Do wind turbines affect property values?
[This article includes a link to many articles on wind turbines and property values.]
Twenty or more South Marysburgh and Athol property owners are suing wpd Canada and its participating landowners because of anticipated market value losses if the 29-turbine White Pines wind project is built.
This is the second such action in Ontario, the first also being against wpd Canada and its participating landowners in Simcoe County. More actions of this nature are expected in the near future.
What is the truth about market values of properties located near wind turbines? Read on.
Wind developers say that there will be no market value losses, but refuse to provide guarantees to neighbouring property owners. In direct contradiction, some real estate agents report that they can’t even get prospective purchasers to look at properties situated within several kilometres of a proposed wind project.
Consider your own situation. Would you buy such a property — at the right price or at any price, or would you look elsewhere? In an October, 2011 CBC News poll, two-thirds of respondents said that they would not live near wind turbines.
When there are few potential purchasers, market values become depressed, perhaps severely. The general consensus is that the market value of a home within 2 km of a wind turbine will be depressed by 20% to 40%, depending on how close and how many turbines. In an extreme situation (e.g. 10 turbines within 2 km) a home may not be sellable at any price.
The link below provides further links to more than 50 articles on property values near wind turbines, including several on the topic of market value guarantees.
However, if you only have time to read one article, it should be this one, published by CBC News on October 1, 2011 and titled Ontario wind power bringing down property values .
The article reports on four properties located near Melancthon, Ontario, purchased by the wind developer after threats of legal action and subsequently resold by them at losses of 42%, 50%, 9% and 29%, respectively. The total loss on the four properties was $501K. A real-life situation with real money losses, located real (OK, fairly) close to home.