You tried to close.
Life got in the way.
You deserve a defence.

Not necessarily — you may be entitled to much more. In Ontario, a seller can keep the deposit AND sue for additional losses, including the difference between the contract price and the eventual resale price, carrying costs, and legal fees. Courts have awarded six-figure damages against defaulting buyers even in addition to a forfeited deposit.

Generally no. Financing failure is not a legal defence to breach of contract in Ontario once conditions have been waived and the deal is firm. Ontario courts consistently hold buyers responsible for the consequences of failing to arrange adequate financing. The APS controls — not the buyer's circumstances at closing.

Tender is the formal step of demonstrating you were ready, willing, and able to complete the transaction on the closing date. For sellers this means having transfer documents and keys ready. For buyers it means having the funds available. Without proper tender, you may lose your right to sue for damages. This is why acting with a lawyer immediately is critical.

Ontario's Limitations Act provides a two-year limitation period running from when you knew or ought to have known of the loss. In most failed closing cases this starts from the closing date itself. After two years, you may lose your right to sue entirely. Do not wait.

Possibly. The remedy of specific performance — a court order requiring the seller to complete the transaction — is available in Ontario when the property is unique and damages would be inadequate. Courts consider factors including whether the buyer has a genuine use for the specific property. It's a higher bar but worth pursuing in the right circumstances.

New construction buyers in Ontario have specific protections under Tarion warranty rules and the New Home Construction Licensing Act. Builders must provide adequate notice before extending closing dates. Failures to comply can entitle buyers to compensation for interim accommodation, storage, and other costs. Your APS also contains its own closing date provisions which your lawyer should review immediately.

Power of sale is the most common remedy for mortgage default in Ontario. Unlike foreclosure — where the lender takes ownership of the property outright — power of sale allows the lender to sell the property on your behalf and recover the outstanding debt from the proceeds. Crucially, any surplus after the debt is repaid must be returned to you as the homeowner. This distinction makes acting quickly with a lawyer essential to protecting your equity.

Yes, in many cases. Ontario's Mortgages Act gives homeowners a statutory right of redemption — the right to pay off the outstanding mortgage balance and stop the power of sale at any time before the lender completes the sale. Additionally, procedural deficiencies in how the lender served notices or conducted the process may provide grounds to challenge or delay the proceedings. Acting early is critical — the options narrow as the process advances.

After a Notice of Sale is properly served, Ontario law requires a minimum 35-day redemption period for residential property before the lender can complete the sale. However the full process — including default notices, the Notice of Sale, listing and selling the property — commonly takes 3 to 6 months. This window is your opportunity to refinance, negotiate with the lender, or challenge the process with legal assistance.

After the lender recovers the outstanding mortgage balance, accrued interest, and reasonable sale costs from the sale proceeds, any remaining surplus must be paid to the homeowner. If there are other registered charges or liens on the property — such as a second mortgage or judgment — those creditors have priority over the surplus before the homeowner receives anything. We help homeowners ensure the lender's accounting is accurate and that surplus funds are properly returned.