Is your home ready for 2040?

The answer is probably not.

In December 2021 Toronto announced it has become one of only three cities in North America to adopt an ambitious net-zero greenhouse gas emissions strategy by 2040.​ 

​​TransformTO outlines our pathway to net-zero that we highly encourage you to check out here.​

As a nation, Canada is not far behind, ​The Canadian Net-Zero Emissions Accountability Act, which became law on June 29, 2021, enshrines in legislation Canada’s commitment to achieving net-zero emissions by 2050. (source)​​

In order to hit net-zero emissions in 2040 it means Torontonians are headed for a wave of fundamental changes in the way we live. This includes all the city's buildings, homes and vehicles moving from natural gas to electricity.

Change is hard but​ it's coming, and it's better to get ahead of it. ​ ​​

​From a real estate point-of-view we need to rethink how we shop for homes and how we invest and add value to our current assets.

Here are a few examples to consider, 

• Is the home set up well for an electric vehicle (EV)? If not, what kind of investment is required? Do you have a parking spot to accommodate an EV, if not, what is the workaround?

• How is the home heated/cooled? What kind of investments do you need to make if natural gas is being phased out in 10-15 years?

• In 10-15 years will an alternate source of heat, (geothermal, heat pump) electric-based source for heating and cooling increase the value of your home versus a natural gas furnace? (Hint: the answer is yes)

• In 10-15 years what will have more value - a high-end induction stove or a high-end gas range? (Hint: the answer is induction stove​​)​ that's a hard one for most.

• In California, 53 municipalities have already banned natural gas hook-ups for all new buildings. And in 2019, New York City passed a ban on natural gas for all new buildings - making it the largest city in America to ban or restrict the use of natural gas for heating and cooking.

What do you think Toronto, are we up for this?  (Hint: the answer is "yes we are!") 

Maybe if we sing it, the change won't hurt as much "we gonna rock down to...Electric ave"

Stay tuned for a regular newsletter with more tips to prepare you and your home for Toronto's net-zero future. It's all good (in fact, it's great) and as ever we're here to help.

Tori & KJ
 

Photo Credit: Geddy Images