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
Exclusive: 76% of mortgage holders are anxious about their upcoming renewal: MPC survey + MORE Jun 14th
Growing financial anxiety is affecting both Canadian mortgage holders and non-owners alike, according to the latest consumer survey from Mortgage Professionals Canada..... More »
Mortgage payments: Understanding timing and avoiding confusion + MORE Jun 26th
Mortgage payments can sometimes be a tricky topic for some homeowners, leading to confusion about when payments are due and what time period they cover..... More »
With mortgage rates back on the rise, two-thirds of Canadians plan to delay their home purchase + MORE Jun 9th
Over two thirds (68%) of Canadians say they plan to wait until mortgage rates drop before they decide to purchase a house..... More »
One quarter of TD mortgages now have an amortization of 35+ years + MORE Dec 4th
Over a quarter of TD Bank's residential mortgage portfolio now has an effective amortization of 35 years or longer..... More »
Latest in mortgage news: OSFI head applauds lenders’ efforts to shorten amortization lengths + MORE Apr 3rd
OSFI says it is encouraged by the progress Canadian lenders have made in reducing amortization lengths of the mortgages within their portfolios..... 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…
