– Contaminated Land on Residential Properties: Health risk, Environmental risk or Financial Risk?
The environmental liability associated with contaminated residential properties in Montreal is close to 30 M$. The contaminated areas would occupy about 27% of the territory. Since February 2017, the Canada Mortgage and Housing Corporation provides loan insurance, on a case by case basis, on residential properties with non-conforming soils based on toxicological and ecotoxicological opinion. For its part, the ministère du Développement durable, de l’Environnement et de la Lutte contre les changements climatiques has chosen to focus its intervention on industrial activities covered by the Contaminated Sites Protection Regulation. The issue of contaminated land in residential settings needs to be discussed among stakeholders in order to define a clear and transparent way to adequately manage financial risks for buyers, sellers and lenders, as well as the risk for the health and for the environment. During this conference, several solutions will be put forward.