Despite flood, June sets real estate records

Despite the tragic flooding in our city, and resulting market uncertainty, June was actually a record month for real estate in Calgary. The Calgary Real Estate Board (CREB) announced that overall MLS sale prices were the highest ever last month.

The real numbers:

• Average MLS sale price in Calgary was $466,458, a 5.6% increase
  • Previous record was in May at $462,076
• Average single-family home price was $527,162, a 7.7% increase
  • Previous record was in May at $521,887

The chief economist for CREB, Ann-Marie Lurie, said in a press release that until the full extent of the flood damage is known, it will be difficult to assess the full impace on the market.

“The tighter market conditions are placing upward pressure on pricing in all city sectors.”

“While the areas affected by the flood may face some short-term impacts on pricing, any adjustments occurring are unlikely to outweigh the impacts on the overall city wide price growth.”

(Quotes from Ann-Marie Lurie)

If you’re interested in reading more about this story, there is an article in the Calgary Herald you can read here. As always, I welcome any questions on this topic or other real estate related issues.

Tags : calgary flood, Calgary flooding, calgary homes, calgary mortgage, calgary mortgage broker, calgary real estate, creb, MLS