I afraid foreclosures in Canada (at least in Ontario) handled little bit different, then in US. Banks usually will sell foreclosed property as any other seller - through MLS. It's called "Power of Sale" and you have to submit your offer through Seller's agent (Realtor), as in any other sale.

In my opinion right now it's dangerous time to buy Real Estate. You can get stuck with upside-down property, when you own to the bank more then this property is worth. The best strategies in the time when economy is going down would be the fast flips or lease/options with assignments - anything with the fast exit.

Alex REIdepot