Montreal Bank Auctions

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Since the rules have change about banks selling real estate properties, there is no longer a need for them to hold Montreal bank auctions. Late in 2002, the Quebec government changed the laws that would change the way foreclosures are handled.

You see before 2002, the bank had to sell all properties repossessed starting at the amount of the debt. Therefore, the best way to get a high price would be to hold a Montreal Bank auction. Bidders attending the bank auction would outbid each other and raise the price.

After 2002, the Bank no longer need to hold Montreal Bank auctions because they can now ask whatever price they want. So they ask market value and let real estate brokers handled the sales.

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