We all know that parks are often the heart of neighbourhoods, providing a place for people to play and make connections with neighbours, but how does one place a value on that?
Researchers at the University of Waterloo have attempted to put a price tag on parks, by looking at the recently opened Quaker Foods City Square in downtown Peterborough.
The square, which has an ice rink in the winter, and will be home to a farmer’s market in the summer, cost taxpayers $6.4 million to build.
While that might seem a hefty price tag to some, the researchers from the university say it will create physical and mental health benefits worth over $4 million per year.
Researchers considered “the health savings associated with improved mental health and better air quality, the avoided economic burden of physical inactivity and higher life satisfaction,” according to a release from the school.
The study also considered the cost savings to the medical system as parks improve population health and well-being, the university noted.
“Investments in urban parks are among the soundest financial decisions a community can make,” said Waterloo professor Jeffrey Wilson.
“When you consider the population health benefits, the value of lessening climate-related impacts and the role of parks to support economic development, we see how parks provide a large payback.”
Quaker Foods City Square was built on the site of a municipal parking lot on Charlotte Street in downtown Peterborough but the school noted that the study did not consider many of the benefits that are linked to vegetation cover.
In this case, that was not really a major issue as locally, the park has drawn some derision from local residents for its lack of green space.
The university says there is still work to be done in this area as other benefits that were not considered included relief from the heat as well as noise pollution, “increased biodiversity and social benefits resulting from stronger feelings of community cohesion, higher levels of community engagement and reduced isolation.”
Wilson said it can be tough for those making decisions on new parks with tight budgets.
“Dollars drive decisions,” noted Wilson, who co-authored the study. “It can be challenging for decision-makers to support the development and expansion of urban parks because there are competing land use pressures, and municipalities are responsible for park operation and maintenance costs. However, this study offers concrete evidence that the health system savings alone justify the financial investment.”