Calgary’s housing market was one of the best in Canada, with an optimistic outlook for the rest of the year — until massive flooding disrupted thousands of lives in parts of the city.

Flooded areas represent about 12 percent of the market, which is Canada’s third largest. So housing sales — which were up 4.28 percent from a year ago so far this year — won’t be an indicator of the market’s true direction for the next several months, analyst Don Campbell of the Real Estate Investment Network tells the Calgary Herald.

If similar floods that hit in 2005 are any indication, home values in flooded areas won’t necessarily take a hit, the Herald reports. Source: calgaryherald.com.

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