Report warns that climate change will require significant changes to current real estate business practices

November 9, 2007 Vancouver - Climate change is set to fundamentally alter the way British Columbia's real estate industry does business, says a new report from the David Suzuki Foundation.

The report says changes in purchasing behaviour, new government regulations and the way in which insurers assess risks will affect the design and the location of new developments, and could substantially alter property values throughout B.C.

Some of the likely effects include: an increase in building costs, at least during the short term, as new standards for increased resilience and increased requirements for energy-efficiency in buildings take effect; a shift towards more compact, less land-intensive forms of development; and a continued acceleration in market demand for green buildings.

The report, titled Hot properties: How global warming could transform B.C.'s real estate sector, also says that some of B.C.'s most vulnerable buildings and infrastructure are at risk from climate change. Examples include homes affected by floods near Tsawwassen, houses burned by wildfires in Kelowna and homes affected by landslides or landslide risk in North Vancouver and Mission.

The 27-page report was prepared by Nicholas Heap, a Climate and Energy Policy Analyst with the David Suzuki Foundation, and was commissioned by the Real Estate Institute of British Columbia (REIBC). It will be presented at 9 a.m. on November 10th at the REIBC conference in Whistler, B.C. The theme of the conference, which takes place November 8 -- 10, 2007, is Climate Change and Impacts on Real Estate.

"The Real Estate Institute of British Columbia has been concerned about the issue of sustainability for some time and climate change, as we are all starting to realize, will force real estate professionals to find innovative ways to reduce green house emissions," says Scott Ullrich, president of REIBC. "B.C. is already a North American leader in the fields of green buildings and sustainable development and the Institute hopes to build on that."

Another highlight of the conference is a presentation by Dr. Stephen Sheppard Professor, Collaborative for Advanced Landscape Planning, UBC. His topic is entitled Future Visioning of Local Climate Change Scenarios -- visualizing how our communities may change as a result of climate change. The session will address potential implications of climate change futures for B.C. real estate, addressing issues such as house size, community character, retrofitting neighbourhoods, and a new resilient vernacular for B.C. architecture; it will conclude by inviting discussion on which climate-changed world the real estate industry can help us achieve.

Other conference sessions include climate change litigation, disaster loss prevention and how Whistler/Blackcomb will successfully manage climate change. More details are available at http://www.reibc.org/conference. Conference delegates are real estate professionals such as planners, appraisers, assessors, brokers, and property agents.

REIBC is an organization of diversified professionals whose mission is to advance the highest standards of education, knowledge, professional development and business practice in all sectors of the real estate industry. In 2003, REIBC partnered with the Design Centre for Sustainability at UBC and Smart Growth BC to change the way we do development in B.C., by creating Smart Growth on the Ground. This unique partnership assists communities with the preparation and implementation of neighbourhood plans that are smarter and more sustainable.

Download the full report at http://www.reibc.org or http://www.davidsuzuki.org/publications/hot_properties.asp

Event: REIBC 2007 Whistler Conference
Date: November 8 - 10, 2007
Place: Westin Resort and Spa, Whistler

For more information, contact:

Scott Ullrich
Real Estate Institute of B.C.
Cell: 1.866.824.8860

Nicholas Heap
David Suzuki Foundation
Cell: 778.991.4392