In 2024, reported fraud across all sectors reached $638 million, with total losses since 2021 exceeding $2 billion. Officials estimate this represents only 5-10% of actual fraud occurring.
Three main types of mortgage fraud are identified: fraud for shelter (everyday people misrepresenting finances to get homes), fraud for profit (industry insiders manipulating the system), and fraud for money laundering (criminals using real estate to clean illicit funds).
A "Toronto model" of fraud has emerged where people claim fake high-paying jobs in China to secure mortgages, with bank employees sometimes colluding with scam centers to provide false documentation.
The problem is exacerbated by Canada's housing affordability crisis and strict lending rules, which push some desperate buyers toward fraudulent practices.

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In 2024, reported fraud across all sectors reached $638 million, with total losses since 2021 exceeding $2 billion. Officials estimate this represents only 5-10% of actual fraud occurring.
<ul>
<li>Three main types of mortgage fraud are identified: fraud for shelter (everyday people misrepresenting finances to get homes), fraud for profit (industry insiders manipulating the system), and fraud for money laundering (criminals using real estate to clean illicit funds).</li>
<li>A "Toronto model" of fraud has emerged where people claim fake high-paying jobs in China to secure mortgages, with bank employees sometimes colluding with scam centers to provide false documentation.</li>
<li>The problem is exacerbated by Canada's housing affordability crisis and strict lending rules, which push some desperate buyers toward fraudulent practices.</li>
</ul>
<a href="https://www.bmogam.com/ca-en/products/exchange-traded-funds/?ecid=dw-F25GAMOrganicGAM1-BMUM14">Exchange-Traded Funds (ETFs) | BMO Global Asset Management</a>
<a href="valery.ca">Buy &amp; sell real estate with Ai at Valery.ca&nbsp;</a>
<a href="https://www.owlmortgage.ca/">Get a mortgage pre-approval with Owl Mortgage</a>

The Podcast For Canadian Real Estate Investors.

The podcast features in depth discussion around investing in real estate, ongoing news in the Canadian real estate market, how to structure deals and grow your portfolio.
Show hosts Daniel Foch and Nick Hill bring experience, fresh takes, well-researched information and entertainment to a real estate investing podcast for Canadians.

The Podcast For Canadian Real Estate Investors.
The podcast features in depth discussion around investing in real estate, ongoing news in the Canadian real estate market, how to structure deals and grow your portfolio. Show hosts Daniel Foch and Nick Hill bring experience, fresh takes, well-researched information and entertainment to a real estate investing podcast for Canadians.

The Canadian Real Estate Investor

The Podcast For Canadian Real Estate Investors.

The podcast features in depth discussion around investing in real estate, ongoing news in the Canadian real estate market, how to structure deals and grow your portfolio.

Show hosts Daniel Foche and Nick Hill bring experience, fresh takes, well-researched information and entertainment to a real estate investing podcast for Canadians.

The Podcast For Canadian Real Estate Investors.
The podcast features in depth discussion around investing in real estate, ongoing news in the Canadian real estate market, how to structure deals and grow your portfolio.
Show hosts Daniel Foche and Nick Hill bring experience, fresh takes, well-researched information and entertainment to a real estate investing podcast for Canadians.

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