Calgary house prices flooding “The forecast has been rendered moot.”

That’s what the Conference Board of Canada has to say about their own housing report as it relates to the Calgary real estate market.

The outlook predicts that housing prices in Alberta’s most populous city will reach an average $518,000 by 2017. But, as The Calgary Herald reports, the forecast was compiled before the devastating flood.

“Making a call at this point about the housing market out there is speculative and that’s not our business,” The Herald quotes senior Conference Board of Canada economist Robin Wiebe as saying.

“We would prefer to wait until the dust settles and evaluate it when the water recedes and see how things look after that,” Wiebe continued.

Earlier this week, real estate expert Don Campbell expressed a similar sentiment when he said housing sales, listings and average prices in areas affected by the Alberta floods won’t reflect the true direction of the market for the next few months.

“As people focus their attention to getting their lives together, getting their properties together and resetting their housing goals, selling or buying a property won’t be top of mind as priorities shift,” Campbell wrote on his blog.

Read more on the Conference Board of Canada report in The Calgary Herald.

Photo: Andy van der Raadt/Flicker

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