ÐÇ¿Õ´«Ã½

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.

“We 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,†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.

“Canadian homeowners are paying closer attention to flood and wildfire risk when purchasing a home,†Blair Feltmate, head of Intact Centre on Climate Adaption at the University of Waterloo, said in a press release. “With the impact of [extreme weather] featuring almost nightly on newscasts, homeowners are also increasingly aware of how flooding in communities can affect a home’s value.â€

CTVNews.ca ÐÇ¿Õ´«Ã½

The province's public security minister said he was "shocked" Thursday amid reports that a body believed to be that of a 14-year-old boy was found this week near a Hells Angels hideout near Quebec City.

An Ontario man says it is 'unfair' to pay a $1,500 insurance surcharge because his four-year-old SUV is at a higher risk of being stolen.

Local Spotlight

They say a dog is a man’s best friend. In the case of Darren Cropper, from Bonfield, Ont., his three-year-old Siberian husky and golden retriever mix named Bear literally saved his life.

Paleontologists from the Royal B.C. Museum have uncovered "a trove of extraordinary fossils" high in the mountains of northern B.C., the museum announced Thursday.

The search for a missing ancient 28-year-old chocolate donkey ended with a tragic discovery Wednesday.

The Royal Canadian Mounted Police is celebrating an important milestone in the organization's history: 50 years since the first women joined the force.

It's been a whirlwind of joyful events for a northern Ontario couple who just welcomed a baby into their family and won the $70 million Lotto Max jackpot last month.

A Good Samaritan in New Brunswick has replaced a man's stolen bottle cart so he can continue to collect cans and bottles in his Moncton neighbourhood.

David Krumholtz, known for roles like Bernard the Elf in The Santa Clause and physicist Isidor Rabi in Oppenheimer, has spent the latter part of his summer filming horror flick Altar in Winnipeg. He says Winnipeg is the most movie-savvy town he's ever been in.

Edmontonians can count themselves lucky to ever see one tiger salamander, let alone the thousands one local woman says recently descended on her childhood home.

A daytrip to the backcountry turned into a frightening experience for a Vancouver couple this weekend.

Stay Connected