News that 500 King Avenue West in Newcastle, Ontario has entered power of sale proceedings — the Canadian equivalent of a lender-forced repossession — might seem a parochial footnote for a North American trade publication. But for UK property professionals tracking global capital flows and distress signals in commercial real estate, it is a useful data point in a pattern that has been building steadily across advanced economies since rates began climbing in 2022. Power of sale, much like the UK's Law of Property Act receivership process, allows a secured lender to seize and dispose of a defaulting borrower's asset without full judicial foreclosure. Its increasing frequency in Canadian commercial markets mirrors what receivers and insolvency practitioners in the UK have been reporting for the past 18 months: mid-market commercial assets, often carrying variable or maturing fixed-rate debt taken out in the ultra-low-rate era, are increasingly unable to refinance on current terms.