Experts warn new factor could devastate home values: 'A potential disaster in slow motion'
Coastal flooding caused by rising global temperatures may place more homes in jeopardy and trigger a dramatic drop in property values.
There is a sinking feeling when it comes to British Columbia's waterfront real estate market.
Climate Central's Coastal Risk Screening Tool is an interactive map that shows which coastlines around the world would be submerged based on various projections of sea level rise. It shows that many of the beaches and islands in the Vancouver, Richmond, and North Vancouver areas would be submerged with a one-meter sea level rise. A half-meter rise could happen as early as 2050, as BCBusiness noted.
John Clague, an earth sciences professor at Simon Fraser University, called it "a potential disaster in slow motion," per BCBusiness.
While taking measures to mitigate the rising water is important, Clague said it won't stop the crisis from coming if huge strides aren't made to cool down our overheating planet.
"It will get worse and worse, and the public will be screaming to do something," added Clague. "These solutions take time and money, and the resources have to be invested incrementally. You're not going to find $10 billion overnight. New capital infrastructure on a large scale — new water and sewer lines — takes years, and this is an even bigger problem. If we don't do anything we're going to be in trouble."
A 2023 report from the B.C. Financial Services Authority (BCFSA), Natural Catastrophes and Climate-Related Risks, outlined the physical and financial risks related to an overheating planet on British Columbia.
"The risks and impacts to the financial services sector are driven by B.C.'s significant exposure to natural hazards, including flooding, heat waves, wildfires, wind, winter storms, and earthquakes," said the report. "The level of risk is expected to increase with the growing frequency and severity of natural catastrophes resulting from climate change."
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The BCFSA warned that impacts from a warming world could lead to a drop in property values as more and more homes become vulnerable to climate-related hazards. Restricted insurance coverage could exacerbate the problem, driving down property values even further.
The BCFSA report advocated for a holistic consideration of natural catastrophes and climate risks, ensuring financial services providers assess their effects on both business outcomes and consumer well-being simultaneously.
The report noted that the financial services sector will be relied on as a vital source of information and advice that will help empower consumers to protect themselves and their properties better.
Reducing emissions of heat-trapping gases is imperative. This means relying more on cleaner, safer, renewable energy sources like solar power, hydropower, and wind power.
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