Find Your Place In Canmore Alberta
December 2020 Market Update
The Canmore market has seen some dramatic shifts in 2020.
The first Covid lockdown in February 2020 resulted in a sharp decline in sales and a 5% correct in prices. However, instead of a continued slowdown when things opened up again, we experienced the opposite, with greatly increased buyers demand and inventory to match.
Now in December 2020, in the midst of a 2nd Covid lockdown, we are looking toward 2021 to anticipate the likely market factors that will affect real estate in the new year.
2021 Outlook
It is expected that we will see a sharp rise in prices in 2021 and 2022 in Canmore. We are unlikely to see a major correction for many years to come.
This is due to several factors.
- Covid created demand for 2nd homes in recreational areas for vacation homes. (Alberta’s don’t know when they can travel to United States and are not exactly welcome in BC. Canmore is pretty much the only recreational location in Alberta. It is close to Calgary and the closest town to the ski hills one can buy in. )
- Covid created demand for 2nd homes in recreational areas for part-time work from home. (It seems some form of work-from-home is here to stay. There has been an influx of buyers buying property in Canmore to spend more time at, as they can spend half of the time here now working from home, instead of just visiting occasional weekends.)
- Cost of lumber and other construction materials have increased about 4X the cost of a year ago. This is not expected to correct for at least a couple of years, and is adding significant costs of new construction in Canmore. As we have low inventory in resales at this time, new home construction is taking up the slack in sales, with expected increasing prices.
- Though we had a very active market for most of 2020, it was a balanced market, with enough inventory to satisfy buyers. We are starting to see the inventory dry up, and buyers demand remains high. This will also lead to an increase in price.
- Future retirees, who were the dominant driving buyers market prior to Covid, continue to purchase their future retirement homes. This market recognizes the increasing competition in the finite market of Canmore, and buying with more urgency now for their retirement in 3-7 years.
- The current buyers are purchasing with genuine use in mind. In past markets, there have been international buyers and speculation investors purchasing for the purpose of buying to flip. We see almost no international buyers nowadays and very few that are buying with speculation in mind. Almost all buyers now intend to use the homes themselves as a full time home, 2nd home or future retirement home, giving genuine value to the homes and the prices paid.
- Canmore has some new construction slated, but it is limited and there is a finite footprint to what can be built. There are only a handful of new phases that can be built in town before buildout.
Overall, almost all factors lead us to believe that the Canmore real estate market will continue to increase in buyers demand and appreciating price point.
Special Zoom Event, Q&A Canmore Real Estate
Special Zoom Event – April 11, 2020
Canmore Real Estate Q&A
REGISTER
We are hosting another online Zoom Q & A session regarding the Canmore real estate market this Saturday April 11, 10:00 am (MST). You are welcome to ask any questions that will help you better make your real estate decisions.
I’m Jessica Stoner with the Jessica Stoner Real Estate Team in Canmore, Alberta. I’ve been a Realtor in Canmore for 22 years and have been through both up and down markets.
On Saturday, will cover how the Canmore market has behaved over the past couple of weeks and months compared to the same time last year, as well as revisit historical market activity from similar economic interruptions in the past.
Our Mortgage Specialist Greg Foss, with Mortgage Connections will be here again to answer current lending questions.
The market is a moving entity and we want to ensure you have the most up-to-date information at this time.
Feel free to join us this Saturday April 11th, at 10:00am (MST)
November 2019 Market Update
The c
urrent 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
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
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…
Canmore Market, 2016 Year in Review(+2017 Forecast)
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…
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.
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!
Virtual Home Viewings For My Clients
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!
Facetime or Skype Viewings.
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:
- -See actual size of the rooms and space, as I don’t use a wide angle lense.
- -Hear the sounds yourself. Is the highway noise loud in this location? Are you OK with the noise from the school next door? I can open the door or window and we can listen for the difference.
- -Understand the layout of the home, and know if it flows nicely. I can zoom in on any details that are of importance to you.
- -Direct me where you want to look. If you want to take more time determining the views, we’ll spend more time on the deck. Want to get an idea of the size of the closets, ask me to open them and I can give you a good view of the interior.
- -Garner much more detail about the home. Such as: is it a reasonable space to add a mother-in -law suite the basement? Or is the back deck large enough for you? Or does the fence enclose the yard or is it partial?. (Listings don’t always include the specific information that is important to you!)
- -I point out anything of interest or relevance and show it to you. (Items such as damage to walls, floors or counters, or unique or nice touches that would have been difficult to spot.)
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!
Read My Reviews
