The Latest in Mortgage News: Recent hikes are “painful” for variable-rate mortgage borrowers, says BoC Nov 25th
Struggling to make mortgage payments? How to avoid the slippery slope that leads to losing your home + MORE Nov 22nd
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…