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Limitation Periods on Mortgage Enforcement

Whenever a mortgage goes into default, various issues arise immediately, including the choice of which remedy to pursue. But one of the most important preliminary tasks is to determine the appropriate limitation period within which to take steps to exercise that chosen remedy.
 
As you may know, routine mortgages are generally governed by the Real Property
Limitation Periods Act
. However legislative changes in the form of the Limitations Act, 2002 have added other limitation periods, and address specific issues such as debt acknowledgments, and the effect of partial payments. Also, the Ontario Court of Appeal has recently clarified limitations law in connection with specific scenarios, namely: 1) for demand promissory notes (in the 2006 decision of Hare v. Hare); and 2) for demand mortgages (in the September 2009 decision of Mortgage Insurance Co. of Canada v. Grant.)
 
As a result, the law relating to limitation periods has become very complex, but the following is a quick, shorthand summary:

Note that the limitation period may be affected in some circumstances, for example where there has been fraud, or where there has been a written acknowledgment of the debt.