A group of business owners are weighing in on the debate over the expansion of the Trans Mountain oil pipeline, saying that a spill on B.C.’s coast would hurt property values.
The report was released by Cred BC, an organization of about 90 businesses concerned about the potential twinning of the Kinder Morgan pipeline.
The report suggests an oil spill in Burrard Inlet or on the coast could cost jobs in the real estate sector if property values are affected.
The research was based on the impacts of eight oil spills in Canada and the U.S., including the infamous 2007 Burnaby pipeline rupture, which caused 250,000 litres of oil to leak into the environment.
The spill left 11 local homes coated in crude oil and 250 residents evacuated their homes by choice. The clean up cost around $15 million.
According to the report’s key findings, several documented cases show that directly impacted properties lost 10 to 40 per cent of their value following an oil spill.
Even properties that were simply near spills and not directly impacted saw a five to eight per cent reduction in value.
The impacts were mostly seen in the first year following a spill and lasted for about five years.
With files from Jill Bennet
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