Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
BMO reinstates OSFI’s stress test for uninsured mortgage switches + MORE Dec 21st
The excitement over last month’s removal of the stress test for uninsured mortgage switches may have been short-lived—at least for some bank customers..... More »
Scotiabank’s return to competitive mortgage pricing is “huge” for brokers + MORE Aug 2nd
Scotiabank is back. After “intentionally slowing” its mortgage portfolio last year due to funding constraints, Scotiabank has announced to its broker partners that its competitive pricing is back, along with an expanded retail package program. As Ron Butler of Butler Mortgage described, .... More »
Mortgage rate outlook: Why experts say the next move could be lower + MORE Feb 19th
After a volatile 2025, mortgage rates have steadied, but experts say the next move could be lower, and that has implications for borrowers..... More »
U.S. mortgage rates dip slightly, sending 30-year loans to 6.23% + MORE Nov 30th
Mortgage rates fell after three weeks of increases, giving prospective buyers some relief from price pressures. .... More »
Fixed-rate borrowers face up to 20% payment hikes at renewal, BoC warns Jul 23rd
Bank of Canada data shows fixed-rate borrowers face the steepest payment hikes this year and next, but not all mortgage holders are in the same boat.... More »
No signs of distress among borrowers yet, First National says
– canadianmortgagetrends.com
Canada’s largest non-bank lender says it is keeping a close eye on its mortgage borrowers, but hasn’t seen any “measurable issues” related to higher payments so far.
Does your home insurance cover water damage? Probably not
– moneysense.ca
If you carry a mortgage on your home, you’re legally obligated to have home insurance—but that doesn’t necessarily mean you’re covered against everything life may throw at you. Notably, home insurance typically doesn’t include coverage of water damage from floods and leaks, nor does it cover sudden water damage due to water seeping into your home through your roof or above-ground walls. This is true even for insurance policies that offer the most extensive coverage.
Here’s why that matters: In recent years, climate change has led to more frequent damaging rainfall events (such as severe downpours and thunderstorms), and certain regions are naturally prone to flooding. A flooded basement isn’t cheap to fix—in fact, the average cost to repair that type of damage is over $40,000.
The Insurance Bureau of Canada (IBC) notes that extreme weather events result in an average of $2 billion in annual losses across the country—mostly due to water-related damage. This number was slightly higher than average in 2021 after significant flooding in British Columbia, and water damage recently overtook forest fires as the biggest cause of property damage in Canada…
