January 2025
What is happening in the market?
Interest rates
Are Prices Going Up or Down?
Balanced Market
It is still a balanced market for now.
For Sellers – There is low competition and buyers momentum is building. Now is a good time to sell.
For Buyers – Limited options for sale, though the buyers market isn’t in full swing yet. May be worth moving forward sooner than later.
Expectations into 2025.
It is expected that the pent up demand from buyers delay in purchasing last year, paired with lower listing inventory, will create stronger competition, higher prices and likley more multiple offer situations.
Unknowns
Where do I start? We don’t know what is happening with our Canadian leadership at this point. We are unsure how the new US government will affect the Canadian economy. We can only guess if Alberta’s oil and gas industry will be impacted and how that might result in economic changes in the province. Despite these unknows that could affect the Canmore market, there are still equally strong factors specific to Alberta that
Factors pointing to strong Alberta economy in 2025
What is happening in the market?
Interest rates
Are Prices Going Up or Down?
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:
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)
Provincially
That being said:
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.
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.
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.
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There is a new tax filing obligation in effect, filing deadline April, 30 2023. This may affect you!
Who does this new tax affect?
An affected owner includes: (but not limited to)
This may include:
•Husband and wife ownership may be considered a partnership
•Properties purchased in Holding Companies or Incorporated Businesses
•Properties purchased personally with a Bare Trust Agreement.
Underused Housing Tax
There is a new tax filing obligation in effect, filing deadline April, 30 2023. This may affect you!
Who does this new tax affect?
An affected owner includes: (but not limited to)
This may include:
•Husband and wife ownership may be considered a partnership
•Properties purchased in Holding Companies or Incorporated Businesses
•Properties purchased personally with a Bare Trust Agreement.
Canmore Accountant Todd Stokowski
Join us on Saturday April 1, 2023 6:30pm for our monthly Zoom meeting.
Todd Stokowski will be sharing the details you need to know and answer any questions you may have regarding this new tax and how it may affect you.