Healthy and strong describes the Canmore real estate market in the first quarter of 2017. We have seen solid appreciation since the same time last year, and continued buyers interest. There is somewhat low inventory right now, and desirable properties sell quickly.
We are not seeing a “Hot” market, as there is still some balance. Multiple offers do take place, though the are not the norm and properties may sell above asking price, though only in some instances of multiple offers.
Future retirees are the main buyers market. They are coming mostly from Alberta though we see buyers from Ontario, BC other parts of Canada and some from the US as well, though not as many as one would expect given our low dollar and solid economy in Western Canada.
First time home buyers are buying as well, sometimes with help from parents, which seems an unfortunate necessity, due to the higher entry level pricing in the area.
Tourism has increased significantly in the past few years, creating a higher demand in jobs and a strong Canmore economy. This is expected to continue to increase with targeted efforts from our new Canmore Chamber of Commerce and the newly reformed Canmore Tourism advocacy group.
There is some new development taking place, though on a small scale and will be unlikely to meet the current and future demand for this area with a finite growth foot print.
Contact Jessica Stoner with questions or for more information.