News Release

New Report Shows Wildfires Driving Up Home Insurance Costs in Canada

TORONTO, ONT. —September 23, 2025 — With wildfires continuing to increase in frequency and intensity across Canada, a new report from Wahi, a leading digital real estate platform, and MyChoice, an insurance-rate aggregator, reveals how wildfires are affecting Canadian housing affordability.

The study highlights steep increases in home insurance premiums across wildfire-prone markets, making home ownership significantly more expensive.

Highlights from the new report include:

• Kamloops, B.C.: Insurance premiums nearly doubled since 2023. The average annual insurance premium here is now nearly 10% of a typical mortgage payment and 5 times the national average.
  
• Medicine Hat, Alta.: Insurance costs equal 19% of the monthly mortgage payment  — the highest of the 21 cities analyzed.
  
• Wood Buffalo, Alta. (Fort McMurray): Premiums amount to 16% of mortgage costs amid an active wildfire season.
  
• Prince George, Timmins, Kenora & Lethbridge: Premiums now exceed 10% of average mortgage payments.

“This report demonstrates the myriad forces affecting housing affordability in Canada beyond supply and demand, such as carrying costs,” says Wahi Economist Ryan McLaughlin. “It’s also another example of how data empowers homebuyers to make informed decisions, budget, and manage expectations.” 

Discussion around Canadian housing affordability is often focused on supply and demand and interest rates, but the climate is also driving real estate costs up in markets across the country.

“Homeownership costs are no longer just about mortgage payments — climate risk is rapidly becoming a key financial factor,” says Aren Mirzaian, CEO of MyChoice. “Our joint study with Wahi shows that in Canada’s wildfire-prone cities, insurance premiums are rising faster than home values, directly impacting housing affordability.”

Ryan McLaughlin is available for interviews to discuss the findings and the broader impact of wildfires on housing costs in Canada.

The full report, with a downloadable chart, is available here.

About Wahi

Wahi is a digital real estate platform that redefines the homebuying experience by putting more power into consumers’ hands by combining cutting-edge tech and market data with expert REALTORS®.

News Media Contacts:

Kristin Doucet

Wahi

Tel: 877-207-4273

Kristin.Doucet@wahi.com

About MyChoice

MyChoice is a Toronto-based Insurtech company that equips brokers and insurance companies with tools they need to excel in operations and client acquisition. Their rate comparison site MyChoice.ca, gives Canadians access to competitive auto, home, and life insurance rates. MyChoice blends their industry knowledge with cutting-edge technologies to build solutions that significantly enhance brokerage and insurance company processes and workflows.