hot / cold copper water pipes located above main electrical panel
Mind you, all I've seen of Canadian basements was on TV (a really good show), so take this with a grain of salt. However, I can't say this is terribly unusual based on that (in later shows he did a fair amount of basement work).

Local codes might have something else to say, but generally your pipes run inside the basement (which is one of the primary purposes of basements), as well as your electrical panel is typically there (because it's out of the way). So it seems that it is assumed your pipes will be near your panel. It's also worth noting that if your pipes start leaking, you'll have larger issues than an electrical panel.

You can always install a whole house water leak shutoff valve (most of the ones I've seen are for 1" water lines, not the 1/2" line in the photo). It would stop a serious leak, but not a dribble. If you really want a cutoff valve in the basement, you can cut the pipes and put in a Sharkbite (push connect) valve.