Toronto, ON -- (SBWire) -- 01/11/2016 --Power of Sale Ontario has just recently completed its annual survey of the top reasons for power of sale and foreclosure of condominiums in Toronto. Most people would think that a missed mortgage payment is the most common reason for a condo power of sale but surprisingly the top reason is non-payment of condo fees.

Our survey indicates that most condominium corporations will place a lien and start legal action on the property faster than most mortgage lenders. With many monthly condo fees rising rapidly the condo owner can easily miss a payment or two. The average annual property maintenance fee increase for an existing building in Toronto is 7%, but if you bought a new development the annual property maintenance fee increase is 14%. The average monthly property maintenance fee for a two bedroom condo in Toronto is $588.00, but this does not include parking or storage spaces, which could add another $100.00 per month.

The Ontario Condominium Act gives any condo lien registered against the property priority over any existing mortgage. This means that a large unpaid condo fee can greatly reduce the remaining equity in a property and push the first mortgage into a second mortgage position. This is why all condo fees must be paid up to date before any new mortgage can be place on the property.

About Power of Sale Ontario
Power of Sale Ontario now provides free consultations regarding condo fees and liens. Our advisors can explain how to remove the lien and stop a condo power of sale. The goal of Power of Sale Ontario is to help people keep their home, and stop a power of sale.

If you require help with a foreclosure or power of sale you can find more information at the company's website www.powerofsalesontario.ca.

If you have any questions regarding a power of sale or foreclosure, please email ron@powerofsalesontario.ca or call 416-499-2122. Ronald Alphonso is a mortgage agent, licence number M11001286.

Contact:
Ronald Alphonso
Power of Sale Ontario
Toronto, Ontario, Canada
416-499-2122
ron@powerofsalesontario.ca