With several Calgary communities facing flood damage now, many questions have risen regarding what the real estate market will do. CREB recently answered some of these questions in a press release.
The short-term affect on the resale housing market?
• CREB says majorly flooded communities will have a short-term impact on the resale market
• Number of listings is expected to decrease
• Areas in flooded communities will face price decreases
The long-term affect on the resale housing market?
• CREB still expects resale growth to rise 4.3% this year
• Resale home prices weren't affected during the flooding of 2005
• Resale inventory could be restricted
Something to note: 14% of the city's housing stock were located in evacuated communities.
Do you have questions about your resale home value or the market in general following the flooding? Please feel free to contact me anytime.