Desjardins no longer offering mortgages for houses in some flood zones
CTV
Desjardins Group announced that it will no longer offer mortgages for houses in certain flood zones, which includes homes with a five per cent of being flooded each year.
Desjardins Group announced that it will no longer offer mortgages for houses in certain flood zones, which includes homes with a five per cent of being flooded each year.
The effect of the federation of credit unions' decision impacts many residents in the Montreal area.
Macons Street in Pierrefonds on the West Island is sunny and dry now, but it's listed as one of the flood zones.
"We've only been flooded once in 50 years," said resident Rene Leblanc.
As of February, Desjardins implemented a new practice governing risk in flood-prone areas.
"The impacts of climate change, including water damage, are growing in importance and causing substantial damage," Desjardins said in a statement. "Desjardins wants to support its members and customers while taking into account these changes and the risks they may represent."
"This could have dire effects on citizens that live there and have lived there for decades," said Pierrefonds-Roxboro Mayor Jim Beis. "If ever they want to sell their home, for example, the prospective buyer could not get a mortage from this institutuion."
