BCBusiness

15 B C B U S I N E S S . C A J A N U A R Y/ F E B R U A R Y 2 0 2 5 To p : R u s s H e i n l / S h u t t e r s t o c k ; G o F i g u r e : F e r h a d /A d o b e S t o c k ; S a b e l s k a y a / i S t o c k ; S e r g ii P a v l o v s k y i /A d o b e S t o c k ; A l e x l m x /A d o b e S t o c k ; Ve c t o r l a b 2 D/ S h u t t e r s t o c k ; b a c k g r o u n d : J K 2 5 0 7/A d o b e S t o c k S o u r c e s : T ir e a n d R u b b e r A s s o c i a t i o n o f C a n a d a , m u n i c ip al w e b s i t e s , I C B C , B C H y d r o, Tr a n s p o r t C a n a d a , H o m e G ui d e, E n v ir o n m e n t C a n a d a All-season tires begin to lose their elasticity and grip on the road below 7°C. 73% OF B.C. DRIVERS SURVEYED LAST YEAR SAID THEY WOULD BE USING WINTER TIRES IN 2023-24. THAT'S UP FROM 57% IN 2021, WHEN THE B.C. GOVERNMENT MADE WINTER TIRES MANDATORY ON MOST HIGHWAYS. ACROSS CANADA, THE AVERAGE IS 76%. To meet the requirements for winter tire designation, an M + S or mountain/snowflake tire must have 3.5 mm of tread depth. Snowfall causes motor vehicle accidents to spike. When snow hit the South Coast on Tuesday, November 29, 2022, there were 3,567 claims to ICBC, 94% more than the same day a week prior. MOST B.C. MUNICIPALITIES REQUIRE HOMEOWNERS TO CLEAR SIDEWALKS OF SNOW BY 10 A.M. AFTER AN OVERNIGHT SNOWFALL. B U S I N E S S C L I M AT E RISING TIDE How sea level rise could sink B.C.'s waterfront real estate Whenever oceanfront properties go up for sale, real- tors are quick to point out the serene views, the opportuni- ties for recreation and the ca- chet that comes with owning a prized piece of B.C. real estate. But those pitches may need to shift as the effects of sea level rise slowly take hold, in what Simon Fraser University earth sciences professor John Clague calls "a potential disas- ter in slow motion." As yet, most property owners haven't experienced significant effects of sea level rise. But as the warming ocean expands and storms worsen, municipalities including Vancouver, Richmond, North Vancouver and others are brac- ing for a half-metre sea level rise by 2050, and a metre by 2100—if not sooner. A City of Vancouver interac- tive map shows that, without adaptation measures, Granville Island, Kits Beach, Jericho Beach and the outer bands of Coal Harbour, the West End, the Downtown Eastside and Stanley Park, as well as many areas along the Fraser River, could all be underwater. The same is predicted for parts of Victoria, the Gulf Islands, the Sunshine Coast and other top destinations. The hazards aren't only physical; they're also financial. A 2023 report by the BC Finan- cial Services Authority—which regulates financial services including real estate provid- ers—warns that climate impacts could lead to a decrease in property values, an increase in the number of properties considered at risk, higher con- struction costs and restricted insurance coverage, which would put further downward pressure on prices. The BCFSA also reports that a lack of province-wide flood mapping, uncertainty around the timing and severity of the impending changes and the unavailability of building dam- age estimates add challenges for the real estate industry. So far, people in B.C. are mostly seeing the effects of sea level rise when there are storms combined with king tides, says Clague, but that's beginning to change. He pre- dicts that in the next 20 years the impacts will be noticeable, by Jennifer Van Evra Jennifer Van Evra is an award-winning Vancouver journalist, broadcaster and UBC writing instructor. BLUE CRUSH In the coming decades, parts of Vancouver could be underwater

• Cover