Île-Bizard homeowners face implications of climate change on housing
Residents of Montreal's Île-Bizard–Sainte-Geneviève borough are facing a new challenge that hits close to home, quite literally, with the Desjardins Group’s decision to stop offering new mortgages for properties in certain areas prone to flooding.
This move has particularly affected Île-Bizard and Île-Mercier, communities that have experienced significant flooding events in 2017 and 2019. Desjardins cites the high risk associated with these flood-prone zones as the driving force behind their decision, stating that properties with a 5% or greater annual flooding chance will not be eligible for new mortgages, with limited exceptions.
This policy change has sparked a wave of concern among homeowners, who argue that Desjardins should have engaged with them to find more constructive solutions. Suggestions from the community include offering loans for flood prevention measures, like building embankments, to mitigate the risk.
"If we decide to live by the water, it's a choice. We're not idiots, we recognize the risks, we recognize what we're getting into. This is a lifetime dream for a lot of us and a lifetime investment,” resident Simon Hobeika said.
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The implications of Desjardins' decision have extended beyond the immediate financial concerns, stirring fears of declining property values.
"It's making a decision that hurts people. It's 2024, almost everyone has a mortgage on their house, it's a necessity,” said Pier Luc Cauchon, who is part of the support group for flood victims called Regroupement des sinistrés.
Borough mayor Doug Hurley also voiced his concerns, predicting that this move would create "greater hardship" for the community. He pointed out the likelihood of homes selling for less due to diminished buyer interest. He stressed the unpredictability of climate change and the necessity for municipalities to actively work towards protecting residents from becoming flood victims—a task that demands substantial resources.
In light of these challenges, Mayor Hurley is advocating for a collaborative approach, calling for negotiations between all levels of government and financial institutions, including Desjardins.
The goal is to explore alternative solutions that can prevent the negative impact of cutting off mortgage offerings in flood-prone areas, ensuring that the community's needs are met while addressing the risks associated with climate change.
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