Is a notice of lease on title valid?

Ontario, Canada

The following excerpt is from Ontario Pension Board v. H&M Hennes & Mauritz Inc., 2013 ONCA 352 (CanLII):

In my view, this argument cannot succeed. The typical reason for registering a notice of lease on title is to furnish notice of the registering party’s leasehold interest to third parties in order to protect the priority of the registering party’s leasehold interest against competing claims by others: see for example, Russo v. Field, 1973 CanLII 10 (SCC), [1973] S.C.R. 466, at pp. 480-81.

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