Find Your Place In Canmore Alberta

Canmore Market Update

November 2019 Market Update

The current market in the Bow Valley is active and healthy. The area is minimally affected by the oil and gas woes the rest of the provinces’ real estate markets are experiencing. 

For the last couple of years, the market in Canmore and the Bow Valley have been weighted in the seller’s favour, with high buyers demand and low inventory.

In the first week of November 2019 the market continues to be more balanced. There is still high buyers demand, but with increased inventory, buyers have some choice and less pressure to settle on a higher than market price offer.  Prices have plateaued over that past year or so, but the number of Days on the Market before a listing sells has decreased significantly. 

The entry level and mid-level price points still tend to sell in a timely manner. Some of the higher price points take a bit longer to sell and more conservative pricing tends to be effective. 

2019 YTD

Total Market Average: 

– Sale Price: $711, 080

– Days on  Market: 38

– 393 total sales

 

2018

Total Market Average:

– Sale Price: $710,858

– DoM: 65

– 478 Total Sales

 

Seminar April 6 2019

Seminar- April 6, 2019

Canmore Real Estate Market Update


Stay on top of the changes in the Canmore Real Estate Marketplace.

Learn:

  • What is happening in the current market
  • What does the future of Canmore real estate look like
  • How has the engery sectors issues affected Canmore real estate
  • Canmore sale price and sale volume stats
  • Who is buying in Canmore

OR For Instant Registration, TEXT the word register & your name to 587-600-6030

april 6 - free event

June 2018-Canmore Real Estate Market Report

The Canmore Real estate market is very active with high buyers demand. Inventory is still on
the low side, though there is a healthy amount of sales taking place. Desirable and
appropriately priced properties tend to sell in the first week on the market, sometimes with
multiple offers, which is not uncommon.
Buyers tend to be quite knowledge about current real estate in the area, and understand
market pricing when considering a purchase. Over priced properties can still remain on the
market for some time, even in this active market with strong buyers demand.
The following factors are affecting the market in Canmore at this time:
1. We have a lot of future retirees buying now. They do not want to wait the 5-7 or so years
to retirement, as they know prices in Canmore are going up and there is a very limited
amount of development in the area.
2. We have increasing tourism, so the tourism and hospitality businesses are growing and
there is an escalating requirement for housing for their staff and employees. (Both to buy
and rent)
3. Increased demand in rentals is encouraging investor buyers.
4. Two new taxes in BC that target both out-of-country buyers, and out-of-province buyers,
as well as new laws that remove some landlord protections, have encouraged investors and
recreational buyers to purchase in Alberta instead of BC. As Canmore is a desirable location
for both recreation and investors, we are seeing an increase in buyers that would otherwise
have purchased in BC.
5. The possibility of hosting the Olympics is attracting a small contingent of speculators, that
think Canmore’s values will increase, if we get the Olympics, or even if we just bid, due
increased international exposure of our stunning scenery.
There is some new construction in Three Sisters and Spring Creek Mountain Village, which
helps satisfy some of the increase in buyers demand, though is not enough to create a
balanced market inventory.
The woes in the oil and gas industry that has affected other real estate markets in Alberta for
the past few years, has not affected the Canmore market. The activity here remains buoyant
and growing.

Prices and Stats 

2018
Current Inventory : 168 listings. (Below healthy, balanced inventory levels)
52- Single Family Homes
10- Half Duplexes
35- Townhouses
36- Apartment Units
19- Hotel Condos
16- Lots
Sale prices  Jan-June 2018:
31 Sales- Single Family Homes
Avg $- Single Family Home   $1,074,000
39 Sales- Townhouses
Avg $ – Townhouse $688,000
62 Sales – Apartments
Avg $ -$475,000
____________________________
Sale prices: Jan – June 2017:
35 Sales- Single Family Homes
Avg $ – Single Family Home  $1,168,000
61 Sales- Townhouses
Avg $ – Townhouse $684,000
55 Sales- Apartments
Avg $ 463,000

Canmore Market Update 1st QTR 2017

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.

November 2015, Canmore Real Estate Market Update

Year-to-Date Stats November 2015

Our market has been quite different from Calgary’s so far. We do have a slight decline in sales, but prices are still appreciating in a healthy way.
For all residential property sales in Canmore:

                                      Jan-Dec 2013        Jan -Dec, 2014        Jan -Nov5, 2015

Sales                                     418                            403                        304 (Year-to-Date)

Average Sale$               $607,000                  $616,000                  $668,000

Days OM                            99                                74                                  74

Lower sales in 2015 but increase in price. Inventory and the market in the area is balanced with neither the buyers or sellers being particularly favored.

Continue reading

Canmore Real Estate Market Update January 2015

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”

You can decide what works best for you, but it is clear that now is a time when others are fearful. 😉

Canmore Real Estate Market Update SEMINAR

posterREGISTER HERE

Jessica Stoner-REALTOR with RE/MAX Alpine Realty in Canmore is hosting a Canmore Real Estate Market Update Seminar. Designed to update homeowners and potential purchasers in Canmore to the factors affecting the market value of their home, helping owners decide if it is a good time to sell or hang on, as well as coving what a buyer needs to know if planning on a purchase in Canmore, if it is a good time for buyers, and what inventory and new construction is in the plans.

The following affected the local Canmore real estate market in significant ways:

-Global recession and financial crisis

-Canmore flood 2013

-Three Sisters receivership and subsequent purchase

-Various other factors…

Find out how these occurrences have affected:

-Buying and Selling activity

-Market correction of prices

-Current sale prices and appreciation of the market

-Who is buying?

-What we can expect in the future

Saturday July 19th, 2014  at Stewart Creek Golf Clubhouse. 3:00pm – 4:30pm.

A free event, all are welcome. Limited space, so please REGISTER HERE.