Ontario wind power bringing down property values — CBC News
CBC News has published a major investigative report on losses in market values of Ontario residential properties located near wind turbines. It reports actual and anticipated losses of 10-50%, increased time to sell and potential difficulties in obtaining a mortgage. There is also a poll showing the percentage of people willing to live near wind turbines.
Some excerpts from the report:
… The CBC has documented scores of families who’ve discovered their property values are not only going downward, but also some who are unable to sell and have even abandoned their homes because of concerns nearby turbines are affecting their health.”
… The president of the Brampton Real Estate Board [Chris Luxemburger] examined real estate listings and sales figures for the Melancthon-Amaranth area, home to 133 turbines in what is Ontario’s first and largest industrial wind farm. “Homes inside the windmill zones were selling for less and taking longer to sell than the homes outside the windmill zones,” said Luxemburger. On average, from 2007 to 2010, he says properties adjacent to turbines sold for between 20 and 40 per cent less than comparable properties that were out of sight from the windmills.
… Canadian Hydro Developers bought out four different owners [who threatened legal action] for $500,000, $350,000, $305,000 and $302,670. The company then resold each property, respectively, for $288,400, $175,000 (50% loss), $278,000 and $215,000. In total, Canadian Hydro absorbed just over half a million dollars in losses [34%] on those four properties.
… last February, before an environmental review tribunal in Chatham, Environment Ministry lawyer Frederika Rotter said: …”That’s what makes them sick is that, you know, they’ll get less money for their properties, and that’s what’s causing all this annoyance and frustration and all of that.”
… Getting a mortgage on her house might not be that easy. CBC News has learned that already one bank in the Melancthon area is not allowing lines of credit to be secured by houses situated near wind turbines. In a letter to one family situated close to the turbines, the bank wrote, “we find your property a high risk and its future marketability may be jeopardized.”
Reinforcing the information contained in the above report, a CBC News poll indicates that only 23% of more than 1700 responders would be willing to live near wind turbines, thereby reducing the number of potential buyers by three-quarters.
Here are links to:
- The full CBC News report: http://www.cbc.ca/news/canada/story/2011/09/30/ontario-wind-power-property-values.html;
- An accompanying audio report (4:21 minutes) CBC audio: Wind power headaches / property losses;
- The CBC News poll: http://www.cbc.ca/news/yourcommunity/2011/10/would-you-live-near-wind-turbines.html