Locals fear sinking property values

Another downtown sinkhole has residents of the area wondering if themost recent one will send their property values plummeting.

Another downtown sinkhole has residents of the area wondering if the most recent one will send their property values plummeting.

Tenants were given just 15 minutes to pack their belongings when they were evacuated on Saturday after the latest downtown sinkhole in the parkade of the 300 block of 13th Ave. SW, a resident said.

While the resident wished to remain anonymous, he says the sinkhole is actually the second in the area in the past year, and wonders if the recurring problem is affecting property values in the area.

But Ald. Druh Farrell said while she can’t comment on property value because she doesn’t have enough information, she believes the increasing number of sinkholes is because of the rising number of vacant construction sites.

“We had a boom and then of course, the downturn hit unfortunately and now we have vacant lots sitting there longer than they should be,” she said. “The holes are meant to be built on.”

Farrell said the issue has been brought to city council and they are discussing way to prevent future sinkholes.

“We’re looking at long-term solutions and dealing with each sinkhole as a different situation,” she added.

Project engineers are trying to determine if this latest sinkhole is related to the one that occurred at the same site last year.

 
 
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