Find Your Place In Canmore Alberta
Coronavirus Update March 2020
Coronavirus, Recession Whispers, and Oil Prices, Oh My!
March 11, 2020
Hi there,
I’m Jessica Stoner, Realtor with RE/MAX Alpine Realty and the Jessica Stoner Real Estate Team in Canmore, AB. I have been a Realtor in Canmore for 22 years, and have witnessed past market highs and lows due to many factors we have been facing in recent days.
Myself and my team have received many calls from buyers and sellers alike over the past week or so, asking how these above items might affect the Canmore real estate market. We are sharing some information on the state of the market to help you make your buying and selling decisions.
Some sellers have engaged in price reductions and more flexible negotiations already, to try to sell before the market is affected. Likewise, we have had buyers put a hold on negotiations or putting in offers with the concern that they may overpay now, or are wanting to wait to see if there will be adjustments in the market in the next few months. However, this is a minor portion of the market at this time. Other buyers and sellers continue to list, negotiate, buy their properties with business as usual. However, many want to know how things will likely play out in the next few months.
The question is, “Will Canmore see a real estate market correction?”
Here is an overview of the current factors affecting the real estate market in the Bow Valley.
Oil Prices– Alberta’s economy is tied to the energy sector and any large price adjustment could potentially affect real estate markets in the province in general. However, Canmore tends to be somewhat isolated from the volatility of the oil industry, due to different factors that drive our market. Our community tends to be employed more in the tourist industry, and future retirees, which are a large part of our current buying market, are less likely to make buying decisions based on the current state of the gas industry.
Tourist Industry– Since we are a somewhat tourist based town, there are concerns that we will see less visitors due to COVID-19. Though this is likely true in some towns such as Banff and Jasper that attract more international visitors, Canmore tends to see more local visitors that make up our tourism. With more people avoiding planes and international travel, we are likely to see an increase in Albertans and other Canadians visiting the area, helping to keep our economy rolling along.
Stock Market– Everyone gets nervous seeing major volatility in the stock market. This could potentially lead to people wanting to put their retirement funds into something more solid, such as bricks and mortar real estate. This could be the purchase of a rental property, or the purchase of one’s future retirement home now.
Interest Rates – The recent cut to the already low interest rates, may spur new buying activity.
Coronavirus (COVID-19)- We have experienced real estate markets affected by all of the above factors from time to time in the past couple of decades, and the Canmore real estate market has always returned and continued to appreciate in value after a correction period.
A pandemic, such as COVID-19 is an usual factor to try to account for in real estate forecasts. Unfortunately, recommendations to the public to help minimize the unnecessary spread of the virus has led to great fear of the virus itself. Fear can slow markets down temporarily.
Conclusion:
While there will likely be some changes to buyers and sellers behaviour while trying to decide how these above factors will affect the Canmore Real Estate Market, ultimately, buyers and sellers will still have the same needs and desires relating to their real estate purchase and sales in Canmore. Though the volume and pricing of sales is still to be determined, Sellers will continue to sell and Buyers will continue to buy their homes, retirement homes and investment properties in Canmore.
Be safe out there and make decisions based on knowing that, this too, shall pass.
Feel free to contact Jessica Stoner and Team for more information on this update or the Canmore real estate market.
403-678-8006 , team@jessicastoner.ca , jessicastoner.ca
“In the middle of difficulty lies opportunity”
― Albert Einstein
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
Quick Market Update- October 2019
Good news for buyers in the Canmore area. We have more inventory than we have had in the past couple of years. This has created a more balanced market. The prices continue to appreciate, but at healthy single digit increases per year. It is good time for buyers to buy with less chance of multiple offers.
2019
(Single Family Homes in Canmore)
76 Single family home sales 2019 January to October
Average sale price 1,165,000
Average list price 1,216,000
Average days on market 77
96% of asking price
2018
(Single Family Homes in Canmore)
68 Single family home sales 2018 January to October
Average sale price $1,109,000
Average list price $1,157,000
Average days on market 75
Average days on market 75
96% of asking price
Market Update – March 2019
Full Year- 2018
2018 Overview
The Canmore real estate market was robust for much of 2018, until September. September 2018 until December 2018, the market saw significant slow down in sales. This was reflective
e of the economy in general in Canada. January 2019 until March 2019, the market has picked up in activity again and is active and healthy.
e of the economy in general in Canada. January 2019 until March 2019, the market has picked up in activity again and is active and healthy.The anticipated Olympic bid for Calgary and Canmore for 2026 Winter Games being voted down, though disappointing to some, has not seemed to affect the overall market in Canmore. In addition, the energy sector slow down has not seemed to affect the Canmore to the same degree as the rest of Alberta.
The inventory of listings in Canmore remains low with 171 listings currently for sale. It is expected that there may be an increase of inventory in the Spring with a matching increase of buyers activity as well.
Future retirees and Calgary professionals with an increased ability to telecommute for work are our main drivers of the buyers market at this time.
Vacation home buyers as well as investors purchasing hotel condos for short term rentals also continue to purchase in the area.
Buyers up and down sizing while remaining in town, make up a steady portion of the buyers market.
Overall, 2019 seems to be shaping up for another active, steady real estate market in Canmore.
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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
Canmore Investment Profile
Click Here for Canmore Investment Profile 2017
Information on Population, Economic Factors, Growing Tourism, Income Means etc.
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!
Canmore Real Estate Market Update May 2015
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!
Canmore Real Estate Market Update January 2015
The first thing that needs to be said about the Canmore real estate market update, for Jan 2015, is that CANMORE IS NOT CALGARY. The media has made it crystal clear that the Calgary real estate market so far in 2015 has seen the effects of the oil price correction swiftly and firmly.
However, Canmore is a completely different market with it’s own supply and demand and it’s own cause and effect factors, that do not necessarily mirror it’s neighbouring cities.
Is it likely the oil prices will affect our Canmore market in some way? Yes, it likely will and we have already seen a minor reduction in sales volume and stabilization of prices as well. Not to the extent of Calgary or Edmonton, as our the majority of our housing market is not based on the Oil and Gas Industry. However, we do have a percentage of our market who makes their living in this industry. This could be a sign of things to come in Canmore. It could also be a temporary adjustment to the market that will correct itself.
All we can do is look at the stats and use common sense when deciding if the sky is falling. Here is one of my favourite quotes from Warren Buffet.
“Be Fearful When Others Are Greedy and Greedy When Others Are Fearful”
You can decide what works best for you, but it is clear that now is a time when others are fearful. 😉
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