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18 Feb 2010 / 12:20 pm
Hot Property – What does the Future Hold for Canada’s Ski Town Real Estate
Imagine Whistler without snow but for the lower altitude ski areas of Whistler Mountain it was already starting in 2007. It is not only a possibility, but we have seen in this year’s Olympic coverage there seems a constant flow of flippant comments about Rain and Fog. Impacts are so pressing that resort operators have been looking to climate forecasters to help them mitigate risk and creatively plan for future business success. Real Estate holdings, Mountain operations, development and profitability are on the table. For the benefit of the planet, both skiers and resorts are beginning to undergo intense reconciliation.
World ski Mecca Whistler BC was the host location for the Real Estate Institute of British Columbia’s Conference (REIBC) on the Effects of Climate Change on Real Estate a few years ago. While there I had the pleasure of attending a series of expert talks presented by Insurance companies and scientists. As a lifetime skier and snowboard fanatic, I was saddened to hear that the future of many of the world’s ski resorts are not only at risk, but are bracing themselves for lasting decline in natural ski conditions. According to the Arthur deJong, Spokesperson for Whistler Resort, “within projected 4 degree increase in global average temperature we anticipate the closure of 75% of the world’s ski resorts”. This should come as no surprise with mounting awareness of accelerated world wide glacial melting and general atmospheric warming. The question weighing on my mind is ‘what are the implications for real estate holdings as a result of the hard-hitting messages from scientific researchers evaluating impacts of climate change on real estate in BC; from insurance and liability to food security and drought the risks are mounting’.
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