Where the EDPA was significant and disclosed, bare land or older homes sold for between 17 and 37 per cent below assessed value.
This is a fact. Unfortunately, this only represents four properties.
Clouding the facts are home sales that don’t happen. Were the owners asking too much? Or was no one willing to buy EDPA land?
Loss of value is nuanced. A newer home with trivial EDPA won’t be affected. A large property that is mostly EDPA will experience a dramatic reduction.
Both sides of this debate want to protect the environment. Those against the EDPA just believe that Saanich’s bureaucratic bungling, at high cost to some owners, is not the best way to do it.