Is there a link between the June flooding and the increase in the numbers of transactions during July 2013? That is a question that we can still not answer, but the Calgary real estate market saw its busiest July since 2009.
Residential sales for the City of Calgary totalled 2,268 units in July, which represents a 17 per cent increase over the same period last year, and prices were nearly seven per cent higher than levels recorded a year ago.
Ann-Marie Lurie, chief economist for the Calgary Real Estate Board, said there is no good way to measure the effect of flooding on real estate sales.
“But yes, there have been people who have been displaced, and renters who have been pushed into ownership a lot sooner,” she said.
We can also believe that another factor is that people who were already in the market looking for a home may have decided to hurry their decision over fears that the flood could lead to tightened supplies and increased prices.
Looking at the statistics published by CREB, we noticed that the main increase was related to condo sales, and that can be related to affordability.