The destructive mountain pine beetle is hurting more than just B.C. forests, according to a new report.
The Real Estate Investment Network says the pest could have devastating effects on real estate in areas of British Columbia that depend on forestry for their livelihood, some of which have already suffered mill shutdowns and an increased unemployment rate.
B.C. is the leading exporter of forest products in Canada, at $13.7 billion.
While the findings focus primarily on the Alberta housing market, it says B.C. has seen a downturn in the real estate market because of job losses and people leaving the area.
It says the only communities that are thriving are those that made "drastic" attempts to diversify their economies and attract new industries.
Since 1994, an estimated 9.2 million hectares of B.C. forest land has been hurt by the beetle epidemic. Experts suggest this number will grow significantly as beetles, who thrive on mature pine trees 80 years or older, seek out older stands of B.C. forests.
The provincial Ministry of Forests predicts the pine beetle will destroy 71 per cent of marketable pine in central and southern B.C. Interior forests by 2019.
