Julia Howley

Topic

Understanding climate risks facing housing finance stakeholders in British Columbia: Interview-based empirical evidence

School of Public Administration

Date & location

• Friday, April 5, 2024
• 10:30 A.M.
• Clearihue Building, Room B021

Examining Committee

Supervisory Committee

• Dr. Katya Rhodes, School of Public Adminstration, University of Victoria (Supervisor)
• Dr. Basma Majerbi, Gustavson School of Business, UVic (Co-Supervisor)
• Dr. Tamara Krawchenko, School of Public Adminstration, UVic (Member)

External Examiner

• Dr. David Bristow, Department of Civil Engineering, UVic

Chair of Oral Examination

• Dr. Kate Moran, School of Earth and Ocean Sciences, UVic

Abstract

The climate is changing at an exponential rate with extreme weather events such as wildfires and floods occurring at higher frequency and intensity. The impacts are felt across many sectors, including the housing finance sector. This study seeks to gain an understanding of how physical climate change risks are manifesting in British Columbia (BC)'s housing finance sector and impacting homeowners and homebuilders. The study uses 18 in-depth semi-structured interviews with stakeholders, including homeowners, construction industry representatives, mortgage insurers, insurance industry representatives, financial lenders, real-estate industry representatives, academic researchers, data providers, and financial and technical regulators. Interviews revealed key findings on the following themes: (i) assessing and pricing risk, (ii) lender risk concerns and disclosures, (iii) improving data, modeling, and transparency, (iv) insurance accessibility, and (v) adaptation education and incentivization. Recommendations include expanding current and emerging adaptation policy and risk disclosure regulations, increasing data and modeling capacities, improving risk awareness and adaptation education, and encouraging cross-collaboration between stakeholders.