The year 2007 in Toronto was a crazy year in terms of real estate sale and skyrocketing prices. Many buyers bought during this frenzy and paid top dollar for a property. As reality sets in and property values start to decline, these home owners are now struggling to pay off their financial obligations, forcing the bank to take over the mortgage on their home. Because of this, home buyers and investors see it as a great time to buy real estate in Toronto. With low interest rates and with homes being sold under power of sales, it may seem like a good deal, however you may want to look at the hidden details before moving ahead.