June’s flood impacts Calgary’s real estate market
Posted Aug 7, 2013 7:24 am.
This article is more than 5 years old.
A senior analyst with the Real Estate Investment Network says it will be a few more months before we get a clear picture of how the flood affected homes sales in the city.
Don Campbell tells 660News right now insurance companies and banks are calling the shots, as they process claims following the flood and review mortgage applications.
Campbell says before the flood, Calgary’s real estate market could be described as a goldilocks market — “not too hot, not too cold, just right.”
He says people are now accessing where they live and he expects demand in so called higher ground neighbourhoods will increase in the coming months.
He says it will be hard for people to forget the images of flooded out homes, which will weigh heavy on those looking to relocate within the city or those thinking about moving here, hoping to cash in on Calgary’s strong economy.
Campbell says with the rental vacancy rate now below one per cent, city council needs to ramp up efforts to expand the city’s inventory of secondary suites.
