Tree Lined Streets Add Value

 

First a word about Trees and Awe.

I have always been awestruck by trees. Not at all surprising given their opulent abundance, their firework like displays in spring, their scale, their usefulness and the fact that they live longer than us. The tree I planted when my 7 year old was born could very easily be around when he’s 80. Yet he and I use the word “Awesome” to describe the concrete Skate Park, and other manufactured monuments of our urban landscapes. The beautiful tree lined street pales in my 7 year old’s mind because I haven’t taken the time to tell him what  the word awe really means.

This week, at the Grey to Green Infrastructure conference, the economic value of Green Infrastructure, from climate change adaptation and mitigation to energy savings and health impacts will ascribe the economic value of trees and other green infrastructure. The value of green infrastructure is demonstrable and measurable. This is why every year Toronto plants 85,000 trees. The idea of green infrastructure is simply that sometimes the ecological services of living green infrastructure does a better job at managing stormwater,for example, than concrete. As the confluences of climate related issues compounds, Cities around the world are vigorously planting trees, creating green roof bylaws and incorporating green into their stormwater management infrastructure strategies. This is an economic decision, not an environmental one, and every homeowner should understand that their property value could be positively affected.

When my colleagues and I recently studied the comparative market values of treed and un-treed streets in Toronto. What we found surprised us. Not only were values higher in locations with more tree cover but there were also significantly fewer transactions on treed streets. We found that values were 9.5-18.5% higher in treed locations, than those of un-treed streets. We also discovered that there was a graduated lift for streets with some tree cover.

The implication: well, there are two things that are key – first, home owners need to understand that the urban forest can impact their property values is a positive way. The City of Toronto will plant a tree in your front yard for free. Imagine that the city will invest in a upgrade to your property, and to your neighbours, and help you build wealth. Second, the city’s investment in your property pays back in real savings of cost related to stormwater infrastructure, and lower road maintenance costs. Municipal infrastructure investments that have a recoverable payback are rare in cities. Additionally, your front yard tree delivers health benefits in terms of air quality, can deliver real energy savings, produces wood and improves your homes curb appeal. Call 311 visit Toronto.ca or visit www.yourleaf.org to find the tree that is right for your home.

Torontonians value a well spent municipal investment coupled with a direct complement to individual property values. Tree-lined streets appear to deliver amazing results. More rigorous research is required in order to provide a comprehensive study that satisfies the needs of lenders and appraisers to identify value. Such a study would strengthen understanding about the role of urban forests in building personal wealth. Going further, wouldn’t it be great if we could search for property based on tree-lined streets at MLS.ca. I know you are thinking -I can’t search for a house with a solar panel or with a walk score better than X – but we can certainly imagine a better way to buy houses.

Here’s What We Did in our Study:

Lacking the time and resources for a full hedonic pricing model evaluation we sought a simple validation solution. We isolated similar housing stock (age, size, style) on adjacent residential streets with extensive tree canopy on one and a lack of tree canopy on the other. We isolated 4 neighbourhoods in the downtown core. Suburban neighbourhoods will need to be studied based on the age of relative canopy coverage to establish marketplace relevant comparables and stats. Extensive study of this phenomenon is recommended.

We compared assessed values of these houses as a starting point and identified a 9.5 – 18.4% uplift in canopied streets.

Some Studies Referenced in our thinking on this:

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NeighbourWood Urban Wood Forum & Reception

  Please Join Me for:

Learn how Toronto’s homeowners, businesses and institutions
can use more of this valuable local resource.

Learn more about the Urban Wood Utilization Initiative.

Urban Wood Utilization Forum: October 24, 2013, 6pm - 7:30pm at Toronto City Hall - Council Chamber.

Our panel of industry and municipal experts will discuss urban wood utilization initiatives, challenges, and solutions from across North America.

John Lough, Senior City Forester, City of Chicago

Kim Storey, Brown + Storey Architects Inc

Jason Dressler, Brothers Dressler

Dennis Hale, Storyboard Furniture Ltd


 

Urban Wood Reception following the Forum: October 24, 2013, 7:30pm - 9:30pm at Alio Restaurant & Bar, 108 Dundas Street West (5 minute walk from City Hall)

Meet the speakers from the Urban Wood Utilization Forum and some of the IIDEX WoodShop designers and find out more about their work and projects. You will also have the opportunity to network with wood-related industry professionals.


Forum:
Free!

Reception*:
Chapter Members: $15
Not-yet Members: $20

 *Includes hors d’oeuvres and one drink ticket.


Register for the Urban Wood Forum & Reception

Click here to register for the Forum only.


In partership with
The City of Toronto and www.yourLEAF.org
 

 

Study Shows Tree Lined Streets Add Real Estate Value

We each have our favourite tree, the one we climbed when we were kids, the landmark at the top of our street, the tree that bursts with spring blossoms foreshadowing your favorite fruit harvest. Yet it always surprises me how infrequently clients include "tree lined streets" in their real estate search criteria. Numerous studies from the US and Europe have vigorously and academically demonstrated the connection between tree lined streets and higher property values. So I set out to see if the 5-20% price lift from tree lined streets is reflected in Toronto's Real Estate market. What I found, was that even incomplete tree cover correlates to increased real estate value.

First a word about Trees and Awe.

I have always been awestruck by trees. Not at all surprising given their opulent abundance, their firework like displays in spring, their scale, their usefulness and the fact that they live longer than us. The tree I planted when my 7 year old was born could very easily be around when he's 80. Yet he and I use the word "Awesome" to describe the concrete Skate Park, and other manufactured monuments of our urban landscapes. The beautiful tree lined street pales in my 7 year old's mind because I haven't taken the time to tell him what  the word awe really means.

This week, at the Grey to Green Infrastructure conference, the economic value of Green Infrastructure, from climate change adaptation and mitigation to energy savings and health impacts will ascribe the economic value of trees and other green infrastructure. The value of green infrastructure is demonstrable and measurable. This is why every year Toronto plants 85,000 trees. The idea of green infrastructure is simply that sometimes the ecological services of living green infrastructure does a better job at managing stormwater,for example, than concrete. As the confluences of climate related issues compounds, Cities around the world are vigorously planting trees, creating green roof bylaws and incorporating green into their stormwater management infrastructure strategies. This is an economic decision, not an environmental one, and every homeowner should understand that their property value could be positively affected.

When my colleagues and I recently studied the comparative market values of treed and un-treed streets in Toronto. What we found surprised us. Not only were values higher in locations with more tree cover but there were also significantly fewer transactions on treed streets. We found that values were 9.5-18.5% higher in treed locations, than those of un-treed streets. We also discovered that there was a graduated lift for streets with some tree cover.

The implication: well, there are two things that are key - first, home owners need to understand that the urban forest can impact their property values is a positive way. The City of Toronto will plant a tree in your front yard for free. Imagine that the city will invest in a upgrade to your property, and to your neighbours, and help you build wealth. Second, the city's investment in your property pays back in real savings of cost related to stormwater infrastructure, and lower road maintenance costs. Municipal infrastructure investments that have a recoverable payback are rare in cities. Additionally, your front yard tree delivers health benefits in terms of air quality, can deliver real energy savings, produces wood and improves your homes curb appeal. Call 311 visit Toronto.ca or visit www.yourleaf.org to find the tree that is right for your home.

Torontonians value a well spent municipal investment coupled with a direct complement to individual property values. Tree-lined streets appear to deliver amazing results. More rigorous research is required in order to provide a comprehensive study that satisfies the needs of lenders and appraisers to identify value. Such a study would strengthen understanding about the role of urban forests in building personal wealth. Going further, wouldn't it be great if we could search for property based on tree-lined streets at MLS.ca. I know you are thinking -I can't search for a house with a solar panel or with a walk score better than X - but we can certainly imagine a better way to buy houses.

Here's What We Did in our Study:

Lacking the time and resources for a full hedonic pricing model evaluation we sought a simple validation solution. We isolated similar housing stock (age, size, style) on adjacent residential streets with extensive tree canopy on one and a lack of tree canopy on the other. We isolated 4 neighbourhoods in the downtown core. Suburban neighbourhoods will need to be studied based on the age of relative canopy coverage to establish marketplace relevant comparables and stats. Extensive study of this phenomenon is recommended.

We compared assessed values of these houses as a starting point and identified a 9.5 - 18.4% uplift in canopied streets.

Some Studies Referenced in our thinking on this:

CBC Urban Forest Values Interview

The LORAX the Original Advocate of the Urban Forest

It's no accident that The Lorax is one of my kid's favorite Seusian tales.

The original, describes a deplorable future where industrial effluent and the regret of the Onceler are pitted against the passionate fury of The Lorax, "who speaks for the Trees" and advocates for the "Brown Barbaloots" and "Swanny Swans" and "Humming Fish" and their diverse habitat.

If your Children are inspired by The Lorax and want to make a real difference in the health of our local forests consider exploring programming offered by LEAF, Local Enhancement and Appreciation of Forests. Their experience in Urban Forestry and Advocacy for the trees are right up there with the Lorax's.

I wonder if David Suzuki was considered for the voice of the Lorax?

What's with Mazda co-opting the Lorax brand to sell cars - Universal Studios what were you thinking? The comments are really interesting.

LEAF's NIGHT OF THE FOREST

As board member of Toronto's leading Urban Forestry organization Chris is proud ot be the MC of the 15th anniversary party being held at Steam Whistle Brewery.

Come enjoy:

  • complimentary hors d'oeuvres
  • cash bar - Steam Whistle Beer and Lifford Wine
  • indoor urban forest with LIVING trees and shrubs
  • door prize - $500 in travel with VIA Rail
  • silent auction, including items donated by:
    • Coach House Books
    • Grassroots Environmental Products
    • Greentea Design
    • Merchants of Green Coffee
    • Metro Toronto Zoo
    • Northern Skies Outpost Cabin
    • Ontario Natural Food Coop
    • Outpost Magazine
    • Planet in Focus
    • SAS Canada
    • The Stop
    • Toronto and Region Conservation
    • Urban Harvest
    • Local Artists
      • Laura Berman - GreenFuse Photos
      • Michelle Bourdeau
      • Natalie Castellino
      • Ryan Halpenny
      • Ruthanne Henry
      • Martin Reis



Engaging and Inspiring Green Speaker

Chris is a passionate and influential speaker. Chris is well versed in the confluence of issues facing society and government today, from Climate Change to Energy Scarcity. Chris delivers informative and inspirational talks connecting the dots between the Environment, Infrastructure, Energy and Economy issues.

Chris' story of his own path toward self actualization through his career is of increasing interest. Employees increasingly seek meaning in their work, while employers are seeking to create work environments that are fulfilling and meaningful to employees. From his career with Dell computers, to magazine publishing, communications consulting, to real estate Chris has always fought to bring values based meaning to his work. In telling his story Chris shows others a path to discovering the hidden meaning in their work. Chris is an ideal spokeperson to communicate the implication of Corporate Sustainability practices to employee well being.

Chris delivers pragmatic, understandable and engaging messages on Green Building, Resilient Building, Climate Change, Home Energy Labeling, Insurability, Infrastructure, Water, Green Economy and Inspired Living.

Contact Chris to discuss your next conference.

416.993.4870