Two major Canadian real estate listing platforms now offer Canadians how much risk individual properties face over the next 30 years from heat waves, wildfires, flooding and drought.
In the middle of Sumas Prairie, a nearly 20-acre farm that drowned during the 2021 floods is up for sale.
Those looking to move on to the farm in Abbotsford, B.C., for example, can expect the number of extreme heat days per year to more than triple by 2050. Precipitation risk, meanwhile, is rated as “very high,” with the amount of storm-driven rain expected to climb nearly 16 per cent over the next three decades, according to the risk tool from ClimateCheck, the San Francisco-based company behind the risk tool.
At least half a million buildings in Canada at risk of flooding are not identified on current government flood maps, and"virtually none of them show how climate change may affect the future risk of flooding," found a 2021 study from the Canadian Institute for Climate Choices . "In hot real estate markets such as Vancouver and Toronto, this means that property buyers — from individual homeowners to commercial real estate investors — are likely paying too much for homes and buildings whose value will drop when their flood risk becomes apparent," warns the CICC report.
Later, as a real estate developer, he saw existential risk all around him, from sea level rise, wildfires and drought. But it wasn’t until he started lecturing at the University of California, Berkeley, that he saw researchers with access to huge volumes of data that could shed light on the impacts of climate change.
Four years ago, Inman launched ClimateCheck, combining U.S. government data and an aggregate of several global climate models. Local data is then overlaid on top of that to paint a more nuanced picture. The job, while massive, proved relatively straightforward because U.S. agencies collect data at the national level.
In a 2022 Leger survey, 57 per cent of Canadians said potential weather-related events are a key factor in where they choose to buy a home. The poll also found just under half of the respondents were worried about the impact flooding, forest fires and other weather-related events will have on their homes or neighbourhoods in the coming years.
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