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Housing development threatened by flooding.

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A partially completed housing development built on the flood plain in Fort Langley is now under threat of flooding from a rising Fraser River.

“We’re in the process of understanding what the implications are in relation to water rising,” said Randy Dick, manager of the Bedford Landing development for ParkLane Homes.

“We’re up high. That’s the good news.

“It’s too early to say what the solution is in the long term. For the short term, with the freshet coming, we’re going to keep the water table down with flap gates and pumps.”

The development bills itself as “waterfront living in the heart of Fort Langley.” The partly built subdivision sits on what was once the flood plain next to the Bedford Channel.

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/dev/null

Their mortgages will put them under water anyhow.Well done. 🙂

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solipsist

They euphemistically call it a freshet. The high waters hit Prince George today at about 5 metres. "They" are hopeful in saying that the peak is expected at 7.2 metres. I call for 8 metres.Oh well, they can change the slogan from "waterfront living in the heart of Fort Langley." to "living under water in front of Fort Langley.". Their mortgages will put them under water anyhow.

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freako

OTHoly sh*t. The new benchmark GV detached is $711,245. Based on the latest ING rates and 20% down, that results in payments of $3,536.29 before taxes, maintenance or repairs.Just the downpayment alone increased $3,235.20 from last month.How is this remotely possible? i punched the the mortgage amount into ING's "how much can I borrow calculator", and the required income is $143,000. What percentile of households earn that?This market has been nutty for some time, but now its completely off the charts f*cking insane. Another 4,431 homes were bought. Me wonders what percentage of households have bought since prices cross ridiculous levels (the danger zone). Say $600K.It's not like there is a lack of a precedent in the U.S.

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beta

The freight train tracks run right by that development, so anyone who bought there isn't looking at anything too closely. Why bother? You can always sell for more later, right? Right?

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depresso

depresso, why would a developer aim for sane buyers?Sure, developer does not care, who buys… but what if we get a sudden pandemics of sanity? ;)Anyways, I still don't understand the insurance companies. Or is my assumption incorrect and no insurance company will insure those homes?

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mold city

depresso, why would a developer aim for sane buyers?

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depresso

Why would any sane person buy those homes? And why would any sane insurance company give the owners flood insurance?

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markx

I don't see the development in flood plain any worse off than north shore homes built on landslide prone areas. Since the development is likely strata, there's a better chance of the owners collectively doing something when potential flooding comes.

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