Coastal communities, sea level rise and a new mortgage….

The Union of Concerned Scientists has released a new report dealing with sea level rise.  It can be downloaded here.   Jennifer Dorroh writing for cClimate Liability News has a solid summary here.

I recall sending an email around questioning whether we should be caustious about acting for landowners buying property in Ladner BC, near the Vancouver airport.  No one showed any interest.  I wish I still had access to that list!  The UCS study focuses on US coastal properties.  I suspect there will be little difference between the lower mainland surrounding Vancouver and Seattle.

One of the key points made by the report is summarised as follows:

“More than 300,000 of today’s coastal homes, with a collective market value of about $117.5 billion today, are at risk of chronic inundation in 2045—a timeframe that falls within the lifespan of a 30-year mortgage issued today. Approximately 14,000 coastal commercial properties, currently assessed at a value of roughly $18.5 billion, are also at risk during that timeframe.”

Most Canadian mortgages ammortize over a 25 year period.  The concerns for many Canadian coastal communities will be/are the same.

 

 

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