A 44.3% reduction in the number of houses listed for sale following a catastrophic flood may be due to: (a) expectation of a lower listing price in the aftermath of flooding, (b) waiting for the “stigma” of flooding to pass, and/or (c) time required to remediate a house following flood damage prior to listing (Hino and Marshall 2020; Sanders et al. [...] and soundness of the Canadian With about 9% (3.3 million) and 11% (3.9 million) of the Canadian population financial system” residing in 1-in-100 and 1-in-200 year floodplains, respectively – and with flood risk on the rise (Mohanty and Simonovic 2021; IPCC 2021) – if left unchecked flooding may impact the “safety and soundness of the Canadian financial system” (OSFI 2021). [...] A North American examination of Testimony to the adverse impact of flooding is the increase in Canadian home catastrophic loss insurance premiums of 20-25% over the period 2015-2019, with more than half impacts on real of this upturn attributable to flood damage (Moudrak and Feltmate 2020). [...] in the future if flood risk is left unchecked Treading Water: Impact of Catastrophic Flooding on Canada’s Housing Market 15 Method: Drilling Down on Flood Risk Treading Water: Impact of Catastrophic Flooding on Canada’s Housing Market 16 Method The impact of community-level residential flooding was assessed relative to four categories of response variable: Average final sold price of a house Avera. [...] Behind the scenes, the team at First Street Foundation has created a first-of-its-kind methodology that adjusts for the reality of a changing climate and how it will impact flood risk into the future, accounts for local adaptation, and incorporates the four major contributors to flooding: tidal, rain, riverine and storm surge, all at the level of granularity needed to calculate flood risk for indi.
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