Climate change is a reality that is overwhelming to tackle. But two tech companies aren’t shying away from the issue. Instead, they’ve created a tool that allows real estate buyers to see how the climate is expected to shift around their prospective property.
Montreal-based Local Logic has partnered with San Fransico-based ClimateCheck to bring Canadian buyers a climate risk assessment.
“Climate change is transforming the real estate landscape, introducing new and costly levels of physical risk to property,” said Vincent-Charles Hodder, co-founder and CEO of Local Logic, in a statement. “Home seekers can now assess an area’s risk for climate-related disasters and, using our suite of location insights, make more informed decisions about where to buy and how to mitigate risks from climate change.”
The new tool is currently being used by Sotheby’s International Realty Canada, Royal LePage, and REW.ca for listings across Canada.
“It’s looking at 2050, and it’s saying within the next 30 years, what is the forecasted climate impact on this area for heat and for storms,” said Pierre Calzadilla, Local Logic’s EVP of growth.
The tool covers a five-kilometre radius around the property and will tell you how many hot days to expect in 2050, what the average temperature of those days will be, how many severe storms will occur, and how much precipitation to expect.
For example, a home for sale in North Vancouver currently experiences seven hot days per year at an average of 27 degrees Celsius. That number’s expected to increase to 24 days in 2050, averaging 31 degrees Celsius. As for storms, the area’s expected to see a jump from 12 significant two-day storms to 14, with the precipitation per storm rising from 885 mm to 1020 mm.
As the climate changes, Calzadilla pointed out that many insurance companies are pulling back from high-risk areas, such as floodplains, and buyers aren’t always aware. “It just helps people understand that this is a real thing. People have to take into account that there’s nowhere to hide with climate change.”
Local Logic and ClimateCheck have been providing free climate risk assessments in the U.S. for several years, presenting data on heat, storm, fire, drought, and flood. Calzadilla said that the two companies are currently working on introducing flood-risk data in Canada.
On top of climate risk assessments, Local Logic also provides information about a property’s surrounding area. For example, suppose a young family was looking to buy a new home. Local Logic could tell them the average noise levels in the neighbourhood, how close schools are, accessibility to transit, and the ease of getting groceries.
The company’s ability to provide location intelligence makes it the perfect partner for ClimateCheck, which was founded to bring climate change information to real estate owners and buyers.
“Combining ClimateCheck’s granular climate risk data with Local Logic’s location intelligence insights helps real estate brokers, investors, and consumers alike understand how intensifying hazards like flood and fire might affect their properties in the future,” said Cal Inman, CEO of ClimateCheck, in a statement. “This knowledge empowers them to make smarter decisions about where they buy property and how they maintain or improve property to guard against mounting risks.”