What does power of sale mean for an Ontario homeowner?

The client problem

Clients mistake the notice period for free time. Interest, legal and property-preservation costs may continue while available equity falls.

A practical Ontario example

A homeowner has equity but unstable income. A private refinance may stop enforcement, but if the exit depends on income recovery with no evidence, an orderly sale may protect more equity.

How the lending routes may differ

• A lender: rarely the immediate route during active enforcement unless the default is cured and the full file qualifies.
• Alternative/B: may work with recent arrears where equity and provable income remain adequate.
• MIC/private: often the fastest financing route, but the loan should match a credible sale, renewal or B-lender exit.

Policy boundary: FCAC expectations discussed here apply to federally regulated financial institutions and do not require every lender to offer the same relief.

Questions to ask now

• Which notice has been served?
• What are the lawyer’s deadlines?
• How much equity remains after all costs?
• Is the property being listed if refinance is uncertain?

Rajiv’s practical view

Run refinance and sale paths at the same time until one is secured. Hope is not an exit strategy and verbal approvals do not stop enforcement.