Ontario, CA -- (SBWIRE) -- 08/20/2014 -- The latest numbers from the Toronto Real Estate Board suggest a market so strong that it might just be overheating. The average cost to buy a house in Toronto, including condos, soared to $663,787, up 11.5 per cent in the space of a year. In the Greater Toronto Area, prices were up 8.9 per cent, to $542,047 on average according the Toronto Real Estate Board. This has led to what many economist feel is a unsustainable housing bubble which will lead to many Ontario foreclosures .
According to Statistics Canada inflation is running at 1.5 per-cent and wage growth is about 2.3 per-cent annually, house prices in Ontario are far out of proportion, and affordability is inevitably deteriorating. The high annual home price increases and low wage growth has result in many people taking out mortgages that they can barely afford. A down turn in the housing market or an increase in interest rates could result in many high ratio mortgages going into default and resulting in foreclosures.
Stopping foreclosures, power of sales and evictions is a specialty for the staff at Power of Sale Ontario. Our staff can explain the options available to home owners, we work on behalf of the homeowners to reduce their legal costs, stop eviction or as a last resort sell the house. Every situation is different we analyze each foreclosure to provide the best solution.
Ronald Alphonso, (President of Power of Sale Ontario) stated that " our goal is to protect people that may be facing a power of sale or foreclosure in Ontario". We provides services that can stop a foreclosure or assist the homeowner in selling their home before the bank takes it. For those people interested in help with a foreclosure or power of sale you can find more information at the company's website.
If you have any questions regarding a power of sale or foreclosure, please email ron@powerofsalesontario.ca or call 416-499-2122.
About Ronald Alphonso
Ronald Alphonso is a mortgage agent, licence number M11001286.
You can find more foreclosure information at our web site www.powerofsalesontario.ca