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Updated flood plain maps will send the housing market underwater
Eventually, entire communities will find themselves publicly identified as at-risk
Macdonald, Neil http://www.cbc.ca/news/opinion/flood-plains-1.5135336
Publisher: CBC
Date Written: 14/05/2019
Year Published: 2019
Resource Type: Article
The federal government will soon be posting maps of places at risk of flooding. This will have serious consequences for the housing markets in those areas.
Abstract:
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Excerpt:
Next year, the federal government will begin uploading nearly 2,000 user-friendly flood plain maps, updating them with the most recent geospatial data. Eventually, entire communities will find themselves publicly identified as at-risk. What that will do to the value of their homes and their flood insurance premiums (assuming they can even get insurance), is obvious....
Now, before the fever swampers start yelling conspiracy, this push to update flood plain maps is not coming from Liberal climate-change evangelists like Catherine McKenna, Trudeau's environment minister. Or David Suzuki. Or the Green Party. It is coming from the insurance industry. Put another way, conservatives: market forces....
If there is any good news here, it is that communities and homeowners can take steps to drastically reduce flood risk. It will be possible to effectively remediate yourself off those flood plain maps, and protect the value of your home. But it will cost money.
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