REAL ESTATE FRAUD ON THE RISE IN CANADA

Real estate fraud, which was formerly quite rare, has increased in recent years with the rise in home values and scarcities in certain sectors. Fraud schemes are becoming increasingly sophisticated. There are two main types: title fraud and mortgage fraud.

Mortgage fraud

Homeowners who have paid off their mortgage in full or almost entirely are the most likely to be targeted by fraudsters using fake ID to take out a second mortgage on their property.

Title fraud

In this case, crooks or renters pretending to be the owners of a vacant house will simply sell your property to a real buyer. This results in a transfer of title. With title insurance on the property, true owners and buyers will recover their property and down payment. For more information on title insurance, go to https://www.jgfortin.com/en/title-insurance 

Here are a few horror stories:

Des fraudeurs vendent la maison d’un couple de Toronto à leur insu alors qu’ils étaient en Grande Bretagne pour leur travail. Read the article: https://www.bbc.com/news/world-us-canada-64547396

Des fraudeurs s’emparent d’un condo et le vendent pour 970K $. Read the article: https://www.cbc.ca/news/canada/toronto/title-fraud-toronto-condo-1.6720439

La maison d’un homme de 95 ans vendue à son insu par des escrocs alors qu’il est dans un centre de soins de longue durée. Read the article: https://www.cbc.ca/news/canada/toronto/fraudulent-home-sale-1.6710868

Un homme et une femme se font passer pour les propriétaires d’une maison qu’ils vendent à l’insu des propriétaires en voyage pour leur travail. Read the article: https://www.cbc.ca/news/canada/toronto/toronto-police-mortgage-fraud-investigation-1.6704719