Jessica Stoner: Experienced Canmore REALTOR®.
STONER Real Estate Team
Hello. I’ve been a Bow Valley resident for 34 years and a Canmore real estate agent 24 of those. As the former broker/owner of RE/MAX Alpine Realty for 10 years, and a current REALTOR®, I’ve had a front row seat witnessing the remarkable transformation of Canmore into a world-class resort town and adventure tourism centre. It’s been an absolute pleasure to watch the town develop over the years while participating “front and centre” in the community as a real estate agent, broker, and business owner.
- Though I work in all areas of Canmore, I specialize in the Three Sisters district, southeast of downtown. Being a resident of the area and having worked in the neighbourhood from it’s onset, I am very familiar with the homes, developers and the market there.
- I also focus on future and current retirees, and their purchasing or selling of local homes. Many of my clients today are in this stage of their lives. I enjoy helping retirees with the move from, or more often, to Canmore.
- As a proud member of the Calgary Real Estate Board, I post client properties on the MLS® property listing system. View my listing page.
- I take pride in keeping my web marketing skills and online marketing vehicles up-to-date. My several websites, online tools and social media channels will benefit you, whether you are a property buyer or seller.
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Canmore Market Update October 2024
What is happening in the market?
- Slower activity in 2024
- Buyers delaying purchasing – waiting for additional interest-rate cuts
Interest rates
- Two years leading up to 2024 saw steadily increasing interest rates.
- In 2024 this trend reversed, with several interest rate cuts.
- It was expected that declining rates would boost buyer activity in Canmore.
- Contrary to expectations, many buyers chose to wait for further reductions before purchasing.
Are Prices Going Up or Down?
- Despite slower buyer activity, the overall average market price has increased by 10% in 2024.
- Due to slower buyer activity, combined with typical seller activity, lead to a longer listing period and higher inventory.
Balanced Market
Good news for Sellers – Price points generally continue to increase, enhancing owners investments.
Good news for Buyers – More properties to choose from and less time and competitive pressure when purchasing.
Who is Buying?
The leading Canmore Buyers are:
- Albertans
- Families with children seeking more space
- Buyers of designated vacation rental properties
- Future retirees acquiring vacation homes to transition into full-time residences upon retirement
Government Policies Affecting Canmore Real Estate
How are new Municipal, Provincial and Federal policies affecting Canmore Buyers and Sellers?
Federally
The Prohibition on the Purchase of Residential Property by Non-Canadians Act is currently in place restricting non-Canadians from purchasing residential property in Canmore. (and many areas of Canada)
- Has had no little to no effect on the Canmore market.
- The number of Non-Canadian purchasers in Canmore is typically low.
- The majority of buyers in Canmore are Albertan, with few from out-of-province.
Provincially
- There’s been an increase in land title registration fees in Alberta.
- The cost to register a new Land Transfer or Mortgage has more than doubled.
- Any increase in the cost to purchase real estate in Canmore can be painful for buyers
That being said:
- Even with more than a twofold fee increase, Alberta’s land title registration fees are still the lowest in Canada
- -In addition, Alberta continues to successfully resist a land transfer tax which can add up to several thousand dollars per transaction.
- Albertans are still protected from this considerable financial burden to purchasers in other provinces.
Municipally
The Town of Canmore has passed a bylaw allowing the implementation of an additional tax tier to be charged to non-permanent home owners at a higher rate.
- Has prompted an emotional response from part-time home owners, to the prospect of a two tier tax system for non-permanent homeowners in Canmore.
- We are not aware of any second homeowners planning to sell their home to avoid a higher tax rate.
The Town of Canmore implemented a new policy that charges the higher Tourist Home tax rate for all Tourist Homes, even if utilised as a full time home. Owners may choose to remove their Tourist Home Designation permanently to avoid paying this higher tax rate, and lose the ability to rent the property short term.
- The prevailing Tourist Home owner’s reaction to date leans towards embracing the grandfather clause and ensuring their homes remain Tourist Homes.
- We have not heard of any owner willing to remove their Tourist Home designation to accomplish the lower tax rate, as market values for Tourist Homes are higher than an equivalent residential home.
What is Expected in the Near Future?
In 2024, the market has remained somewhat subdued. Now with three interest rate cuts this year—the most recent being a full half-point adjustment—an acceleration in activity is expected, likely later in 2024 and potentially in early 2025.
IT’S ABOUT YOU.
Hotel Condos Explained
Every day I receive inquiries 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 purchasers 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.
Everything you need to know in less than 3 minutes!
Find Your Place in Canmore!
Canmore, Alberta has long been sought after for both its abundant recreational opportunities, and its relaxed, small town living. As a long-time resident and REALTOR®, Jessica Stoner helps out-of-town clients to buy and sell their vacation properties. She also helps her Canmore neighbours move within the Bow Valley. Working with condominium, town houses and single family homes alike, Jessica shares her knowledge and expertise to ensure a smooth, stress-free transaction every time.
Jessica Stoner thoroughly enjoys her business as real estate agent, and the many friends she has met, initially as clients.
Learn more about the exciting things going on in the Bow Valley real estate market. Need to inquire about buying or selling property in the Canmore area? Contact me today or visit me at RE/MAX Alpine Realty 709 Main Street, Canmore, Alberta. Referrals of your friends and acquaintances are always welcome!
If you are looking for a home, condo or vacation property or future retirement residence in Canmore , I bring a wealth of real estate experience and know-how to the table. Myself and my real estate partner, Nathan Weima, are available to ensure our clients always have full service!
How to Reach the JESSICA STONER Real Estate Team:
RE/MAX Alpine Realty
#104, 709 Main Street, Canmore, Alberta, T1W 2B2
TEXT or Call Jessica: (403) 678-8006
Toll Free: 1-888-678-0236
E-mail: team@jessicastoner.ca