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Hi,
The Mountain Pine Beetle`s Effect on Real Estate Report is ready for release.
Click Here to download the full report
The 8 month research project is completed and the report ready for full release, and the news is not the greatest for many regions in the West. Below is the press release covering the report. You can download the complete 25 page report www.reincanada.com (the download link is right near the top of the page) or you can go direct to the attachment to this post (it`s a large file so be patient with the download, or zip over to www.reincanada.com to try there).
If you are in the forestry industry, it would be great to hear your observations. This report has been released with one single premise, to get this critical topic on the top of mind for ALL politicians who can fund the support this is going to require. The local mayors and council are trying to raise awarness with the Federal Government, with limited luck. So please use the facts in this report to bring your own Local MP up to speed on this problem.
Let`s focus on what we can do, rather than what we can`t do.
We have a 5 to 7 year window to do something drastic in some of these towns, there is no time to sit and wait.
Mountain Pine Beetle Research Report Reveals Future Negative Impact on Real Estate Values in Affected Regions
Quesnel, Williams Lake and Prince George are cities most affected
Vancouver, B.C. — The Real Estate Investment Network (REIN), Canada`s largest real estate research, education and investment organization, has today released a detailed analysis of how the mountain pine beetle infestation is likely to affect real estate values in the B.C. interior over the next decade.
The report, titled How Global Warming & the Pine Beetle Could Devastate the B.C. Interior`s Real Estate Markets, found that real estate values will be most negatively affected in Quesnel, Prince George and Williams Lake. Secondary impacts will be felt in Kamloops and Merritt, and in Alberta as the pine beetle begins its march eastward to invade pine forests right across the country. Global warming is one possible cause, as warming winter temperatures reduce the length of the periods of sub-zero freezing weather required to kill off the pine beetles each year.
"Our research found that the accelerated harvest of the pine beetle infested wood has caused an economic boom and is artificially raising real estate prices in cities that are forestry centers like Quesnel, Prince George and Williams Lake," said Don Campbell, president of REIN and the report`s lead author. "However, when the harvest and local boom runs its course in about five to seven years, the whole buildup of these past few years will likely unravel to deliver falling real estate demand unless new economic stimuli are put into action today."
The report concludes that the pine beetle is likely to have a negative impact on real estate values in the affected cities, and recommends that REIN`s national membership review the fundamentals very thoroughly before deciding to invest in real estate in towns and areas throughout the affected pine beetle regions in B.C., Alberta and elsewhere.
Speculation a factor in recent real estate price increases in these towns
REIN`s research found that, despite shrinking populations (a key leading indicator for declining real estate prices), real estate values in Quesnel actually rose from $116,061 in 2005 to $145,471 at March 31, 2007, an increase of 14.1% in the last year alone. During the same time period rural houses in Quesnel went up 40.6%. According to Campbell, this contradictory trend indicates that speculation may be at work, creating competing for real estate and pushing up prices.
Quesnel has seen its population drop from 10,044 in 2001 to 9,326 in 2006 — a decline of 7.1% and the third-fastest-shrinking community in Canada over that period of time. This is an important indicator because stable real estate markets are driven mainly by full-time residents.
"Rising house prices despite a falling population is a clear signal that speculation, and not fundamental economic factors, may be at work in places like Quesnel and Williams Lake," notes Campbell, author of the best-selling Real Estate Investing for Canadians.
The report notes that a similar situation is occurring in Prince George but to a lesser extent due to that city`s economy being more economically diverse. The full report is available at no charge from the Real Estate Investment Network online at www.reincanada.com.
Click Here to download the full report
The Mountain Pine Beetle`s Effect on Real Estate Report is ready for release.
Click Here to download the full report
The 8 month research project is completed and the report ready for full release, and the news is not the greatest for many regions in the West. Below is the press release covering the report. You can download the complete 25 page report www.reincanada.com (the download link is right near the top of the page) or you can go direct to the attachment to this post (it`s a large file so be patient with the download, or zip over to www.reincanada.com to try there).
If you are in the forestry industry, it would be great to hear your observations. This report has been released with one single premise, to get this critical topic on the top of mind for ALL politicians who can fund the support this is going to require. The local mayors and council are trying to raise awarness with the Federal Government, with limited luck. So please use the facts in this report to bring your own Local MP up to speed on this problem.
Let`s focus on what we can do, rather than what we can`t do.
We have a 5 to 7 year window to do something drastic in some of these towns, there is no time to sit and wait.
Mountain Pine Beetle Research Report Reveals Future Negative Impact on Real Estate Values in Affected Regions
Quesnel, Williams Lake and Prince George are cities most affected
Vancouver, B.C. — The Real Estate Investment Network (REIN), Canada`s largest real estate research, education and investment organization, has today released a detailed analysis of how the mountain pine beetle infestation is likely to affect real estate values in the B.C. interior over the next decade.
The report, titled How Global Warming & the Pine Beetle Could Devastate the B.C. Interior`s Real Estate Markets, found that real estate values will be most negatively affected in Quesnel, Prince George and Williams Lake. Secondary impacts will be felt in Kamloops and Merritt, and in Alberta as the pine beetle begins its march eastward to invade pine forests right across the country. Global warming is one possible cause, as warming winter temperatures reduce the length of the periods of sub-zero freezing weather required to kill off the pine beetles each year.
"Our research found that the accelerated harvest of the pine beetle infested wood has caused an economic boom and is artificially raising real estate prices in cities that are forestry centers like Quesnel, Prince George and Williams Lake," said Don Campbell, president of REIN and the report`s lead author. "However, when the harvest and local boom runs its course in about five to seven years, the whole buildup of these past few years will likely unravel to deliver falling real estate demand unless new economic stimuli are put into action today."
The report concludes that the pine beetle is likely to have a negative impact on real estate values in the affected cities, and recommends that REIN`s national membership review the fundamentals very thoroughly before deciding to invest in real estate in towns and areas throughout the affected pine beetle regions in B.C., Alberta and elsewhere.
Speculation a factor in recent real estate price increases in these towns
REIN`s research found that, despite shrinking populations (a key leading indicator for declining real estate prices), real estate values in Quesnel actually rose from $116,061 in 2005 to $145,471 at March 31, 2007, an increase of 14.1% in the last year alone. During the same time period rural houses in Quesnel went up 40.6%. According to Campbell, this contradictory trend indicates that speculation may be at work, creating competing for real estate and pushing up prices.
Quesnel has seen its population drop from 10,044 in 2001 to 9,326 in 2006 — a decline of 7.1% and the third-fastest-shrinking community in Canada over that period of time. This is an important indicator because stable real estate markets are driven mainly by full-time residents.
"Rising house prices despite a falling population is a clear signal that speculation, and not fundamental economic factors, may be at work in places like Quesnel and Williams Lake," notes Campbell, author of the best-selling Real Estate Investing for Canadians.
The report notes that a similar situation is occurring in Prince George but to a lesser extent due to that city`s economy being more economically diverse. The full report is available at no charge from the Real Estate Investment Network online at www.reincanada.com.
Click Here to download the full report