Last year’s devastating flood had a huge impact on Calgary’s residential real estate market that lingers to this day.
Not so much on the overall city market, which has been one of the hottest in the country, but on the flood-affected areas where sales dropped after the natural disaster — as did house prices.
But now since the prices have gone down, there’s people (wanting to buy).
Prices in flood-affected neighbourhoods dropped anywhere from 10 to 25 per cent post flood but a year later they have slowly climbed.
And people with means are also starting to look beyond river properties for luxury homes.
Flood-affected properties would not influence citywide aggregate figures. The prices were going up. Market conditions were outweighed by what happened in those areas. There has been some adjustments in those areas but it wasn’t a large portion. Not enough to alter anything on citywide numbers.