The aftermath of the Calgary flooding last month has created an anomaly in the Calgary real estate market. Many homeowners displaced by the recent Calgary flooding were located in affluent Calgary communities along the Elbow River with multi-million dollar properties. These owners along with those renting suddenly needed a place to live and went searching the market place to find any suitable properties listed on the Calgary MLS®.

According to Tink International Real Estate agent, Thomas Keeper, there's a “crazy” volume of activity in the luxury home market, with buyers rushing in. Homeowners in affluent neighbourhoods along the Elbow River, who were greatly affected by the flooding, are prompted in buying homes elsewhere, while their homes are being…

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Calgary Housing Market Reveals House Prices Still Rising

Strong demand, coupled with low inventory has recently pushed Calgary home prices higher, according to a data released by Royal LePage. In its recent Market Survey Forecast and House Price Survey for the second quarter, the real estate firm revealed a year-over-year increase of 5.9% in prices of detached bungalows to $457,889; an increase of 6% for condominium prices to $261,933; and for standard 2-storey homes an increase of 6.7% to $453,789.

According to broker and owner of Royal LePage Foothills, Ted Zaharko, the low inventory of Calgary houses for all categories has driven prices upward. He said that potential buyers swarm the market once a listing comes to the market resulting in multiple…

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Calgary House Prices Reach Peak

Calgary's resale housing market for the month of June made the highest record MLS® average sale prices, both for single-family homes and the city's overall market.

The Calgary Real Estate Board (CREB®) recently released data on the city's overall MLS average sale price for June, showing a 5.6% increase to $466,458 from last year's $462,076, surpassing May's record of $462,076. CREB® also reported an increase in average sale price of single-family homes for the month of June to $527,162, a 7.7% increase from last year's figure. It also surpassed May's record of $521,887.

According to Rachelle Starnes, Realtor® at Royal LePage Foothills, the recent flood in Calgary suddenly changed the market. With the recent selling…

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