A Valuation of Mystic Vale’s Ecosystem Services

Abstract

Mystic Vale, a 4.7 hectare (11.6 acre) patch of second-growth forest located on University of Victoria grounds, was evaluated for its ecosystem services. The ecosystem services of Mystic Vale were identified and correlated with an economic model to assess these values in monetary terms. An estimate using CITYgreen GIS software was also used to augment the replacement/restoration cost economic valuation method.
A monetary estimate was given for the services provided by the vale in 1 year and the cumulative value of services since its perpetually protected status in 1993. The overall value of Mystic Vale’s ecosystem services for one year is $256,254.96, and since 1993, $4,641,253.56. The purpose of this report was to assign a dollar value to the values that are not observable and to demonstrate that this natural area is worth something beyond a proposed sale price.