A record high price was set in June for single-family homes. The average single-family home price hit $527,162, up 7.7 per cent from last year, and eclipsing May’s record of $521,887.
Inventory was low before the flood. It is now seriously low.
First time buyers were up 37% compared to the 3-year average, and up 8% compared to last year.
The Calgary Herald has reports of homes selling sight-unseen. “We have seen in the past week properties sell, sight unseen, for families that have lost their homes in the flooding…. It is shifting into a sellers’ market where buyers must buy immediately when a property enters the market or risk losing it to competing offers if they wait. The rental market is becoming non-existent so the families must purchase an alternative.”
Read more: Record month in Calgary real estate