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Calgary market will bounce back from floods, says CREB

Flooding in High River, Alta. (Photo: RCMP Alberta)

Flooding in High River, Alta. (Photo: RCMP Alberta)

The real estate board in Calgary says although the full impact of the massive flooding in southern Alberta won’t be known for some time, price and sales growth in will likely remain in line with expectations.

“Calgary’s overall resale market is strong enough to weather this terrible event,” says CREB president Becky Walters. “While the flood damage is taking a heavy toll on affected communities, Calgary’s real estate market has clearly been outperforming expectations this year. Overall sales growth for the city is not expected to stall.”

Research is inconclusive on the long-term price prospects of flooded communities, says Ann-Marie Lurie, CREB’s chief economist. Price trends will depend on the frequency of flooding and relative damage, affluence of the area, insurance coverage, current state of the market and any infrastructure changes made to reduce the risk, she says.

“In the short term, we anticipate that the levels of listings will fall, and any transactions that do go ahead in the impacted areas will face some price discounts,” Lurie says. “However, increased demand in the unaffected areas, combined with already tight supplies, would support further price gains. This will offset any declines recorded in the impacted areas.”

Lurie says the areas hit by flooding in 2005 did not see a price impact. “Although the current flooding is much more severe, if the frequency of flooding does not increase and measures are taken to reduce flood risk, many of these desirable communities are not expected to face a long-term price discount.”

Evacuated communities represent about 14 per cent of the city’s housing stock, of which about 700 units were listed on the resale market before the floods, Lurie says. “It is not clear how many homes were damaged, how extensive the damage was or how long residents will be displaced,” she says. “If flood damage is severe, it could restrict resale inventory, as impacted individuals look for alternative housing.”

CREB says the Calgary-area resale housing market was in sellers’ territory before the floods. Prices are expected to grow at a faster pace this year than previously predicted, CREB says in an update. Sales volume has also grown faster than predicted, primarily because of higher-than-expected demand for condominiums.

The board says overall sales will grow by 4.3 per cent this year, up from the 2.2 per cent CREB predicted at its annual forecast in January. This is driven by the condominium market, which has recorded a year-to-date increase of 15 per cent. By the end of the year, condo growth is expected to reach 12 per cent, while single-family home sales will grow by one per cent.

 

 

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  • Brian Martindale

    I see that the Alberta provincial government has earmarked $175,000,000. to buy out owners of recently flooded properties on the floodplains of the Elbo and Bow Rivers. Good start. This is simply good old fashioned common sense at play, as I earlier suggested herein ought to be applied by government to this situation. There seem to be at least some people, with a view to the future flooding of these areas, in power currently.

    So much for the Calgary Real Estate Board’s spin-doctor assertion that area property values/markets would not be affected.

    I was castigated herein online for my views re the mercenary bent of the CREB’s interests, being their own SELL, SELL, SELL mentality at the cost of consumers’ financial interests. I was told that I insulted (rightly so) the CREB’s integrity, in so many weasel words, to which I plead guilty.

    The government, thankfully, seems to see things in the true realistic light of day.

    Watch for these flood plains to be returned, legally, to their true evolved purpose…shedding/absorbing flood waters.

    I wonder how many politicians of the day were paid off by developers to allow for subdivisions and building permits/homes to exist on these flood plains?

    • It’s Your Business

      This is true btw.

      Immediately, this places Calgary Agents and CREB at a bigger risk than they have ever experienced in their existence. The profession in Calgary is about to be defined in a way no one could ever imagine.

      Flood Plain owners would be insane not accepting the deal as the price they are offered is full assessment value or prices higher than their NOW FULLY AGREED TO FLOOD PLAIN AND GOVERNMENT WARNED HOME is worth. The must sell or face serious financial hardships.

      Those owners now need new homes in an already low inventory market. Prices are set to Soar under a new and historically never seen pressure of IMMEDIATE Buyers. Causing the financial hit to be even greater for the rest of Calgarians when the market naturally corrects.

      So, the REST of CALGARY, pays for those who bought in a Flood Plain, then have home prices soar because of payouts, then have taxes rise because the tax base has shrunk losing all those Flood Plain Homes, then have to fund the redevelopment of the Flood Plain, teardowns and such.

      Where is CREB helping the 97% percent of Calgarians who will pay and not benefit from this decision. I guess CREB just seems more sales and higher prices or higher commissions for their members. Let the 97% of the rest of Calgarians worry about themselves.

  • It’s Your Business

    Last week the Banks began issuing instructions about homes residing in the Flooded areas of Calgary. Those instructions were to make appropriate adjustments for the impact on valuations, the flooding creates. REALTORS should Contact your local Calgary branch for verification, such actions are in effect.

    This applies to new mortgages, refinancing, renovation and mortgage renewals.

    As consumers seek to find a scape goat from failed real estate dealings, the first place to be looked at will be disclosure or lack thereof.

    REALTORS are encouraged to review their standards of practice to insure they are protected going forward and so they can review their errors and omission policies to be sure they are covered for previous sales in the affected areas.

    CREB is unable to address this problem publicly as it operates an MLS system where sellers could be financially damaged if such disclosures, were made.

    It’s Your Business…Protect Yourself

  • Brian Martindale

    I see that Alberta Premiere Alison Redford has advised the flooded out owners of properties on the Calgary and High River flood plains of the Elbo and Bow Rivers to rebuild…somewhere else…on higher ground. Premiere Redford also stated that the provincial government will in some cases offer financial assistance toward the rebuilding of some flooded properties on a one-time-only basis. In other words, when you, the gambler-owners, get flooded again…as you surely will…you’re on notice that you will be on your own. No insurance companies will touch these properties for other than fire insurance coverage etc. Fires will be routinely investigated for arson. Mortgages will be taken back/renewed only on a high premium basis. Selling prices will plummet. I predict that some of these properties will be bought up at a discount with cash in hand and turned into grow ops. A couple of years’ crops having been harvested and sold and the self-humidified properties will have already paid for themselves. Realtors; beware the cash deals.

    Unlike living in an earthquake zone, wherein ‘quakes occur sporadically, in a non-cyclical fashion, flood plain inhabitants experience spring runoffs every single year…same time, same place, same station. It is only the severity of these predictable runoffs that is the unknown variable.

    It’s time for Calgary area Realtors to stop pushing these properties as only being susceptible to the 100-year-flood scenario. To do so would be immoral, unethical, ignorant, and just plain mercenary.

    All area brokerages should agree amongst themselves to not take out listings on the affected properties when owners want to sell; let them sell privately. Realtors should lobby the provincial government to financially assist the current owners to relocate on higher ground. The flooded out properties should therafter be bulldozed, and the said areas should be properly designated for what they are, as flood plains, whereupon no building permits will ever again be issued…except to beavers and muskrats.

  • Brian Martindale

    I see that certain areas of Calgary wherein flooded-out residents have now returned to start the cleanup and spend mega bucks in so doing…have flooded again…forcing said residents out…yet again. Severe rain storms have no timetables. The presence of humans who have settled on known diluvial flood plains is of no matter to nature’s workings. There is nothing wrong with the workings of nature. Nature just is.

    Millions upon millions of Indians live upon the largest flood plain/delta in the world, comprising about twenty-five to forty percent of India’s land mass (when said twenty-five plus percent rests above the average high-water mark between yearly monsoons of varying severity). The Indians put up with this situation every year…for life…because they have little or not choice in the matter. Besides, they do not choose to invest large amounts of borrowed money to live there; they have nowhere else to go for the most part. The yearly run-off river floods actually deposit enriched silt from the upland forests on the delta which facilitates some of the best food-growing regions in the world. Thus, the Indians take it all in stride; it is a predictably normal flood…year in and year out.

    Calgary…where the financially-favoured have the greatest choices regarding where to put down roots…where some commissioned Realtors specialize in working with clients who want to live where the elites can afford to live…where there is no other reason to live on a known flood plain other than that is where the “in-crowd” hangs out. In case you haven’t already figured out where I am going with this little play on words and on a lemming-like attraction to the herd instinct, the “in-crowd” is now the ‘in’undated crowd, and the lemmings still don’t learn, because they believe that if they just do what every other lemming is doing…it must be right.

    (Do you know that lemmings can’t swim…and that they don’t pay attention to history?)

    The smart people in Calgary run the Calgary Stampede, and they have found an Herculian way to get the show up and running on schedule, despite the flooding of the venue.

    Question: How did they do this?

    Answer: They were able to focus all of their energies and time on the job at hand…because they weren’t derailed by personal habitat problems; “they” don’t live on a flood plain.

    Having enough money to live with the “in-crowd” does not automatically denote one having the brains to forego acting like a lemming.

    Watch for a third flood…this year.

    Realtor lemming-“in-crowd” specialists: Purchase hundreds of “RECENTLY RENOVATED (by necessity)” bright red waterproof stickers for your “For Sail” signs. Use galvanized nails to affix them to hydro-dynamic supports…with anchors and chains attached thereto. On second thought; advise your wannabe lemmings to spend their money a little more wisely. Maybe try the casino instead.

    Oh crap! There’s no commission available for that advice.

    HMMMM…I know…borrow a ton of money, leverage it and buy up a whole boatload of those recent renos ‘yourselves’, and don’t forget to disclose that you are doing so in order to flip them to make profits. That way when you make a boatload of money you can’t be sued successfully. You can keep those high-end prices up as your board claims should be the case… all by yourselves!

    Beneath all is the land…even if it is occasionally under ten feet of run-off.

    LAND HO!

  • Ross K

    Attention Buyers Agents practicing in the Calgary Market.

    The following links will provide you with some insight on what you will need to become familiar with, if selling homes in any area affected by the flood. http://www.chbacalgary.com/news-pdf-uploads/2012-2013/June%202013/Flood%20Information%20Summary.pdf?1372450143
    and
    http://www.cmhc-schl.gc.ca/odpub/pdf/60515.pdf?lang=en

    This information applies to any area of Canada that has or could be affected by flooding.

    If you have sold a home in the affected areas since 2005, it is highly recommended you contact those homeowners and provide them with these links or better yet print them off and manually deliver them to your clients.

  • Brian Martindale

    Hi Tania:

    During the summer of 2004, Peterborough, Ontario suffered a severe flood in certain areas from a freak rain storm; the drainage system could not handle the run-off, and Jackson Creek became a raging torrent, never before seen as such. Much of Peterborough is built upon seven hills by the way, and fronts on Little Lake, a part of the Trent-Severn inland waterway. Every property that I showed to potential buyers thereafter was made to be verified by the owners, and then by the City, that they were not flooded due to the storm. The liars were quickly outed by the City’s statements.

    During 2005 certain areas of Calgary were flooded, as I recall, although not to the extent of the recent flood. I believe that the affected areas are mostly one and the same (correct me if I am mistaken). A map showing flood-prone areas is not needed in this case, in my opinion. The proof is in the pudding, or the sludge, and the approximately $50,000. to $500,000. in damages (per flooded property), as the case may be.

    A Realtor always has the burden of educating buyer clients about negative possibilities, remote as they may seem at the time, regarding properties for sale, especially those properties in high demand areas. A buyer representative Realtor may say all kinds of things, negative and positive in scope, about a potential property listed for sale, LISTED BY ANOTHER BROKERAGE, and not have to worry about lawsuits from a disaffected seller who hears that said Realtor said something untoward about his/her property. It is only the ‘listing’ Realtor who must watch his/her “p’s” and “q’s” when describing said listing to a potential buyer under dual agency circumstances. A buyer is crazy to deal with a listing Realtor when attempting to purchase said listing Realtor’s listed property, other than during a first-time inspection with said Realtor. As a listing Realtor I did this all the time, then advised the potential buyer that he/she was free to inspect my listing again with another Realtor from another brokerage, and to thereafter write an offer if he/she/they chose to do so with said other Realtor. I never worried about getting sued; there was no reason to worry.

    Re your flood-prone area of great views and memories: ask the owners of those now pumped-out leaky house-boats at permanent anchorage whether or not they plan to stay there, and if not, if they think that they will get premium prices for same when they list for sale…next month. Maybe they will wait to list for a couple of years when memories of the flood fade somewhat and naive buyers show up with sweaty fingers crossed and cheque books at the ready…ready to take a chance on history not repeating itself…again.

    There’s a sucker born every minute, and i don’t mean the bottom-feeding kind with fins and tails. It is a Realtor’s duty to protect said suckers from their own stupidity, aka as fiduciary duty. Let the emotion bangers deal with someone else, or prepare to be sued.

    • Ross K

      One Correction Brian. ORE also must watch it’s Ps and Qs as it is operating through an arms length contractual agreement with every Seller in it’s MLS. No such contractual agreement exists or is even possible for buyers with an MLS.

      The MLS infrastructure was built on a fiduciary duty to SELLERS ONLY but….
      CREB has been releasing MLS sales data for 2013 and comparing it against 2012, without making appropriate disclosures to the public on why year over year claims no longer hold up to investigation in Calgary. CREB is not disclosing why 2013 numbers are inflated over 2012 and many many Calgary buyers are making financial decisions based on the escalating market claims made by the CREB,

      Whether it’s Disclosure, Agency Explanations, MLS Sales Data, MLS predictions, MLS sourced Agreements and forms, nothing is in place to fully protect buyers but a GREAT REALTOR.

      • Brian Martindale

        Hi Ross:

        Good point. It all boils down to individual Realtor responsibility, irrespective of often poorly enforced rules and regulations by the OREcrats from on high.

        A properly educated personality in possession of an inherently accurate sense of what’s right and wrong, based upon a good upbringing, a fully functioning conscience, and sufficient experience in the field, above and beyond short-term learned theory in a class room and/or computer screen setting, will constitute the inner core of a great Realtor.

        I believe that you were one of the above whilst practising, and thus, although now retired from the business, you are well placed to comment on the vagaries of the hit-and-miss system of pseudo-developing too many pig’s ears into pseudo Realtors in the field. There are definitely some great Realtors currently operating out there. They are not necessarily ‘high flyers’, but they are necessarily ‘high minded’

        Sadly, not enough of the latter variety. occupy positions of authority within ORE. Ergo, the apples don’t fall far from the trees, and thus, not enough of the same latter category occupy the position of Professional Realtor Canada wide.

        P.S.: I see that HWR says that we are famous! I think he meant ‘infamous’. But fame is fleeting. Infamy is more fun…don’t you think?

        I wonder what HWR really stands for………….

        Hollow Word Recording?

        Just kidding HWR!

        • Ross K

          Brian, Just one comment.

          I am far from retired but have openly put my CREA membership on hold, in order to be able to speak freely without worry of being said to be making anti-competitive comments. As a member of CREA, who followed both the Code of Ethics and decisions rendered by it’s Board of Directors to the letter, I could not speak freely on issues like Mere Postings, DFF, Trademark Infringement, Limited Agency Practitioners, MLS infrastructure problems, MLS Data falsification, Full Disclosure or even the Bias towards Sellers that is built into ORE as of today.

          As a member of CREA you cannot expose Dale and Zoocasa or Randal and ComFREE as they are both REALTORS and are now protected by the Code of Ethics.

          Let’s face it, the REALTOR brand since Oct 2010, is no longer what we fought to protect for decades. Now a REALTOR can be a $99 witness to a signature with no requirement to uphold standards we fought years to establish.

          Clearly a new and higher standard is now demanded to protect Canadians.

          Regards
          Ross

          • Brian Martindale

            Ross:

            Well stated.

            Sad, isn’t it, that in this great country, Canada, where freedom of speech is enshrined within the Constitution, that within CREA’s Constitution, same is not enshrined. I believe that the Canadian Constitution trumps whatever CREA and other ORE driven brakes are in place re the ability to speak out against another Realtor, or any member or ORE for that matter, bureaucrats included, via edicts and threats of censure from on high. What a crock. But you know what Ross, power is only afforded these dictators via enabling behaviour on the part of the great unwashed, all 103,000 of them, less a few…(you, me and a few others of note included).

            A new higher standard will not be part of the mix until a whole new leadership emerges from the rotted foundation, with an inherent higher standard of expectations of themselves.

            So far, 103,000 Realtors (less a few) have the governance that they deserve.

            As you well know, I too dropped out of ORE a while ago, but I may yet return in another venue. An iron is in the fire; we shall see if it becomes red hot.

            Regards,

            Brian

  • Tania Nelson

    One thing to keep in mind is that we don’t have an official map showing what are flood areas and what are not. It’s very easy to say that we must disclose but we are talking about a huge area and for each individual realtor to make the call as to what they seem to think may or may not be part of the flood area is a lot to ask. I can just see how a seller would feel if they found out a realtor told their buyers that the house was part of the flooded area and it’s not. Imagine the lawsuit that could bring about. After the 2005 floods the Alberta Government made a suggestion to provide such a map and we have yet to see it. The current floods are different than anyone ever expected. So how do you propose we disclose in that regard?
    I would hardly think that people who pay $1.5M+ for a lot and then build – therefore many $3M – $5M+ homes – are what you say to be “naive ski bums”. I think many could argue their decisions quite diligently. I do however agree that the obvious flood areas (ie High River – it is called that for a reason) should never have been allowed to be developed as it is obvious how the river works in there. And now the rest of Alberta gets to pay for it.

  • Brian Martindale

    Ahhh…HWR; One Realtor defending another Realtor’s communally mercenary slant.

    Tania speaks of emotional tugs…fair enough…as far as a Realtor’s mercenary interests are concerned. But a Realtor’s fiduciary duty is supposed to be in favour of a potential client’s ‘financial’ exposure. Emotional stuff is supposed to be weeded out by the Realtor’s attention to fiduciary realities. The Realtor is supposed to be like our Senate is ‘supposed’ to be, being the “Chamber of Sober Second Thought”. Maybe Realtors should also reluctantly qualify and OK properties beneath Mount Etna, or Mount St. Helens. What the hell…why not waive ‘all’ fiduciary responsibilities and sell ski chalets in avalanche country…it’s so beautiful beneath those deceptively gentle piles of fluffy pretty white stuff. Naive ski-bum buyers’ silly little hearts will beat with unbounded former joy as they hurtle down the mountain at break-neck speed (literally), skiless, within a thundering, churning black hole of snow, ice, uprooted trees, rocks…and shattered dreams of bliss, on a sparkling moon-lit night. There will be nothing left to resell except memories.

    Most people get into trouble because they pay too much attention to their emotions and not enough attention to facts, research results, odds. They pay too much heed to cozy memories of good times on flood plains when things were dry. What-if’s on flood plains are simply critical thinking pushed to the back burner of the stove of wishful thinking. The elements are gonna be turned on some day…and somebody’s gonna get burned.

    As far as me “…seeking out the worst case scenario…”, same speaks for itself; it didn’t need me to seek it out at all.

    People buy lemons-on-wheels because of colour, sun-roofs, fancy wheels, killer sound systems…bling; that is emotion at work…agitating internally against a buyer’s best financial interests. Similarly, buyers purchase lemons-on-foundations below high water marks based on fuzzy feel-good visions of fairy dust and they-lived-happily-ever-after dreams pre nightmares.

    Realtors are not to be employed to condone clients’ purely emotional decisions that may/will likely (on the flood plain shores of the Elbow and Bow Rivers) place same in financial jeopardy. What a weak argument in defense of promoting real estate sales. I don’t need to be a Realtor in Calgary to appreciate emotional ties to the land, or should I say, the spillway.

    Whilst working as a Realtor here in Ontario I talked as many people ‘out’ of purchasing iffy properties as I assisted same purchasing financially sound properties. I wanted my clients to be able to keep their heads above water…in all cases, and not have to chase after government assistance (because insurers don’t cover stupidity) to rectify what turned out to be a poor buying decision based upon emotion.

    Play with the bull…get the horn……….and…oh yes…a sales commission.

    If I come across as being prejudiced against mercenary spin-doctor Realtors, I plead guilty.

    Life-jackets anyone?

  • Hard Working Realtor

    Tania great response. You have to remember the primary contributors in this article have become famous for seeking the worst case scenario and seldom take the time to look at the other side of the coin, nor are they interested in the others side. Your comments reflect not only those of Calgarians, but also those of millions of others who pay bucks to live in beautiful but vulnerable locals. Do you think there is diclosure in Vancouver, Seatlle and Las Angeles about the risk of eHarthquakes.

    Your comments are bang on and speak loudly of the opinions expressed here.

    Good luck in Calgary and our thoughts are with you.

    • Rita Giglione

      My comment made earlier re: me cancelling a Listing because of annual Spring Flooding…..

      Due to the high saturation of water in the area soil and basements….. some.homeowners have issues with MOULD. Now if you want to spend $300,000 on a home you better make sure you’ve done your due diligence or that $300,000 may not be retrievable.
      It’s just common sense.

  • Alexandre Morin

    It will become more and more important to get an iVerify Home History Report in these areas to protect against non disclosures. With many repairs not being fully insurable it’s safe to assume that some repairs will be substandard.

    • Rita Giglione

      Alexandre
      Good comment.
      Where can someone get an iVerify Home History Report?

  • Tania Nelson

    Thank you for your comments from Ontario but if you were a Realtor in Calgary you might have a different point of view. Many of the effected areas are the most sought after and beautiful neighbourhoods in Calgary. Many of my good friends and clients live there and have suffered terrible damage – but they DO NOT want to move from the area and would buy there again. Some of these are old neighbourhoods where their families grew up, they remember as kids canoeing down the streets 30-odd years ago – and they still live there and will continue to do so. I would buy there myself. So it’s great to have such strong opinions but until you actually live there or your clients do maybe listening to what the buyer wants would be a wise thing to do as well. And of course, disclose.

    • Rita Giglione

      Tania

      It is a terrible situation for the homeowners affected by this flooding, and I wish them all the best and quick recovery.

      Speaking strictly from a business point of view……. getting mortgages, and home insurance may become difficult for that area, not to mention home prices drop. Of course the Buyer makes their own decision, our job is to disclose and advise to help and better protect their assets and investments.

  • Brian Martindale

    Following up on Ross’s bang-on pertinent comments, anyone who would be foolish enough to even think of purchasing a property on the patently obvious flood plains of the Elbo and Bow rivers in and around Calgary, has a fool’s paradise for a brain trust. Any Realtor representing a buyer client who would ‘not’ advise against purchasing in these areas belongs in the at-auction-purchased used car’s from New Jersey market, or worse, selling abandoned properties at advertised so-called “cut-rate” prices in New Orleans.

    As I have oft’ said herein before, “SELL, SELL, SELL” is the one and only byline that apparently counts for the leaders of ORE and its minions. And we expect ORE/CREA to produce ethical Realtors in possession of high moral standards with leadership like this?

    CREB…your statements attempt to encourage consumers and Realtors alike to naively buy into ignoring your obviously-not-so-well-hidden “Let’s carry on as if nothing important has happened” keep-the-money-“flowing” (like the swollen Elbo and Bow flowed) agenda. That’s like saying “Oh, never mind the oozing primordial sludge that now covers Calgary’s predictably flooded flood plains; it only happens once in a while. We’re OK Jack. Don’t y’all upset our apple cart…pleeeease!”

  • Ross K

    Buyers Agents in Calgary must take a higher professional approach to the devastating Flood Damage being done to families in Calgary, than this press release from CREB reveals. Less than 3% of Calgarians are actively represented by CREB today, yet over 97% of ALL Calgarians are getting advice that only serves that under 3% of home owners who are currently listed for sale by CREB members.

    Comparing 2005 to what has happened in 2013 and then implying similar sales trends will occur really places 10,000’s of Calgarians at great financial risk for the largest investment they will make in a life time.

    The Professional Buyers Agents DO NOT represent SELLERS when making statements to BUYERS or the GENERAL PUBLIC and as such they legally are required discuss probable, potential and possible outcomes of this devastating Flood, with consideration only given to the TRUTH, not selling homes currently listed for sale.

    What CREB is doing is comparable to a Stock Broker telling you to buy Gold when prices are falling because nothing has changed, in the last 2 weeks around the world.

    The area flooded has created catastrophic financial damage to many home owners that will only intensify as the full damage is revealed in weeks and months to come. Is CREB actually telling Calgarians to go back into these Flood Plains, purchase homes at the current list prices and to expect the same appreciation as the rest of the city with no impact of the Flood??? These are insane statements.

    Sure tell a family with Kids to move into an area that next year could place their family at risk both financially and physically. Hey maybe they shouldn’t do a mould test either, or worry about a homes footings shifting that was submerged for days.

    What CREB should have been doing is addressing the City and making demands on needed changes to the geographical influences that allowed 2005 and 2013 to happen. Asking Calgarians to take on 25 years of debt in an area that it should be presumed will have 3 major Floods before the mortgage could be paid off is …………certainly not professional or credible.

    Any Calgarian that is even considering Buying needs the advice of a Professional Buyers Agent, who can give advice that has no fiduciary duty to SELLERS.

    BTW, the current MLS data being released by CREB in 2013 no longer can be considered for year over year comparisons. CREB is refusing to make proper and full disclosure over the changes to their data sources used in the collection of MLS sales data. These changes are effectively skewing results to the positive side and creating a false, misleading and inaccurate representation of the Calgary market that is causing Calgarians to make financial decisions based on false MLS data.

    • Rita Giglione

      Last year I cancelled my listing with the Seller in the Innisfil ON area.

      Shortly after I listed the property a Realtor from another company called me to inform me of the spring flooding they get in the area.

      I am required to disclose this fact

      to every Buyer that may be interested in that property whether they are Buyer Client or not.

      I quickly decided that after I disclose this fact, what Buyer in their right mind is going to purchase a home in an area that has annual spring floods.

      It was a good business decision, and saved myself money and time !

      • Rita Giglione

        The odd thing is……my Broker/Manager at that time disagreed with me( ALL BUYER inquiries have to be made aware of the flooding issue) until he made some inquiries and realized I was right.

        • Brian Martindale

          Hi Rita:

          Your experience is further evidence that too many top-down managerial attitudes were/continue to be of the “SELL, SELL, SELL” modus operandi, no matter the potential negative fallout for the consumer. Short-term-bucks-in-the- bank trumps long-term-professionals-in-the-field for those types of money mongers.

          Good on you that you were able to overcome the old/prevailing mindset of the trained “sales” culture. That marks you as one of “us”, the “outliers”.

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