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castanet.net 12 May, 2022 22:00 am

Higher interest rates push homes sales in B.C. back toward normal: association

Higher interest rates push homes sales in B.C. back toward normal: association
The British Columbia Real Estate Association says the sharp increase in mortgage rates is pushing the province's home sales down "a path to normalizing," although it estimates a balanced market is at least a year away.

"We express concern that the amendment process is being used as a loophole, intentionally or unintentionally, to evade the rigour and scrutiny of the full environmental assessment process," said Ben Collison, lead author of the paper published in the journal Facets."The Environmental Assessment Office has a robust process to review any application to amend an environmental assessment certificate," he said in an email.Collison and his colleagues looked at 23 mines in British Columbia that were approved between 2002 and 2020 after going through an environmental assessment.Environmental Assessment Office acknowledging information on their effects was lacking.

"Amendments do not weaken the requirements for proponents to protect environmental values, conditions and actions, which are part of their environmental assessment certificates, and in many cases will result in strengthened requirements," Karn said.Collison said the situation has improved in the province since its new environmental assessment legislation became law in 2019, as it has made information more publicly available.

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