It also keeps honest people out of the market as they compete for various homes." "If people obtain mortgages fraudulently and they thought their backup plan was to sell the house if I can't afford it, that backup plan's disappearing. True North Mortgage has detected and stopped multiple fraudulent applications submitted to the company, along with counterfeit tax and employment documentation such as T4s and letters of employment that reference fake company names and phone numbers, where a real person will pick up and a real website exists.Īs home prices continue to plummet, these buyers are at greater risk, Eisner says. "As interest rates rise and house prices drop, these buyers are most likely to default on their payments and that can put further downward pressure on the housing market through panic sales," he said. This crime also has repercussions for Canadians as a whole, says Dan Eisner, CEO of True North Mortgage. Submitting a fraudulent mortgage application is also a violation of Canada's Criminal Code. New Canadians are also less likely to immediately qualify for a mortgage at one of Canada's big banks, as their employment and credit history in Canada is more likely to be limited.Įxperts in law and financial crimes say what Marketplace has uncovered is illegal under Ontario's Real Estate and Business Brokers Act and the Mortgage Brokerages, Lenders and Administrators Act. Newcomers are particularly at risk, as they may not fully understand the home-purchasing process.
While some consumers actively seek out and participate in this fraud, Marketplace has learned that some real estate agents are also taking advantage of unwitting buyers. On the sale of a $640,479 home, the average sale price in Canada, a real estate agent would typically make $16,000 to $32,000 in commission, while the mortgage agent could earn upward of $2,550 in commission from a lender. Real estate agents say the teams charge one per cent of the mortgage amount for the fabricated mortgage application. This is in addition to other commissions that can be earned once the sale is finalized.
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