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How will the massive floods in Calgary affect the real estate market?
For the first half of 2013 Calgary was leading the country in the real estate market - high quality (and diverse) listings, average selling price, number of days on the market - and we were continuing to grow upward. Many people are now wondering what impact the massive and destructive flooding southern Alberta experienced last week will do to the housing market in Calgary and if our numbers will continue to lead the nation for the second half of the year.
There were over 700 MLS listings in Calgary that were affected by the flooding waters from the Bow and Elbow rivers, that is nearly 12% of the current market. While it is uncertain how many of these homes actually suffered physical damage, the areas in which they are located were all severely impacted. This has left many buyers anxious about potential price increases and decreased options.
“We would expect in the short term you’re going to see some listings drop, especially in the areas that were impacted. That’s a natural reaction to it,” said Ann-Marie Lurie, chief economist at the Calgary Real Estate Board. “As far as demand goes, it can actually shift demand to other areas as the ... more

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