There’s no denying the Calgary real estate market is performing admirably, but a “deluge of buyers” since the flood? Hardly.
With a MTD comparison of two weeks, sales were almost exactly on par with last year.
Sales have also been gradually trending lower as is generally the case as we transition between spring and summer.
Ann-Marie Lurie, our chief economist here at CREB, said there is no way of confirming the number of flood victims who are purchasing other homes while they await remediation of their current home.
“While many of these affluent neighbourhoods likely have a portion of residents who can simply purchase another home, I would expect that the majority of impacted homeowners are not in this situation because they don’t have the financial resources to do so,” she said. “However, for those renters who were impacted by the floods, this may have pushed up their ownership decisions, and is likely supporting some of the rise in housing demand.” (Source)
How about this:
“Multimillion dollar homes that would ordinarily take a year to sell are being snapped up for about ten per cent more than they normally would within a matter of weeks”
There have been 10 multi-million dollar home sales so far in July, but none have sold above list price. Furthermore, all of the homes were listed before the flood with a minimum 24 days on market.
Month-to-date the average days on market for a sold luxury home ($1M+) is sitting at 86 days. Last month it was only 76 days.
I’m sure there are instances of those affected by the flood going out and buying another home but it hasn’t caused any notable effect on the overall Calgary market at this point. The data just doesn’t substantiate the anecdotes.