Our growing awareness about global warming is changing how we think and operate in all spectrums – and real estate is no exception. “Green building” is the latest buzz phrase cropping up again and again in real estate circles but what does it really mean?
Defining “green building” is the mandate of the Leadership in Energy and Environmental Design (LEED) Green Building Rating System, implemented by the US, Canada and 22 other countries worldwide. LEED was formed in response to enormous demand from people across the building industry who saw the environmental consequences of business-as-usual and wanted to create a recognized definition and standard of measurement for green buildings.
Green building refers to a complete building process – from site selection to occupancy – that reduces negative effects and facilitates positive results for the environment, occupants’ health, and financial return. LEED evaluates building sustainability based on five broad areas: sustainable site planning; water efficiency; energy and atmosphere; materials and resources; and indoor environmental quality. Four performance levels of platinum, gold, silver, and certified can be achieved based on the number of points a building earns in the five credit categories.
LEED is a voluntary system, relying on contractors and developers to register their projects and submit documentation. However, certification is granted only after a project is completed and only by the US Green Building Council or the Canada Green Building Council. It is a system intended to prevent the practice of ‘greenwashing’ – false, exaggerated and/or unsubstantiated claims about a building’s environmental impact.
Our client Polygon Homes is building one of their new developments to silver LEED certification standards. Foundry, a collection of modern apartments and townhomes in Vancouver’s South East False Creek area, is implementing innovative green building strategies such as Low-E window glazing, low-flow plumbing,hydronic baseboard heating, community garden plots, Energy Star appliances, and the use of paints, sealants, adhesives, and carpets with low volatile organic compounds.
Currently, there are over 230 LEED Canada-NC (New Construction) registered projects, the majority consisting of office buildings and high-rise residential units. This represents more than a 100% increase since 2004 and will certainly continue to grow as home buyers’ awareness drives demand and more municipalities turn to sustainable city planning strategies.
