Looks like there's been a bit of a surge in buying to house displaced people, but will this kind of buying last?
Calgary realtor Rachelle Starnes said the past week of flooding has changed the market dramatically.
“We have seen in the past week properties sell, sight unseen, for families that have lost their homes in the flooding,” said Starnes, who is with Royal LePage Foothills. “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.
“There is limited overall supply and therefore pure Keynesian economics say prices must increase with low inventory ... We have seen zero showings on luxury homes for months at a time and then all of a sudden in the past few weeks, we get three offers in one week on homes that have had no activity. It is very volatile at the moment.”
http://www.calgaryherald.com/busines...#ixzz2XzdMsRgT
I agree with the comment about not being able to find good trades for 2 years - that should keep the flippers out.