Foreclosures in Alberta have increased dramatically in the year ending March 31, 2017.
The numbers still aren’t as high as in the aftermath of the 2009 financial crisis, said real estate lawyer Jeff Kahane, who noted this downturn is different.
“The last one was a real-estate-driven market correction, whereas this one is a consequence of oil and gas,” he said.
In the immediate wake of the financial crisis, many foreclosures were the result of subprime loans going awry.
But the biggest factor — by far — for most people facing foreclosures these days is unemployment or underemployment, said Tim Reid, who runs Phoenix Real Estate Investing.
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