Floodplain regulation and the perceptions of the real estate sector in Brantford and Cambridge, Ontario, Canada

Abstract

This study examines the perceptions of home mortgage lenders, real estate agents, appraisers and landowners in Brantford and Cambridge, Ontario to floodplain regulations. Relevant material from the Grand River Conservation Authority office was reviewed. Interviews conducted with representatives from the real estate sector examined their professional experience, response to floodplain regulations, perception of the price effect, and personal experience with floodplain regulations. Questionnaires were distributed to floodplain residents within selected areas of the two communities, and focused on their perception of floodplain adjustments, response to floodplain regulations and the perceived price effect. All respondents suggested that locational and site characteristics were most important in determining the value of a home. Floodplain regulation was not perceived to have a major economic impact. Although formal training on flooding and floodplain regulations is limited, the real estate sector was aware of and supported the disclosure of this type of information to prospective buyers. However, the dynamic nature of floodplain management suggests that the real estate sector must be better informed about the intent and nature of the regulatory process.