Property value compensation plan for proposed nuclear waste project

A barn near Teeswater, Ont. (Scott Miller / CTV News)

If property values fall due to a proposed nuclear waste facility being built, South Bruce residents will be compensated for their losses.

So says, the Nuclear Waste Management Organization (NWMO), who have unveiled a Property Value Protection Program, in the event property values fall if the underground nuclear waste storage facility is built near Teeswater, Ont.

“In general, property values in South Bruce, and across the region, have appreciated over the years, and we expect adding a multi-billion-dollar environmental infrastructure project to the landscape would continue this trend for years to come,” says Justin Wallbott, NWMO manager of real estate services. “That said, the Property Value Protection (PVP) program was developed to offer property owners confidence in terms of property value.”

The program would only kick in if the project is built in South Bruce, which is one of two Ontario communities still vying for the project to permanently store all of Canada’s most radioactive waste in an underground facility spanning 1,500 acres.

Properties within five kilometres of the project could qualify, say NWMO officials, and the program would last from the time the project is awarded in 2023, to five years past its first day of operation.

NWMO also says applications would be regarded on a case-by-case basis on whether the nuclear waste project was the cause of devaluation, or not.