ESAs are a snapshot of the environmental conditions at a property at a moment in time. However, properties are dynamic and change over time. Consider over a few years an area can go from a farmer’s field to a residential development with businesses and infrastructure to support it. A property may have new tenants, or new neighbours, or there may be an incident that occurs (e.g., a diesel spill) which introduces contaminants onto the property. Having a good understanding of the current conditions can help protect your investments.
According to O.Reg 153/04, in order to submit an RSC, the ESA work must be completed within 18 months of filling the RSC. This means that any report older than 18 months old is considered stale-dated under O.Reg 153/04.
If an RSC is not required, the 18-month timeline becomes more of a guideline. Ultimately, the timeline is up to the discretion and comfort level of those with interests in the property. Many lenders will accept Phase 1 and Phase 2 ESAs that are older than 18 months, however, as time passes risk increases as site conditions may have changed.