How long does a foreclosure take in British Columbia once you are served?
This answer covers the law of British Columbia.
There is no single timeline for a foreclosure in British Columbia, because the court sets the key period in your case. A foreclosure starts by petition in the Supreme Court under Rule 21-7 of the Supreme Court Civil Rules. The petitioner must include the informational notice in Form 125, and you may file a response to petition as a respondent.
The court may set a redemption period, take an account of the amount owing and daily interest, decide priorities, or order a sale. If you do not pay within the court-ordered period, the petitioner may apply for a final order of foreclosure. For agreements for sale, the Law and Equity Act sets redemption at 6 months unless circumstances justify shorter or longer, and for mortgages a six-month period is commonly applied but the court sets it. The court may extend a redemption period before making an order absolute.
A party of record can apply at any time for a sale instead of waiting out redemption. The court can also relieve against penalties and forfeitures and attach conditions. When you must leave the home depends on the orders made, so get legal advice quickly if you are served.
Key takeaways
- The court, not a fixed schedule, sets the redemption period in a BC mortgage foreclosure, so timing depends on your case.
- A foreclosure starts by petition in the Supreme Court under Rule 21-7, and you may file a response to petition.
- If you do not pay within the court-ordered period, the petitioner may apply for a final order of foreclosure.
- A sale can be ordered instead of foreclosure, so ask a lawyer promptly about your options.