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
BoC official warns against playing with mortgage rules to make housing affordable + MORE Nov 9th
The Bank of Canada’s senior deputy governor is warning against adjusting mortgage rules to try to make the prospect of homeownership more affordable..... More »
How much income do you need to buy a home in Canada? A look at housing affordability in June 2025 Jul 26th
Mortgage rates continue to tick higher, and the impact is being felt in housing markets across Canada, according to the latest affordability data from Ratehub.ca. The June edition of the study, which is conducted monthly to record affordability conditions in real time, found conditions eroded in 12 .... More »
Bank CEOs see mortgage risk easing as attention turns to political uncertainty + MORE Jan 8th
The heads of Canada's biggest banks are finally seeing risks around mortgage renewals easing, only for worries about tariffs and political uncertainty to take their place..... More »
Rocket Mortgage Canada winding down operations + MORE Mar 7th
Rocket Mortgage Canada is shutting down its lending business, with operations expected to wind down by the end of June..... More »
Early cracks in household credit hint at mortgage stress by 2026, CIBC’s Benjamin Tal warns + MORE Nov 6th
Household credit strain is creeping in at the edges, and CIBC economist Benjamin Tal says it could spread to mortgages as payment shocks peak next year..... 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…
