MLS Listing Realtor

Buying or Selling Calgary Real Estate

Tanja van de Kamp & Ariette van Pelt
Real Estate Professionals Inc
(403) 978-5267 | (403) 630-5190
Contact Us
MENUMENU
  • Home
  • Buy a Home in Calgary
    • Search All Homes
      • MLS Search by Detail
      • MLS Search by Map
      • Request Custom MLS Search
    • Listings By Property Type
      • Near CTrain Stations
      • Near Parks
      • Near Malls
      • Near Post-Secondary Schools
      • House Styles
      • Lake Communities
      • Condos
      • Walkout Basement
      • Mountain Views
      • New Homes for Sale
      • Handyman Specials
      • Foreclosures
      • Vacant Lots
      • Innercity R-C2 Zoned Lots
      • Rural
    • Listings by Region
      • City Centre
      • North West
      • West
      • South
      • South East
      • East
      • North East
      • North
      • Communities Near Calgary
        • Airdrie Homes for Sale
        • Chestermere Homes for Sale
        • Cochrane Homes for Sale
        • Okotoks Homes for Sale
    • Featured Listings
    • MLS Listed Last 7 Days
    • First-Time Home Buyers
    • Buying Tips
    • Member Login
  • Sell your home in Calgary
    • Sold data by community
    • Free Home Evaluation
    • Sell your home in Calgary
    • Selling Tips
  • Resources
    • Member Login
    • Open Houses in Calgary
      • City Centre Open Houses
      • East Open Houses
      • North Open Houses
      • North East Open Houses
      • North West Open Houses
      • South Open Houses
      • South East Open Houses
      • West Open Houses
    • Calgary Communities
    • What Do Homes Sell For In Calgary
    • What Do Condos Sell For In Calgary
    • First Time Home Buyers
    • Calgary Real Estate Statistics
    • Live statistics Calgary Real Estate
    • Mortgage Calculator
    • Real Estate Articles
  • Tanja and Ariette
    • Tanja and Ariette
    • Contact Us
    • Testimonials
    • Refer Us, Get Rewarded
    • Stroopwafel Fundraiser
    • Join Real Estate Team Calgary
    • Our Privacy Policy
  • Blog
  • Login
Home » buying or selling a flooded home

buying or selling a flooded home

July 24, 2013 By Ariette

How does the flood affect homes in Calgary real estate?Buying or selling a flooded home in Calgary? The floods that hit Calgary in June 2013 did a lot of damage to many homes and condos. What are the immediate and long term effects for buyers and sellers?

The effect of the Calgary flood in Calgary’s real estate market

The flood will affect the real estate market in Calgary for some time to come. About 660 homes that were for sale were affected by the water and needed to be taken off the market. These 660 home sellers need to make a decision. Do I sell my home at a reduced price, do I renovate it first or, perhaps, do I not sell at all? So, what do you need to know when buying or selling a flooded home?

Talk to your lawyer if your transaction is impacted

About 660 homes that were for sale were affected by the water and needed to be taken off the market

Many home sellers find themselves now in unusual legal and ethical transactions with the sales of their homes. Some affected homes were already sold and possession by the new buyers was near. The question is what do you do as a seller and what do you do as a buyer? Because every situation is different, there is no simple answer. The only answer we can give is to contact your lawyer, whether you are a buyer of an affected home or a seller of an affected home.

Disclose, disclose, disclose

A big word within real estate is disclosure. As a seller you must disclose if your home has been affected by the flood. Even after the home has been fully renovated. After all, who defines ‘fully renovated’? Was the renovation done by a professional contractor? It is not up to the seller of the home to determine the quality of the renovation. It should be the buyer deciding if it is to his/her satisfaction or not.

What if it concerns a condo, where the unit itself has not been affected, but the parkade has been affected? Then, also, as a seller you must disclose this to a buyer. The water may potentially create costly, necessary repairs. The words ‘special assessment‘ will come up more often in the near future.

2013 may not be the last flood in Calgary

What if the home was in a flood affected area, but the home was saved from the water? Do you still have to disclose this to potential buyers? Our answer is “Yes”. In 2005 many homes got flooded; as well, many homes were saved that year. Some thought that if their home did not flood in 2005 it would never flood. However, 2013 showed that also those homes could flood.

If your home is on a flood plain, you also must disclose that to buyers. Always. Many buyers come from outside Calgary and many immigrants buy homes in Calgary. Those home buyers new to Calgary must be informed of the circumstances.

With many variables possible, the conclusion about what to do when buying or selling a flooded home is contacting your real estate lawyer. Also, if you are buying a home, make sure you get a home inspection done with thermal imaging. If you have any questions or concerns about flooding, the Province of Alberta has a map and information on flood plains. As well as the website of the City of Calgary gives lots of information about the subject.

The Calgary Herald offers a compilation of the ”best’ photos of the 2013 flood in Calgary.

 

 

Filed Under: Articles, Buying, Selling

Search Our Resources

Search Calgary MLS

Show more

Tools

  • Sold prices in Calgary
  • Open houses in Calgary
  • Search Calgary MLS
  • Search Calgary MLS by Map

Text us or call

(403) 978-5267 | (403) 630-5190

Real Estate Professionals

202, 5403 Crowchild Trail NW


Real Estate On-The-Go

Complete MLS listings on your phone

Send us a Message

   

    Your Name (required)

    Your Email (required)

    Your Telephone (required)

    Do you have a Realtor?
    YesNo

    Your Message

    Free Sold Report

    Request a sold report to get information on sold prices, number of days on the market, original listing prices and listing details for Calgary communities.

    Get a free report delivered to your inbox every month.

    Request a Sold Report

    Testimonials

    Matt & Kerri-Lynn

    Posted: December 14, 2016

    Tanja and Ariette are knowledgeable, persistent, and they truly fight for you. There were things they brought up that we didn’t consider, from conditions we should add to the sale, to things we should be looking for.

    Read More Testimonials

    Real Estate Resources

    • Real Estate Stats February 2023
    • Negotiations in real estate – Learn about the market first
    • Real Estate Stats January 2023
    • 2023 Calgary real estate outlook

     

    See More Resources

    Buy a Home in CalgarySell Your Home in CalgaryTanja and ArietteContact Us
      Real Estate Professionals

    Copyright © 2023 · Tanja van de Kamp & Ariette van Pelt · All Rights Reserved
    Real Estate Professionals Inc. · 202, 5403 Crowchild Trail NW
    Powered by the MLS · Privacy Policy