Find Your Place In Canmore Alberta

real estate

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. 

 

  1. 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. )

 

  1. 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.) 

 

  1. 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. 

 

  1. 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. 

 

  1. 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. 

 

  1. 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

 

  1. 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.
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.
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.
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.

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.

Welcome to 2017

Real Estate Agent Jessica StonerWishing 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…

Continue reading

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!

Canmore Real Estate Market Update SEMINAR

posterREGISTER HERE

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 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!

open_house_tour_png_may_31_2014

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

www.jessicastoner.ca