The north magnetic pole is headed toward Siberia at a mile a day and will be there in less than two years. If the poles really shift over time to match the magnetic poles the equator will go directly Nova Scotia, across the Great Lakes and southern Canada opening Canada's Northern Territories to be as temperate as the US is now-Russia, Asia,and Europe may be frozen-South America too.
How much land mass would be under water due to both current poles melting?
If it happens it will probably be a slow rotation-the South Magnetic Pole apparently is crawling, it's 1800 miles from true south
View short Vid showing Earth's new equator; http://crimsondreams.net/
Magnetic Pole Moving Due to Core Flux
http://news.nationalgeographic.com/news/2009/12/091224-north-pole-magnetic-russia-earth-core/North
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