There are, he says, a litany of issues that have been created by this tragedy and others and they include:
Post-fire, opportunistic buying could be a real ethical concern, with investors looking to capitalize on the tragedy by making ‘too good to be true’ offers to distressed homeowners.While the “real estate market remains a free arena, homeowners should be cautious to ensure they are not exploited,” he says. “In short, these wildfires could influence property values, buyer behavior, and the overall housing market dynamics.
When asked if all of this damage from the fires will cause a steep increase in home insurance rates, he says, there is no doubt, particularly for homeowners directly impacted. “The figures five-15 per cent came out when people were panicking. And so, when you are quick to come out with a number like five-to-15 percent, often it ends up being higher than that. I do not want to underplay a five per cent increase for people who are living paycheque-to-paycheque and who are paying so much already for their property. It is a lot, and so is 15 per cent.