After the province announced strict new building rules following the flooding last month, Albertans in flood-ravaged areas have big decisions to make now. So should you rebuild or relocate? There are a few things to think about…
The new legislation that will come down in the fall, prohibits future development in floodways (areas most affected by the floods). Owners have the option to receive funding to rebuild in flood-prone areas, but if they do not take steps to flood-proof their homes, they will be exempt from any future funding due to flood damage.
Residents always have the option to relocate as well, which would take away the headache of rebuilding and flood-proofing all together. In fact, it seems many homeowners have made that decision, since we’ve seen quite an increase in home buyers over the past few weeks.
Two major trends are coming out following the flooding: increased luxury home sales (due to displaced owners in posh communities), and former renters being forced into the buyer’s market due to displacement and increased rental rates.
If you’re looking for information on rebuilding OR relocating, please feel free to contact us, or you can find us on Twitter: @Len_T_Wong.
