The effect of flood mapping and floods on housing prices
At a glance (3 minute read)
- Floodplain maps and historical flooding can affect housing prices, according to research from Ebbwater Consulting.
Is being close to water such as an ocean, river, stream or lake, a benefit or a liability?
It depends on whether the area has a floodplain map and if the area has ever had a flood, according to research from Ebbwater Consulting, The Impact of Flood Hazard on Real Estate Values.
Decrease in property value because of flood hazards
Price reductions after a flood diminish as time passes, and homes regain value between one and seven years after a flood.
|Mapping and disclosing a flood hazard||Decreases property value between one per cent and four per cent for property on a floodplain|
|Property which has had a flood||Decreases between 18 per cent and 25 per cent in value|
Flooding in your neighbourhood – who’s protecting you?
Not all BC municipalities have updated their flood mapping.
Find your region using BC’s floodplain maps by region.
- identify areas that have had floods from rivers, lakes, streams, and ocean; and
- provide information on the spatial distribution of flood construction levels.
Flood risk management in the Lower Mainland
Dike management and safety
Dike operation and maintenance were moved to municipalities from the provincial government in 2003.
Since then, both local governments and the provincial government have responsibilities to inspect, monitor, repair and replace dikes.
If a new dike is to be constructed, the construction will only be approved if the local government agrees to become the diking authority, and become responsible for ownership, operation, and maintenance of the dike.
There are more than 100 dikes throughout the province that aren’t the responsibility of any level of government. Many of these dikes were built years ago during an emergency and aren’t actively maintained by a diking authority. They also don’t meet provincial standards.
Although many of these dikes are located on private property, some are still regulated, meaning they can’t be modified or disturbed without prior approval under the Dike Maintenance Act.
For example, the three-kilometer Southlands Dike, below SW Marine Drive in Vancouver, protects multimillion dollar estates and horse barns from flooding.
The provincial government provided funding to the Fraser Basin Council to coordinate and manage a risk assessment for the orphan dikes. Read the Fraser Basin report (opens 161-page pdf).