愛污传媒

Skip to main content

Young Canadian homeowners consider risks of severe weather when buying a home: survey

Share

Raging wildfires, severe storms and extreme flooding are some examples of unprecedented weather events caused by climate change that have devastated communities and destroyed homes in recent months.

As younger Canadians around the country prepare to purchase a home, conducted by Leger for Rates.ca and BNN Bloomberg reveals that many consider the risks of severe weather caused by climate-change when choosing where to settle down.

鈥淲e are living with the effects of climate change, and the results of the survey show that a growing number of Canadian homeowners are both aware of the risk and are taking steps to mitigate risk in where they choose to live or through additional insurance endorsements,鈥 John Shmuel, managing editor of Rates.ca, said in a press release.

The online survey gathered data from 1,525 Canadians over the age of 18 in June 2023 and found young homeowners are the most concerned about the effects of climate change-induced extreme weather when buying a home. More than a third of homeowners surveyed said they considered the risks of extreme weather when deciding which location to purchase a home in. Within this group, 64 per cent of respondents were young Canadians, aged 18 to 34.

Meanwhile, 63 per cent of older homeowners between the ages 35 and 54 were less likely to consider extreme weather risks when buying a home, and the same appeared to be true for 68 per cent of those 55 and older, according to the survey.

Leger's data also shows as the severity and frequency of severe weather events increases, such as raging wildfires in parts of the country or extreme flooding in parts of Alberta and Ontario, the effects on the housing market are becoming more apparent.

For example, a University of Waterloo study revealed that in the eight years prior to 2022, in the final sale of house prices, a 44.3 per cent reduction in the number of houses listed for sale, and houses were found to be on the market for 19.8 per cent more days before being sold.

The survey showed that those who bought their homes in the last two years were twice as likely to consider the risks of climate change-induced extreme weather compared to those who bought their home more than two years ago.

Three in ten homeowners in the last two years took out additional insurance endorsements to protect their homes from extreme weather conditions, according to the survey.

鈥淐anadian homeowners are paying closer attention to flood and wildfire risk when purchasing a home,鈥 Blair Feltmate, head of Intact Centre on Climate Adaption at the University of Waterloo, said in a press release. 鈥淲ith the impact of [extreme weather] featuring almost nightly on newscasts, homeowners are also increasingly aware of how flooding in communities can affect a home鈥檚 value.鈥

CTVNews.ca Top Stories

The president and CEO of New Brunswick-based Covered Bridge Potato Chips is taking an 'extended leave of absence' after being charged with domestic violence this past weekend.

A memorial is growing outside a Walmart in Halifax after a 19-year-old employee was found dead inside an oven in the store Saturday night.

A search has started at Prairie Green Landfill for the remains of two victims of a serial killer.

He is a familiar face to residents of a neighbourhood just west of Roncesvalles Avenue.

Canada's discount airline is suspending operations to and from Saskatoon.

A new report suggests that Canadians' exposure to a radioactive gas is increasing, putting millions of people at a higher risk of developing lung cancer.

Local Spotlight

He is a familiar face to residents of a neighbourhood just west of Roncesvalles Avenue.

A meteor lit up our region's sky last night 鈥 with a large fireball shooting across the horizon over Lake Erie at around 7:00 p.m.

Residents of Ottawa's Rideauview neighbourhood say an aggressive wild turkey has become a problem.

A man who lost his life while trying to rescue people from floodwaters, and a 13-year-old boy who saved his family from a dog attack, are among the Nova Scotians who received a medal for bravery Tuesday.

A newly minted Winnipegger is hoping a world record attempt will help bring awareness for the need for more pump track facilities in the city.

A Springfield, Ont. man is being hailed a 'hero' after running into his burning home to save his two infant children.

Hortense Anglin was the oldest graduate to make her way across the platform at York University's Fall Convocation ceremony this week. At the age of 87, she graduated with an Honours degree in Religious Studies.

Looking for a scare with good intentions this Halloween season? The ghosts and ghouls of Eganville, Ont. invite families to tour the Haunted Walk at Lekbor Manor.

The image of a sleepy Saskatchewan small town with 'not a lot going on' is a well-known anecdote. However, one Saskatchewan company is hoping to change that 鈥 and allow communities both on and off the beaten path to share their stories and advertise what they have to offer.

Stay Connected