The air is warmer, the days are getting longer, and after an exceptionally snowy winter, the grass is finally starting to reveal itself. Spring officially is upon us, which means that all of that snow is starting to melt. As the spring makes its arrival, be sure to take these important steps to protect your home and prevent major water damage during the seasonal thaw.

Inspect your home’s foundation

As temperatures rise, melting snow can lead to water pooling around the base of your home, increasing the risk of leaks, cracks and basement flooding. To redirect water runoff, clear away any snow and ice from your home’s foundation, including window wells, basement entrances and exterior vents. 

Patch up cracks

Take a closer look at your home’s exterior. Seal and repair any cracks in your walls, foundation and around windows, to ensure moisture does not penetrate the building. If you discover a leak, even a small one, consider contacting a professional. What seems like a small issue can escalate quickly into major water damage, which is often costly and complicated to repair. Staying proactive now can save you time, money and stress down the road.

Clean out your drains and eavesthroughs

Clear out built-up ice and debris from your eavestroughs and downspouts. This is an integral part of your home’s water draining system, and if the flow is clogged, it can result in major damage. If there is a drain on the street near your property, be sure to clear any leaves and garbage away from the grate so melting snow from the road can flow freely. Regularly checking and clearing your gutters ensures water is directed safely away from your home. 

Also, don’t forget the street-side drains. If there’s a storm drain near your property, make sure the grate is free of leaves, ice and garbage. These clogs can prevent melting snow and rainwater from draining properly, potentially causing water to back up onto your property or into your basement.

Beware of overhead leaks

If your roof is in need of repair, this is likely the time of year when those issues reveal themselves. As snow and ice begin to melt, you may start to notice water spots forming on your ceilings – one of the clearest signs that water is seeping in through damaged or aging roofing materials. Don’t forget to check for leaks in the attic as well. Look for damp insulation, water staining on beams or a musty smell. Early detection is key, and addressing roof issues now can help you avoid more extensive and costly repairs down the line.

Check up on your home systems

Before you turn on the air conditioning for the first time this season, take a few minutes to inspect the unit and ensure it’s functioning properly. Look for any visible signs of wear, debris buildup or damage to the outdoor unit, and test the system to confirm its cooling efficiently. This seasonal check-in is also a great time to tackle a few other important maintenance tasks, such as replacing the furnace filter and changing the batteries in your smoke and carbon monoxide detectors. These small steps go a long way in keeping your home comfortable, efficient and safe year-round.

Review your insurance coverage

Spring thaw can bring increased risk of flooding, water damage and sewer backups – especially in areas with heavy snow accumulation or older drainage systems. It’s a good idea to review your home insurance policy to make sure you’re covered for the types of damage that commonly occur during a thaw.

Standard homeowner policies don’t always include flood protection or sewer backup coverage by default. If your basement floods due to melting snow or if stormwater overwhelms the municipal system and backs up into your home, you could be on the hook for repairs unless you’ve added this coverage.

Reach out to your insurance provider or broker to go over your current policy and make sure you’re protected. Look for these key add-ons in your policy, such as overland water coverage, sewer backup coverage and sump pump failure. A small monthly premium can save you thousands in potential damage and

Overnight rate sits at 2.75% as trade relations with the United States remain unclear

On April 16th, the Bank of Canada announced that it would hold the target for the overnight lending rate at its current level of 2.75%. This marks the first time since June 2024 that the Bank has chosen not to make a cut. 

In light of major shifts in trade policy with the United States, the Bank explained in its announcement that economic uncertainty has risen, thereby increasing the odds of rising inflation and making it challenging to track GDP growth. Though global economic growth was solid in late 2024 and inflation has been easing, recently-implemented tariffs have clouded the outlook for the Canadian economy and the rest of the world.

“A lot has happened since our March decision five weeks ago. But the future is no clearer. We still do not know what tariffs will be imposed, whether they’ll be reduced or escalated, or how long all of this will last. At this meeting, we decided to hold our policy rate unchanged as we gain more information about both the path forward for US tariffs and their impacts,” said Tiff Macklem, Governor of the Bank of Canada, in a press conference with reporters following the announcement. 

“Monetary policy cannot resolve trade uncertainty or offset the impacts of a trade war. What we can and must do is ensure that Canadians continue to have confidence in price stability. Our focus will be on assessing the downward pressure on inflation from a weaker economy and the upward pressure from higher costs. We will support economic growth while ensuring inflation remains well controlled.”

In March, Canada’s Consumer Price Index (CPI) increased 2.3% year over year, easing from 2.6% recorded in February. The deceleration was largely due to lower prices for travel and gasoline. Offsetting some of that slowdown was the end of the temporary suspension of the Goods and Services Tax (GST) and Harmonized Sales Tax (HST) on February 15th, which contributed to higher prices for eligible products in March.

Tariff conflict rocks consumer confidence in economy 

Research shows that almost half of Canadians are not confident in the economy today, and that uncertainty is being reflected in real markets across the country, where buyers are hitting pause on their purchase plans. This has resulted in softer-than-usual spring market activity, especially in the country’s most expensive markets, Ontario and British Columbia. 

According to a recent Royal LePage survey, conducted by Burson,1 49% of Canadians say they are confident in the country’s economy today, including only 6% who are very confident; 43% say they are not confident. 

“The typical spring market didn’t kick off as energetically as expected, and geopolitical uncertainty is playing a major role,” said Phil Soper, president and CEO, Royal LePage. “The new administration in Washington has rattled Canadians with aggressive rhetoric and punitive trade policy. While we were spared from the blanket 10 per cent tariff imposed on most countries in the world, targeted steel and aluminum duties – coupled with unsettling comments that called Canada’s sovereignty into question – have been enough to shake public sentiment. Even if these measures don’t directly impact housing, they contribute to a climate of caution that weighs heavily on large consumer decisions, at home and around the world.”

The Bank of Canada will make its next interest rate announcement on Wednesday, June 4th.

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