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Slide 1
NATURAL CAPITAL
ENVIRONMENTAL IMPACTS ON
REAL ESTATE VALUES &
MARKETING
April 2010
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Slide 2 NATURAL CAPITAL (WHAT’S THAT?)
Alberta’s natural resources
Eg. grasslands, water, wild spaces, agricultural
lands, green spaces, wetlands
Crucial to the viability of our economy
“Nature as a barometer”
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Slide 3 NATURAL CAPITAL (WHO CARES?)
Natural Capital Societal Benefit
Water supply, water filtration, flood
regulation, habitat, recreation
Pollination, CO2 storage, food
production, soil formation
Food production, habitat, scenic
Water supply, water filtration,
habitat, food production, recreation
Air quality, raw materials, habitat,
CO2 storage, soil formation
Scenic, CO2 storage, tourism, human
health
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Slide 4 LOSS OF NATURAL
CAPITAL
Degraded water quality
Increased water
treatment costs
Habitat loss (fish and
aquatic species)
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Slide 5 LOSS OF NATURAL
CAPITAL
Increased flood risks
Increased insurance
costs
Decreased property
values
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Slide 6 LOSS OF NATURAL
CAPITAL
Decreased agricultural
production
Loss of land
Decreased water storage
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Slide 7 VALUING NATURAL CAPITAL
“Treemendous Values”
Home values next to protected riparian corridors
increase 6% to 32% (3 studies)
Parks & green space added as much as $11,000 to
the value of adjacent properties (Surrey, BC)
Each % increase in tree cover added $784 to the
property value, with the average value of tree canopy
across 600 sites is $20,226 or 10.7% of the sale (Ohio)
Houses abutting or looking into areas of urban
natural capital resell faster
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Slide 8 ASSESSING PROXIMATE VALUE OF PARKS & OPEN
SPACE TO RESIDENTIAL PROPERTIES IN ALBERTA
6 Alberta towns/cities
Proximate premiums
range from high of over
15% to low of less than
1%
High premium parks
combine well managed
stormwater features,
with a view & privacy
Low premium parks are
smaller, active parks (eg.
playgrounds/sports
fields) associated with
noise & privacy intrusion
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Slide 9
“Sherwood Park lots that command the highest
assessment (proximate) premiums are those
with views overlooking a wetland”
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ASSESSING PROXIMATE VALUE OF PARKS & OPEN
SPACE TO RESIDENTIAL PROPERTIES IN ALBERTA
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Slide 10 VALUING NATURAL CAPITAL – IN ALBERTA
City of Edmonton
53% higher median house price for single detached
homes located near the North Saskatchewan River;
21% higher for apartments (2006)
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Slide 11 VALUING NATURAL CAPITAL – IN ALBERTA
CITY OF EDMONTON RIVER VALLEY
Service EcosystemLow Estimate High Estimate
Millions
Air quality /
filtration:
Forest $4.2 $156.0
Water quality /
purification
Wetlands / riparian
areas
$0.1 $0.4
Stormwater
management
Forest $66.9 $66.9
Erosion control Forest $4.9 $4.9
Carbon
sequestration
Forest, shrubland,
grassland
$7.1 $35.5
Pest control Valley $0.8 $0.8
Total $84.0 $264.5
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Slide 12
“Treemendous Savings”
Forested neighborhoods (min
40% forested canopy) save
homeowners at least 4% in
heating costs in the winter
and 10% on cooling costs in
the summer
VALUING NATURAL CAPITAL
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Slide 13 VALUING NATURAL CAPITAL
“Treemendous Benefits”
Increased tax revenue
Decrease water treatment facility costs / upgrades
Decrease costs associated with flooding
Decreased noise levels
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Slide 14 VALUING NATURE - WETLANDS
Water Treatment & Flood Control Savings:
SFU study: value of intact lower Fraser River Valley wetlands in BC at 230 million/year in saved infrastructure costs
Permanent plant cover reduce H20 treatment costs: $5.60/hectare/yr saved for sediment filtration
$23.50/hectare/yr saved for phosphorus filtration
Grand River watershed, ON Flood damage costs fall by ~20% when cultivated
ag lands converted to permanent cover
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Slide 15
VALUING NATURE - WETLANDS
New York City – paid ~ $1.8 billion to private landowners to protect roughly 70,000 acres in the Catskills watershed
saved the city nearly $8 billion in capital outlays for the development of a new water filtration plant, as well as additional $200 -$300 million per year in operating costs.
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Slide 16
NATURAL CAPITAL – AT THE LAKE
Protection of water quality – good for
fish, fewer algal blooms, improved
recreational opportunities
Wildlife habitat and viewing
opportunities
Public safety – swimming, fishing
Improved protection from water level
fluctuations & flood
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Slide 17 NATURAL CAPITAL – ON
THE FARM
Local food security
Viable agricultural industry
Pasture productivity
Clean water
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Slide 18 NATURAL CAPITAL – IN THE CITY
Access to recreation
Proximity promotes exercise
Decrease to health care costs
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Slide 19 NATURAL CAPITAL – IN THE CITY
Boost to local economy
Attract business and residents
Good parks encourage tourism
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Slide 20 WHAT’S A WETLAND WORTH?
Value of world’s ecosystem services and natural
capital = US $16 to 54 trillion
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Slide 21 WHAT’S A WETLAND WORTH?
$430 million = value of wetland ecosystem services associated with nutrient removal and carbon sequestration lost between 1968 and 2005 as a result of wetland drainage in Manitoba.
$15 million = cost to replace the ecosystem services lost in Manitoba in 2005
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Slide 22
In Canada we have “national economic accounts” whose sum = Gross National Product
Where are the “national ecological accounts” to define, measure & track ecological activities, whose sum = Gross National Waste
Preston Manning, National Stewardship & Conservation Conference, 2009, Calgary, AB
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Slide 23
NATURAL CAPITAL:
HEALTH EQUALS WEALTH
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Slide 24 WHAT IS ECOLOGICAL HEALTH?
Health = properly
functioning condition
Ability of a lake, wetland,
creek or river to perform
ecological functions (building
habitat, forage, shelter,
filtering water)
Indicators to health (eg.
amphibians, vegetation,
water quality)
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Slide 25 WHAT DOES ECOLOGICAL HEALTH LOOK
LIKE?
GREEN is not always GOOD
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Slide 26 KEY CHARACTERISTICS OF HEALTH
Vegetation – mix short, medium, tall
Very few weeds (dandelion, thistle)
Generally shrubs (willows), sometimes trees, plus
other grasses, cattails, wildflowers.
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Slide 27 Contact Us
Kelsey Spicer-Rawe, Riparian SpecialistCows and Fish
Red Deer/Airdrie403-340-7693
Kerri O’Shaughnessy, Riparian SpecialistCows and Fish
Edmonton 780-720-8289
Norine Ambrose, Program ManagerCows and Fish
Lethbridge 403-381-5538
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Slide 28 Contact Us
Amanda Halawell, Riparian/Range SpecialistCows and Fish
Calgary 403-275-4400
Kathryn Hull, Riparian/Range SpecialistCows and Fish
Calgary 403-275-4400
Michael Gerrand, Riparian SpecialistCows and Fish
Lethbridge/Pincher Creek403-627-3412
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Slide 29 Contact Us
www.cowsandfish.org
• publications / factsheets• riparian health checklists• community stewardship ideas• digital stories / videos• donations
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Slide 30 Cows and Fish References
All available from: www.cowsandfish.org/publications
1. Caring for the Green Zone – Riparian Areas and Grazing Management
2. Caring for the Green Zone – A User’s Guide to Health
3. Riparian Health Checklist – Lakes & Wetlands, Creeks & Steams
4. Crops, Creeks & Sloughs5. Value of Wetlands6. Protecting Shorelines & Streambanks Naturally7. Growing Restoration – Natural Fixes to Fortify
Streambanks8. Biodiversity and Riparian Areas – Life in the
Green Zone9. Water Quality and Riparian Areas
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Slide 31 Quick References
1. Green Communities Guide – Land Stewardship Centre of Canada (www.landstewardship.org)
2. Green Among the Concrete – Canada West Foundation (www.cwf.ca)
3. Conservation: An Investment that Pays: The Economic Benefit of Parks and Open Space –The Trust for Public Land (USA) (www.tpl.org)
4. The Montana Watercourse -(www.mtwatercourse.org)
5. Natural Values: Linking the Environment to the Economy. Factsheet #13: Urban Natural Capital – Ducks Unlimited Canada (www.ducks.ca)
6. Urban Forest Values: Economic Benefits of Trees in Cities – University of Washington (www.cfr.washington.edu/research/envmind)
7. Room to Roam – Montana (www.montana.edu/setback/)
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Slide 32 Quick References
8. Centre for Watershed Protection (USA) (www.cwp.org)
9. Heritage Hills Wetland Project – StrathconaCounty (www.strathcona.ab.ca)
10.Valuation of Tree Canopy on Property Values of Six Communities in Cincinatti, Ohio. Dimke, Kelly C. (www.etd.ohiolink.edu)
11.Riparian Areas Generate Property Value Premiums for Landowners – University of Arizona. Colby & Wishart.
12.Caring for Shoreline Properties – Alberta Conservation Association (www.ab-conservation.com)
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