The first thing that needs to be said about the Canmore real estate market update, for Jan 2015, is that CANMORE IS NOT CALGARY. The media has made it crystal clear that the Calgary real estate market so far in 2015 has seen the effects of the oil price correction swiftly and firmly.
However, Canmore is a completely different market with it’s own supply and demand and it’s own cause and effect factors, that do not necessarily mirror it’s neighbouring cities.
Is it likely the oil prices will affect our Canmore market in some way? Yes, it likely will and we have already seen a minor reduction in sales volume and stabilization of prices as well. Not to the extent of Calgary or Edmonton, as our the majority of our housing market is not based on the Oil and Gas Industry. However, we do have a percentage of our market who makes their living in this industry. This could be a sign of things to come in Canmore. It could also be a temporary adjustment to the market that will correct itself.
All we can do is look at the stats and use common sense when deciding if the sky is falling. Here is one of my favourite quotes from Warren Buffet.
“Be Fearful When Others Are Greedy and Greedy When Others Are Fearful”