Alberta Offers 100% Value Buyout to Homeowners in Flood-Prone Areas

This article was last updated on April 16, 2022

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Alberta government has announce to offer complete compensation of up to 100 per cent of the last municipal property tax assessed value of more than 250 southern Alberta homeowners in order to persuade them to move away from the most at-risk flood areas. The Alberta government was under intense pressure after the disastrous June floods, as it was demanded to provide quick details into its plans aimed at encouraging people to move off “floodways.”

Making the appreciative announcement on Thursday, the lead Alberta cabinet minister in the government flood response and Municipal Affairs Minister, Doug Griffiths, mentioned that “we know that floodway development is dangerous. Development in these areas puts lives at risk, and is an ongoing risk to taxpayers as well.” It was added that Alberta government also seeks to evacuate floodways from obstructions that might hinder the natural flow of rivers.

Alberta’s announcement on Thursday has left homeowners in the flood prone areas to make an important decision as in case they opt to stay in their homes, they will not eligible for any form of future disaster assistance. Mr. Griffiths stated that “my anticipation is that there will be very, very few people who will not take the 100 per cent assessment, take their value, and move to another location – because they will be fully aware that if they’ve accessed the (disaster assistance funds) to repair their home now, they won’t be eligible in the future.” He added that “this is an opportunity for them to save their equity, rather than lose it.”