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.
Total Market Average:
– Sale Price: $711, 080
– Days on Market: 38
– 393 total sales
Total Market Average:
– Sale Price: $710,858
– DoM: 65
– 478 Total Sales
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.
Wishing everyone a happy and prosperous 2017.
Just a reminder that I now have a real estate partner, Nathan Weima, to ensure my clients always get prompt and reliable response. Maintaining excellent realty service is my top priority.
If you are looking for a home, condo or vacation property or future retirement residence in Canmore…
2016 Year in Review Report
If you are looking for a home, condo or vacation property or future retirement residence in Canmore, here’s how to get expert advice by getting in touch with Jessica…
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.
I receive inquiries every day from buyers looking for a home in Canmore and unknowingly request information on properties that they are not allowed to live in. It is frustrating and confusing for buyers and here, I will shed some light on what a hotel condo is, what the different zonings are in Canmore, and what type of property you might want to be looking for.
All you need to know in less than 3 minutes!
Many buyers in Canmore are from out-of-town. They are either vacation home owners living in another city, or they are moving here from another area. Out-of-town buyers face some unique challenges.
You can be heartbroken when your perfect home sells before you can make it to Canmore to view the home.
Or, you can be frustrated at wasting your time when you book a whole day or weekend to visit Canmore, just to find the listing that looked suitable in the photos, are not at all appropriate! The wide angle lense photos made the homes look bigger than they were, or failed to show the extremely busy street out front, or just didn’t communicate the floor plan flow. There are any number of things that photos simply can’t show.
That is why I offer this invaluable service to my clients!
I am pleased to save you unnecessary trips to Canmore because you’ve seen the homes virtually, before deciding to drive to Canmore. And you will also know when you have to get to Canmore immediately to view a perfect home in person, before it is sold.
When we are on a Virtual Home Viewing, you will be able to:
Don’t waste another trip to Canmore just to view a home that is not what you thought. And even more important, don’t miss out on your perfect home because you weren’t sure it was worth the trip!
I am here on the ground in Canmore and happy to help with your Virtual Home Viewing!
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.
-Global recession and financial crisis
-Canmore flood 2013
-Three Sisters receivership and subsequent purchase
-Various other factors…
-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
Open House Tour by Bike!
The first Canmore Rolling Real Estate Tour was a great success, so I’m hosting another one, June 28th, 2014. We are meeting once again at The Market Bistro, at 11:00am, with our bikes. We will be viewing several homes and condos in the Three Sisters Mountain Village area of Canmore, in a variety of price ranges. Travel between the homes is by bike, using paths, trails and parks. It is a great way to spend a couple hours in Canmore, learning more about the real estate market, what’s available and discovering new pathways you never knew about! Great fun and everyone is welcome!