Post Flooding Housing Market
We all heard about the catastrophic flooding that hit the lower mainland late last year. Now, we are dealing with the aftermath. Here is an overview of an article written recently by Financial Post.
- Regions affected by flooding have seen home prices decrease by 8.2 per cent on average
- That means an average home that would usually sell for $713,500 is instead going for $654,993, a $58,507 decrease.
- On average, home listings in affected areas have dropped by 44.3 per cent.
- It also takes around 13 more days for a house to sell, the study found.
- Insurance premiums are heading higher as a result. At the same time, insurance companies are lowering the amount of flood insurance homeowners can buy and deeming more properties completely uninsurable to protect bottom lines from growing claims.