Buyers interested in coastal properties in Nova Scotia can now benefit from a new disclosure tool aimed at facilitating informed purchasing decisions. As of Monday, potential buyers are able to request property disclosure forms from sellers, which detail whether a property has experienced issues such as coastal flooding, erosion, or drainage challenges.
This initiative, introduced by the Nova Scotia Real Estate Commission, is designed to enhance awareness about the risks associated with owning coastal properties. Timothy Halman, the Minister of Environment and Climate Change, expressed his support for this initiative, emphasizing the importance of making informed financial commitments in the real estate market. He stated, “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.” Halman noted that this initiative reflects a comprehensive approach to adapting to the challenges of global climate change and aims to ensure the sustainability and safety of communities and homes.
The new disclosure requirements apply to both developed properties and vacant land, providing prospective buyers with critical information that could influence their purchasing decisions. This change comes as part of a broader effort by the province to address potential climate-related risks in real estate.
In addition to the new disclosure tool, the province has introduced other resources over the past year. These include a coastal hazard assessment report, which offers detailed information on flooding and erosion risks specific to individual properties. Additionally, there is an interactive hazard mapping tool that enables users to visualize possible coastal impacts in their areas. Together, these tools represent a significant step towards protecting residents and informing them about the risks associated with coastal property ownership.
The implementation of this disclosure tool and the accompanying resources reflects the provincial government’s commitment to enhancing public knowledge about environmental risks and promoting responsible real estate practices. It acknowledges the increasing importance of climate resilience in property investment decisions, especially for buyers looking at coastal areas, which are particularly vulnerable to climate change phenomena such as rising sea levels and increased storm intensity.
