How Are The Natural Gas Changes Effecting Regina Beach Real Estate?


In the summer of 2017, SaskEnergy announced that it would be removing natural gas service for about 250 residents in the Last Mountain Lake area. This affected homes in the Craven, Regina Beach, Saskatchewan Beach, Buena Vista, Shore Acres and Sundale areas. It wasn’t only Regina Beach Real Estate that was affected. Many homeowners are now faced with tough decisions and an even tougher real estate market conditions.

Why The Change?

Apparently, the massive rains Saskatchewan received in 2014 seem to be the culprit of the accelerated ground movements. The reason SaskEnergy is withdrawing gas service is a result of the ground is shifting at a faster rate than we have ever seen and it’s become a safety hazard for homes in the area. There was a huge explosion in December 2014 that completely destroyed a home and severely damaged many homes surrounding it. This explosion was caused by a natural gas leak.

If the ground is shifting, the homes are moving, and everything attached to the homes, including gas lines, are also moving. We cannot see the underground gas lines, but we can assume they are shifting unsafely.

Bill Dinu, mayor of the village of Buena Vista, stated in a previous interview that “those who built property on the slope surrounding the lake are sitting on a glacial tilt.”

 

What Will The Affected Residents Do?

SaskEnergy removed gas service from 250 residents in the summer of 2017. Gas was expected to be shut off for these residents on September 5th, 2017. The residents were forced to switch to propane or electricity and most opted for propane. SaskEnergy provided $2,500 grants for the affected residents in an attempt to offset the conversion costs. Residents who paid to have their gas lines installed within the last 10 years also saw a small return on their investment.

 

Has This Happened Before?

This isn’t the first time SaskEnergy has stepped in and removed gas service. In 2015, approximately 30 residents in the Regina Beach area were asked to convert to propane or electricity due to safety reasons.

 

What Is In Store For The Future?

SaskEnergy states that “by 2026, everyone in The Last Mountain Lake area will be converted to propane or electricity.” It’s not a matter of if. It’s only a matter of time and the remaining residents will be asked to make the switch.

 

How Have The Changes Affected Regina Beach Real Estate?

The problem is that there is too much misinformation about the condition and safety of the homes themselves. There is a ton of property for sale in the Regina Beach area right now. Homes are sitting on the market for long periods of time and selling for far less than they were valued at 5 years ago. There’s a panic in the area that has consumers thinking the entire area is no good and has halted the market.

It will take another 1-2 years for people to come to appreciate the area again. After the propane conversion is made and the dust has settled, the conversation to buy Regina Beach real estate will continue. Eventually, everyone will be on propane heat and it will become the norm.

 

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If you have questions about your own market value or whether it would be a good time to invest in Regina Beach Real Estate, call me at 306-552-7047 or fill out my online contact form

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