days’ payment default. Part III also governs notice for powers contained in mortgages and includes a minimum period before sale.
What this rule does not guarantee
A notice period is not a promise that the lender will wait until the last day to obtain valuations, appoint counsel or add recoverable costs. Nor does expiry mean a sale closes instantly. Exact rights depend on the registered charge, notice, service and enforcement route.
A practical Ontario example
Illustration only: A homeowner receives a notice dated Monday but reads it a week later. Counting from the day it was opened may be wrong because service rules can treat mailed notice as given earlier. A lawyer should calculate the operative dates immediately.
Practical options to explore now
Send the complete notice, mortgage statement and title documents to an Ontario mortgage-enforcement lawyer. Ask for the exact reinstatement or redemption amount and create a financing or sale timetable with several days of safety—not a last-day closing.
Before choosing a solution, confirm
- The exact default, maturity, notice and proposed-sale dates.
- Every mortgage, lien, tax balance, arrears amount and recoverable cost.
- Current realistic property value and conservative net sale proceeds.
- Whether the proposed financing cures the entire title problem.
- The exit from any alternative/B, MIC or private solution.
Rajiv’s broker perspective
The first question is not simply, “Who will lend?” It is, “How much time and equity are actually left, and which solution improves the client’s position after every cost?” Ontario law controls notices, liens and enforcement. Each lender separately decides its underwriting, cure, renewal and payout policy. I would compare the existing-lender remedy, A or alternative/B refinancing, an appropriately structured MIC or private bridge, and a controlled sale. The best option is the one that resolves the whole problem and has a credible next step—not the option with the fastest promise.
Related: Mortgage declined? Start here · Mortgage Knowledge Centre · Updates & Rules Centre
Received an arrears letter, lien or power-of-sale notice?
Do not wait for the next deadline. Send Rajiv the notice, mortgage statement, title debts, property value and the outcome you want. He can prepare a confidential second opinion and compare practical lender routes while your lawyer confirms the legal timeline.
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