According to a recent news release, the new rules give potential buyers of such properties “one more tool to help make informed decisions about living along the coast.”
“Starting Tuesday, July 1, buyers will have the option on property disclosure statement forms to request that the seller disclose whether coastal flooding, coastal erosion, general flooding, pooling or drainage issues have affected the property,” it states.
These changes to the disclosure form were made by the Nova Scotia Real Estate Commission and fall in line with the provincial government’s commitment “to work with the commission on increasing awareness and understanding of potential hazards that come with owning coastal property.”
Environment and Climate Change Minister Timothy Halman called this an “all-hands-on-deck approach to adapting to global climate change” and ensuring “communities and homes are sustainable and safe.”
“Purchasing a property is one of the biggest and most important financial commitments we make, and I applaud the leadership of the real estate commission, who with this change are helping property buyers make informed decisions and investments with respect to potential impacts of climate change,” said Halman in a statement.
According to CLIMAtlantic, a climate information provider to Nova Scotia, P.E.I. and Newfoundland and Labrador, costal erosion is the “breakdown of rock and sediments at the shoreline” and is caused by waves, wind, storm surge, rain, ice and surface runoff.
Coastal flooding is when a “storm surge” temporarily increases the sea level due to “incoming storms and strong winds.” During a storm surge, “waves can wash over lands that do not usually experience wave action,” states CLIMAtlantic.
The new property disclosure statements “encourage full communication between property sellers and buyers,” helps “protect both parties” involved in reals estate deals, and helps buyers “make informed decisions by providing them with as much information as possible about a property,” states the release.
Last February, Nova Scotia’s government released The Future of Nova Scotia’s Coastline: A plan to protect people, homes and nature from climate change.
The plan contains 15 “actions” for property owners, municipalities and the government to take in the name of making coastal homes, communities and “natural areas” safer and more resilient to the impacts of climate change.
Action 6 called for the government to work with the Nova Scotia Real Estate Commission to increase awareness around potential hazards surrounding coastal real estate, and to consider changes to property disclosure statements.
Early on, the paper called the coastline a “complex and constantly changing environment” due to “natural rhythms” of occurrences such as tides and storms.
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