Mortgage fraud costs victims millions of dollars. In Canada, mortgage fraud follows the location of strong housing markets,
it is concentrated in the large urban
areas like British Columbia.
Good targets are vacant pricier properties that are mortgage-free and tenanted flats or houses. A high percent of fraud losses involve collaboration by industry insiders, sometimes lawyers specializing in property transfers.
Sybil Johnson-Abbott states in the October 9, 2009 issue of The Lawyers Weekly that both Ontario and B.C. have struggled with the legal principles surrounding fraud and cites a B.C. Court of Appeal decision, (Gill v. Bulcholtz, 2009), as an evidence „that courts are still grappling with how to deal with mortgage fraud.”