July 2013

Found 3 blog entries for July 2013.

Calgary’s property market is turning out to be just as crazy and unpredictable as the flood waters that recently covered a great deal of the city and a good portion of southern Alberta. Many of the damaged properties that fronted the Elbow River were of the luxury variety, owned by millionaires. Many of them opted to buy another property to live in while they sorted out what to do with their original home. Some of those damaged properties may be repaired; others will prove to be total washouts.

All of these wealthy folk are snapping up the offerings in Calgary’s luxury home market. Suddenly it is very easy to sell a multi-million dollar home far and above the asking price. As bidding wars ensue, property owners are averaging sales for more than ten

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Home prices in Calgary are on the rise. Yes, some of this, at least for the short term, is affected by the recent floods, but that’s not the only factor. Calgary is growing, with more demand for housing while housing inventories are creeping lower, flood or no flood.

The Royal LePage Company just released their latest report this past Tuesday regarding 2013’s second quarter. That report noted an increase of 5.9 percent in the average price of a bungalow, currently just shy of $458,000. Condo prices rose by six percent to over $261,000, while two storey properties, standard category, went up by 6.7 percent to almost $454,000 per unit.

Ted Zaharko, who owns Royal LePage Foothills, noted that all categories are showing lower inventories, consequentially

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The Calgary Stampede has never been cancelled. Will this be the year? Mayor Naheed Nenshi says no, despite the silt and mud left behind by raging flood waters this past weekend. What about Calgary’s downtown core? City officials expect that to be up and running by maybe the middle of this week. The business district was hit hard by those same flood waters and like the stampede grounds, is awash in muck. As far as public transit systems, officials have to check out the light rail tunnels on Calgary’s south side which were flooded out. Buses may end up being an alternative transportation source for this part of the city.

It’s a good thing the Calgary Flames aren’t due to start playing for a few months; the Saddledome suffered a similar fate. Water gushed in,…
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