How thieves stole a Toronto condo in 'total title fraud', selling it for $970,000

The professional photographs posted on a property tour website last year show Moffy Yu's condo in downtown Toronto, a light-filled two-bedroom home with floor-to-ceiling windows framing sweeping views from the tallest residential tower in Canada.

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ButterscotchMoose
ButterscotchMoose
518 · 12 days ago · Reddit

She bought this in 2017 and she's 24 now... So at age 19 she bought an 800k condo. And she can't do an interview in English and hasn't lived here since 2019.

Wtf are we doing?

northdancer
northdancer
484 · 12 days ago · Reddit

A million dollar vacant condo owned by a foreign student. Truly a Canadian heritage moment.

toast_cs
toast_cs
345 · 12 days ago · Reddit

The "smart, long-term solution" was to purchase title insurance, said Hudak.

She purchased title insurance and it didn't prevent the situation from occurring, so it's not actually a "smart, long-term solution" now is it, Tim? Several people (at least in the other situation of title fraud that they referenced from earlier this month) were duped because they couldn't bother the smallest inconvenience of actually doing proper background checks and literally taking 5 mins to go online and check if the ID #s on the driver's licenses of the purchasers were valid. It sounds like this situation is similar.

The solution, Mr Hudak, is to strip ALL of the people involved of their licenses and charge them with some sort of criminal negligence (or whatever the fraud equivalent is) for aiding in the false sale of the condo. Doing otherwise just invites these types of situations to continue.

CretaMaltaKano
CretaMaltaKano
259 · 12 days ago · Reddit

Tim Hudak, CEO of the Ontario Real Estate Association

Of course he is.

idontlikeyonge
idontlikeyonge
127 · 12 days ago · Reddit

But Yu, a former international student who now lives in China's Hubei province, said she never put her home in the Aura skyscraper on Yonge Street up for sale.

It’s one solution to foreign property owners leaving their buildings empty… I’m not sure I hate it

dfsaqwe
dfsaqwe
115 · 12 days ago · Reddit

But Yu, a former international student who now lives in China's Hubei province, said she never put her home in the Aura skyscraper on Yonge Street up for sale.

ah, the foreign ownership they told us not to worry about

Rational_Explorer
Rational_Explorer
107 · 12 days ago · Reddit

What happens here, since she has title insurance will she just be reimbursed for the sale or will she gain back ownership?

missingacrystal
missingacrystal
93 · 12 days ago · Reddit

Must be nice to be able to buy an $800k condo at such a young age.

Darragh_McG
Darragh_McG
79 · 12 days ago · Reddit

Well at least someone is actually living in there now

aznfangirl
aznfangirl
47 · 12 days ago · Reddit

The title says “How thieves stole a Toronto condo.” After reading the article, I’m still waiting for the how. The biggest question remains: how were the lawyers duped by fraudulent identifications and documents?

Highfours
Highfours
46 · 12 days ago · Reddit

They don't really mention what the role and/​or liability of condo management is in this fraud. Presumably the fake seller obtained keys and fobs by presenting fake id to the building management?

Wisecracks-R-Us
Wisecracks-R-Us
39 · 12 days ago · Reddit

Documents provided by Yu show the home was listed for $978,000 last May 11, then sold for $970,000 nine days later, near the height of the pandemic property boom. Ontario land title documents show ownership was transferred for that sum on June 15 to a new buyer who took out a mortgage with the Bank of Montreal.

Yu, 24, only noticed that "something unusual" was going on with her condo, which she bought in 2017 for more than $800,000, when her monthly property management fees weren't charged last July.

zumoro
zumoro
34 · 12 days ago · Reddit

Wait, this condo was just left unoccupied? Not even rented out? For years?

Zombie_John_Strachan
Zombie_John_Strachan
28 · 12 days ago · Reddit

If you don’t have a mortgage, make sure you always have a home equity line of credit approved and on file. This creates a lien on your property from your financial institution and helps prevent a fraudulent sale. The house can’t be sold unless the lien is revoked, and the bank will contact you to confirm.

Not foolproof but an additional step to do along with title insurance.

SirZapdos
SirZapdos
15 · 12 days ago · Reddit

Yes, it sucks what the Chinese have done to our real estate, but let's not lose sight of the real POS here. The fraudsters. Even if they can't get the money back, it sure would be nice to get these assholes behind bars. I have little hope though.

This also suggests that maybe regulation on real estate agents is maybe not at the level it should be. But I kind of doubt that Tim Hudak would be the type of person to ask for that.

Epcjay
Epcjay
8 · 12 days ago · Reddit

A blessing in disguise for the new owner imo. Property prices probably drop 100k for them, now they kinda get to back out and get some money back and get something cheaper too...

NikoPopp
NikoPopp
6 · 12 days ago · Reddit

Real estate agents rising to the top of scummiest proffessions quickly

KevDFoster
KevDFoster
5 · 12 days ago · Reddit

A 24 year old Chinese resident owns a million dollar condo downtown Toronto. Anyone else see a problem here? Might be why people are trying to steal it. Haha

ihatethettc
ihatethettc
5 · 12 days ago · Reddit

Hope she remembers to submit paperwork for the vacant property tax.

ThePlanner
ThePlanner
5 · 12 days ago · Reddit

Buy title insurance, people. It sucks, but this is why.