A Quebec lender opted out of mortgages in flood zones. Experts warn it could happen elsewhere
Desjardins no longer offering mortgages in high-risk flood areas, worrying homeowners
In May 2017, after two days of heavy rain, the river that runs along the shores of Pierrefonds-Roxboro, a suburban borough of Montreal, overflowed its banks, flooding hundreds of homes.
Tania Caro's basement was submerged.
"It was hell for everybody," she recalled ...read more
Insurance will drive many responses to climate change. No insurance, no mortgages, no land value. And government can only hold off the financial effects for a short time. Floods and wild fires are the big ones we're seeing so far.
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