Calgary realtors say they have noticed an increase in activity as home buyers look to replace residences lost in the floods at the end of June.
Some realtors are saying that they are seeing a “crazy amount of activity" over the past few weeks and they are getting multiple offers on some properties.
Thomas Keeper of Tink International Real Estate says wealthy homeowners in some flood-affected neighbourhoods are paying asking price on homes in other communities while their existing properties are being repaired.
The practice is putting the pressure on buyers who were in the market before the flood as they now have to look further afield for properties in their price range.
July is usually a slow time of year for many realtors but Re/Max associate Mike Hornby says demand for homes has been "relentless" over the past few weeks.
Renters are also being pushed into buying properties now that the floods have put the brakes on an already tight rental market and that is also pushing up demand.
(With files from The Canadian Press)
