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The second chapter of the Unlocking the Future: 5 Year Outlook report has launched, focusing on climate change as a factor impacting Canadian real estate in the next five years.
This chapter found the impact of climate change on current and future homeowners is already being felt through displacement due to catastrophic events, higher insurance premiums and compromised liveability. The estimated trend of the overall costs of catastrophic losses has increased from approximately $1 billion in 2005 to almost $2.5 billion in 2021 and continues to be on an upward trajectory. Read the full report to learn more and how this could affect your clients.
Key Findings
- Climate change mitigation and adaptation measures must both be integrated into national housing strategies.
- The immediate need to fund and invest in the restoration and modernization of Canada’s green infrastructure, such as wetlands, grasslands and brown infrastructure, including sewage systems, among other initiatives, must become a priority for all levels of government.
- To protect real estate from the disruption of climate change, new levels of transparency in buying and selling homes should be considered by key stakeholders specifically as it relates to the property’s climatic risk.
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