Price Under Pressure: The Climate Change Connection to Property Values | Episode 33
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Price Under Pressure: The Climate Change Connection to Property Values | Episode 33
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In today's housing market there is a new dimension to consider beyond price, commute time and schools in the neighbourhood - climate risks. As a homeowner, preparing for future costs amidst increasing storms and extreme weather events is crucial.
"Canada exceeded $3 billion in insured damages last year, and uninsured values totaled $9-12 billion," says Kathryn Bakos, Managing Director, Finance and Resilience at the Intact Centre on Climate Adaptation Faculty of Environment, University of Waterloo.
On this episode of the Big Blue Marble Podcast we reveal what extreme weather event is the biggest risk to our homes right now, and we discuss how that "perceived" risk alone may not only affect a home's value but also make it harder to sell.
"On average across Canada we saw an 8.2% price reduction and the homes stayed on the market approximately 20 per cent longer," adds Bakos.
From tips on how to future proof your home to insurance limitations, this is one episode every homeowner must hear.
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