World Business News

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Property values forecast to recede alongside Great Lake water levels

Zone(s): Canada ¦ Sector(s): Property
[26 June 2014, The Globe and Mail]  By Kathryn Blaze Carlson, Ottawa, Canada: Mud, muck and rocks where lake water once rippled. Tall reeds so dense that turtles and birds die trying to make their way out of the vegetation. These are some of the effects of lower water levels in the Great Lakes-St. Lawrence Region, and if the trend continues, residential property values in Ontario municipalities near the shores could take a hit worth $976-million by 2050, according to a new Mowat Centre study to be released on 26 June.

Lake Huron is expected to be by far the hardest hit of the lakes, with property values there predicted to decline by some $612-million alone. The report, entitled Low Water Blues and conducted for the Council of the Great Lakes Region, warns that if water levels in the area remain near the low end of the historic range for sustained periods, the long-term economic impact across various sectors could total $18.82-billion by 2050.

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