Flooding Causes Short-term Dip in House Prices, Longer Selling Times
Any homeowner wading shin-deep among their ruined possessions and half-drowned storage boxes knows that flooding has become a real concern in Canadian cities over the past decade.
It’s not only a hassle to clean up, costing an average of $43,000 in damages, but there’s now hard data showing it also has a short-term impact on home prices.
Over the past eight years, catastrophic flooding caused an average 8.2% drop in the final sale price of affected homes. It also caused them to languish on the market around 20% longer in the six-month period post-flooding, says a new report from the Intact Centre on Climate Adaptation from the University of Waterloo.
The study focuses on five cities that experienced severe flooding between 2009 and 2020: Burlington, Toronto and Ottawa in Ontario; Gatineau, Quebec; and Grand Forks, British Columbia.
Article Written By: Danielle Kubes
Original Article Posted on: February 16, 2022