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September 2022 Canmore Market Update
UNIQUE PROPERTY TOOL FOR CANMORE OWNERS AND BUYERS
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.
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.
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.
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.
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.
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 Real Estate Market Update SEMINAR
Jessica Stoner-REALTOR with RE/MAX Alpine Realty in Canmore is hosting a Canmore Real Estate Market Update Seminar. Designed to update homeowners and potential purchasers in Canmore to the factors affecting the market value of their home, helping owners decide if it is a good time to sell or hang on, as well as coving what a buyer needs to know if planning on a purchase in Canmore, if it is a good time for buyers, and what inventory and new construction is in the plans.
The following affected the local Canmore real estate market in significant ways:
-Global recession and financial crisis
-Canmore flood 2013
-Three Sisters receivership and subsequent purchase
-Various other factors…
Find out how these occurrences have affected:
-Buying and Selling activity
-Market correction of prices
-Current sale prices and appreciation of the market
-Who is buying?
-What we can expect in the future
Saturday July 19th, 2014 at Stewart Creek Golf Clubhouse. 3:00pm – 4:30pm.
A free event, all are welcome. Limited space, so please REGISTER HERE.
Canmore Real Estate Market Update June 2014
Canmore Rolling Real Estate Tour
Upcoming Event-Saturday May 31, 2014
Rolling Real Estate Tour
Bring your bike and join Jessica Stoner on a open house tour of Three Sisters Mountain Village in Canmore. View homes, townhomes and condos of various price ranges. We will be riding mostly on bike paths, parks and trails to get from home to home. This is what being in Canmore is all about!
Meet: The Market Bistro 102-75 Dyrgas Gate, Canmore
Date: Saturday May 31, 2014
Time: 11:00am-2:00pm
Bring: Your bike or reserve a rental at Rebound Cycle www.reboundcycle.com
CLICK HERE to REGISTER
New Update-After Flood Canmore Real Estate Market
July 12, 2013
It has been 23 days since the flood water crashed into Canmore. It is truly amazing what people can accomplish in 23 days. The cleanup and repair of some major infrastructure took mere days, where a more logical guess would have estimated it at weeks. Things are certainly not back to normal for those unfortunate families hit the hardest. But as a Town, we are well on our way to recovery. Most businesses are open and ready for high volume summer business. (Please come to Canmore to hike, bike, golf, dine and all the many things you love Canmore for! It is the best way to show support. We want you here!)
What is happening in the real estate market is still an important and much asked question from owners, buyers and renters, as it affects us all. The answer at this point is quite surprising.
Three weeks after the flood, the Canmore real estate market is strong and very active. It is not what many expected. It was assumed the market sales volume would slow down as we recovered from the flood. It was also assumed that buyers would be shy about buying after such a powerful and damaging display by mother nature, knowing she can get out of our control at times.
However, the buyer’s market has made its intentions clear. Canmore is an ever popular destination and buyers are buying.
Regardless of the flood, after 5 years of market correction in Canmore, it seems we have hit the bottom and are on our way to recovery in the real estate market.
Sales Since Flood
Since the flood on June 20, 2013 to today’s date of July 11, 2013 we have had 24 sales. This is the exact number of sales we had in 2012 for those same dates. It seems there is no flood related slow down at all.
Canmore Inventory
There are currently 272 properties for sale in Canmore at this time. This is very narrow inventory and a drastic change from the depths of the recession felt in Canmore, when we had 400-500 listings on the market at any given time. Lower inventory numbers is healthy for both buyers and sellers. Sellers have less competition which is desirable for them. For buyers, lower inventory sometimes helps in the decision making process. Too much choice leads to indecision and delayed action on the buyers part, leading them to wait. Waiting sometime means higher prices when they are ready to purchase. Less inventory encourages buyers to make decisions more quickly, and therefore allowing buyers to take advantage of the lower prices now.
Are prices going up or down?
From Jan 2013-July 2013 the average sale price of Canmore properties is at $551,000. This is almost exactly the same (Within $2000) as those dates in 2012. However, for 2013, we are seeing a 22% increase in sales volumes of the equivalent time last year.
230 Sales Jan- July 2012
281 Sales Jun- July 2013
Should these higher sales volumes continue, It is likely we will start to see price appreciation across the board in Canmore in the remainder of 2013.
What will happen to the homes backing to Cougar Creek?
There are processes in place to asses the damage and structural integrity of these homes. Many will be repaired likely with backfill replacing some of the lot lost to erosion. Others may not be able to be saved. It is unknown at this point what will happen to these homes and homeowners. The Town of Canmore and the Province of Alberta are working with homeowners to assess the damage at this point.
Will work be done to Cougar Creek to avoid another events such as this?
Again, things are still in the assessment stage. There have been no concrete (no pun intended) plans on the future of Cougar Creek yet.
Over all, the Canmore real estate market is beneficial for both buyers and sellers. It is a fairly balanced market with lots of activity. Please feel free to contact me with any questions you have at any time, or if you are considering buying or selling a Canmore home.
Jessica Stoner -Associate Broker
RE/MAX iREALTY Innovations
403-678-8006
jessicastoner@remax.net
(Top of page photo courtesy of Aviva West of letsgoeverywhere)
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