Ontario Homeowner Protection Act, 2024 received Royal Assent

The Ontario Homeowner Protection Act, 2024 has received Royal Assent, marking a significant step forward in protecting homeowners from title fraud and real estate scams. This legislation was introduced in response to increasing incidents of fraudulent property transfers, where criminals forge documents and illegally transfer property ownership without the legitimate owner's knowledge or consent. Once the fraud is discovered, homeowners face lengthy and costly legal battles to reclaim their properties. The new Act introduces several key protections including enhanced identity verification requirements for property transactions, mandatory fraud alerts for high-risk properties, improved notification systems to alert property owners of any registration activity, stronger penalties for real estate fraud, and additional resources for victims of title fraud. The Act also establishes a compensation fund to assist victims while they work through the legal process to recover their properties. Title fraud particularly affects elderly homeowners, properties with no mortgage, and owners who don't regularly check their property records. The Canadian Anti-Fraud Centre recommends that all homeowners, especially in Ontario, regularly monitor their property titles through the provincial land registry system. Homeowners should be alert to unsolicited offers to purchase their property, unexpected mortgage or loan documents, mail from lawyers or financial institutions they don't recognize, and any unusual activity related to their property. If you suspect title fraud, immediately contact local police, report to the Canadian Anti-Fraud Centre, notify your land registry office, and consult with a real estate lawyer.