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…