The decision coming earlier this month and several weeks after water swamped parts of central and southern Alberta has disappointed investors now trolling for deals in flood-risk areas.
Many of them had called for labelling property titles in those areas to better protect them from properties likely to have suffered significant damage in floods.
The government, according to the Canadian Press, will now work with the real estate industry to ensure all prospective get that key information.
“We want to help property owners get their homes back to normal as quickly as possible while ensuring the property is protected from future floods,” says Rick Fraser, associate minister in charge of flood recovery.
The provincial government may have bowed to homeowner lobbying over concerns their properties would take a value hit under the proposed labelling system.
Some investors agree, arguing it would unfairly taint future deals.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate