How long do I have to redeem my property after a power of sale notice in Ontario?

In Ontario, the power of sale process is governed by rules designed to give a defaulting borrower notice and a meaningful opportunity to redeem — that is, to pay the outstanding arrears, costs, and any penalty to stop the sale. The Mortgages Act sets out these requirements.

Before proceeding with a power of sale, the lender must serve a notice of exercise of power of sale. Once served, the borrower typically has a redemption period — the specific length depends on the type of mortgage and is set out in the notice — within which they can pay off the full amount in arrears plus costs and halt the sale. The notice must be served correctly; otherwise, the lender's proceedings may be invalid.

Acting promptly is critical. If you receive a power of sale notice, contact a lawyer immediately. During the redemption period, you may be able to sell the property yourself (typically at a better price than a lender-forced sale), refinance with another lender to pay out the arrears, negotiate with your existing lender, or use savings to cure the default. Once the redemption period expires without payment, the lender can proceed to list and sell the property. Any surplus after repaying the mortgage and costs belongs to the borrower.