Polarman, you ask good questions! Title insurance is when you buy insurance for changes that might come in the future which could affect your property. This could be a by-law change or an easement. The other huge thing that title insurance does is provides you with the funds for legal counsel if someone steals your title out from under you. This has been more common in Eastern Canada but crime has a way of spreading and we are seeing more of it now in other parts of Canada.
A real property report is the definition of what your property is and where it is located. This is an engineering-type report that defines the parameters of your property including the house, decks, garage, etc. It says what you have at that time. A real property report is a document and does not insure anything. It is a declaration of what you have at the time of purchase of the home as far as the physical, tangible property you own.
So in a nutshell, Title Insurance is just that, an insurance. It is bought once and lasts a lifetime. You do not need to buy it at any particular time but it can only be purchased once you own your home. It is transferable to your heirs but is not transferable when you sell the home.
I hope that helps.