La Capitale Real Estate Network obtains the contract to sell CMHC residential mortgage foreclosures

La Capitale Real Estate Network has won the contract with CMHC to sell Canada Mortgage and Housing Corporation residential mortgage foreclosures for all regions of Quebec, following a call for proposals. The determining factors were the quality of service and a competitive price.

This contract follows a call for proposals by CMHC to market and sell its properties and to manage its portfolio of foreclosures of 1 to 50 units for the entire province of Quebec. This portfolio is made up of residential properties subject to mortgage foreclosure by various financial institutions as part of the CMHC’s mortgage loan insurance program.

As part of this mandate, La Capitale Real Estate Network, which is owned by Brookfield Real Estate Services, has joined with Services immobiliers Truscan to manage the real estate portfolio. The contract took effect on December 1, and is for three years with two one-year renewal options.

Nicolas Ayotte, the Network’s president and CEO enthusiastically commented: “Given the number of mortgage foreclosures in the last few years, there has been stiff competition between the various agency networks and certain independent agencies.

Obviously the fact that we have real estate agencies in every corner of Quebec played in our favour, as did the sales performance of our brokers and the visibility of our agencies in their respective markets.”