Tania Caro's street was among those flooded when Rivière des Prairies overflowed its banks in 2017.
Desjardins Group recently announced it will no longer offer new mortgages in high-risk flood zones in Quebec. If other mortgage providers follow Desjardins' lead, experts warn there could be major consequences for individual home owners and the housing market.Tania Caro's street was among those flooded when Rivière des Prairies overflowed its banks in 2017.
The announcement has sent shock waves through low-lying communities, from Charlevoix, north of Quebec City, to the suburban settlements of Montreal. "What's happening in Quebec is an indication of what could potentially happen going forward," said Kathryn Bakos, managing director of finance and resilience at the Intact Centre on Climate Adaptation at University of Waterloo.
While Caro's mortgage isn't with Desjardins, she's concerned it could affect her ability to sell her home if she ever wants to downsize.Kévin Masson, a resident of Cantley, Que., searches a basement apartment for any potential trapped residents impacted by rising flood levels in Gatineau, Que., on May 4, 2023. , which experts say would help address the problem.
The federal government has also announced plans to fund flood prevention in Canadian communities under a national adaptation strategy announced in 2022.Flood risk maps help identify safe ground during a storm or flood and lay out where to avoid building, but they’re not readily available. CBC’s Tom Murphy breaks down why the maps are so hard to find.
Those include improved adaptation in flood-prone areas, from embankments to flood-resistant roads. But he said stricter zoning rules will also be needed, even as Canada looks to address its housing crisis by building more homes.
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