Most Canadians have been told about houses being foreclosed on left and right in the beleaguered U.S. Home market. Many newspapers are running advertisements that guarantee to show Canadians how to cash in on undervalued properties south of the border “Florida waterfront condos for dimes on the dollar, anyone? What Canadians may not get is that foreclosure is not a uniquely American phenomenon. Though the incidence is relatively low in our stable real estate market, properties are foreclosed on every day in Canada. What is a foreclosure, how does it work, and what are the advantages for the average Calgary customer who is looking for a home?