Jessica Stoner, RE/MAX Real Estate Agent

Find Your Place In Canmore Alberta

October 2018-Canmore Real Estate Market Report

Demand continues to grow in the Canmore real estate market.  Mostly for future retirement purchases. Many buyers have the intention of using it as a recreational home in the mean time, but the main  driver to purchase is securing their future retirement home now before they are priced out of the market.
There is some increased new construction in the area that is helping ease the low inventory over the past few years.
The potential of an Olympic bid is on many peoples minds and though many realize it will likley increase market values in the area, it is not prompting buyers to purchase early. Buyers are still taking the time to find suitable homes before moving forward.
Multiple offers are still experienced in some sales.  The number of sales as well as the average number of Days on Market before a sale is very similar in the first 3/4 of 2017 and 2018.  The sale prices have increased for this time period in 2018 compared to the same time frame in 2017.
The market seems steady and a little more balanced now days.

Prices and Stats 

October 2018
Current Inventory : 185 listings. (Canmore, Harvie Heights and Deadmans Flats)
51- Single Family Homes
16- Half Duplexes
45- Townhouses
52- Apartment Units
12- Hotel Condos
9- Lots
The stats include Canmore and the two hamlets directly on each side of Canmore (Harvie Heights and Deadmans’s Flats)
First 3/4 of 2018
Single Family Homes                  Number of Sales 71,    Average Sale Price $1,116,000
Townhomes & Half Duplexes      Number of Sales 116,   Average Sale Price   $777,000
Apartments                                  Number of Sales 109 , Average Sale Price   $497,000
Hotel Condos                               Number of Sales 186,  Average Sale Price   $441,000
Average Days on Market   60
First 3/4 of 2017
Single Family Homes                  Number of Sales 72,    Average Sale Price $1,107,000
Townhomes & Half Duplexes      Number of Sales 152,   Average Sale Price   $729,000
Apartments                                  Number of Sales 110 ,  Average Sale Price   $462,000
Hotel Condos                              Number of Sales 185,  Average Sale Price  $406,000
Average Days on Market   58

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

January 2018-Canmore Real Estate Market Report

Canmore Real Estate continues to have a healthy market with appreciating prices. However, we have the lowest inventory seen in Canmore for many years.
There is still strong buyers demand, which is expected to continue to increase with active baby boomers buying their mountain home now for their pending retirement in the next few years.
Prices and Stats for the past several years:
2013
419 Sales
Avg $ All Residential properties $607,000
Avg $ Single Family  $859,000
2014
402 Sales
Avg $ All Residential properties $616,000
Avg $ Single Family  $926,000
2015
348 Sales
Avg $ All Residential properties $661,000
Avg $ Single Family  $947,000
2016
441 Sales
Avg $ All Residential properties $663,000
Avg $ Single Family  $1,012,000
 
2017
407 Sales
Avg $ All Residential properties $760,000
Avg $ Single Family  $1,195,000
Number of sales in 2017 is down from 2016 due to lack of inventory. Price increases are likley to be partially the result of the low inventory as well.
There is some new construction, though they sell quickly as pre-sales and there is not enough to fulfill the demand for housing.
Canmore has a finite footprint and there is limited land for future development.

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.

Welcome to 2017

Real Estate Agent Jessica StonerWishing 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…

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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.

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Please Explain Hotel Condos!

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!

Canmore Rolling Real Estate Tour

Open  House Tour by Bike!

Back again this year by popular demand, there will be another series of the Canmore Rolling Real Estate Tour.

Saturday June 27th is the first event, touring several homes, duplexes and condos on the Valley Floor area of Canmore.

Meeting at the RE/MAX office downtown, at 10:00am and finishing at Noon. (Map) 

Bring your bike and take the tour! Everyone welcome!Abstract Card With Girl Riding A Bike