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Real Estate Blog

One of the most frequent questions we get asked by prospective buyers in Canmore is: when is it a good time to buy?  The truth is that there is no easy answer to this, and it often comes down to the needs and motives of each buyer.  The market does fluctuate and there are some more favourable times.  Canmore’s real estate market does not follow the typical seasonal trends of most areas, and as such it can be hard to predict for those coming into town and wanting to buy a property but avoid certain aspects of a seller’s market.  Using an experienced Canmore real estate agent can help buyers navigate supply and demand.

Buying to live in Canmore

If you’re looking to make the Bow Valley your permanent home, there is a good chance you are buying for the

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January-March Home Sales by the Numbers: 

 

2017

2018

2019

Hotel Condo 21 18 9
Condo 26  20 20
Townhouse 26  19 13
Half-Duplex 4 4 11
Single Family 22 15 8
Building Lots 4 5 0

TOTAL

103

81

61

Summary

Home sales in Canmore got off to a slow start in 2019 with a 25% reduction in the number of residential real estate transactions*.  The Canadian Real Estate Association released a report in March explaining that nearly 75% of local markets nationwide are experiencing similar numbers.  Month-over-month decline is the largest since the federal government introduced the new

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2018 Sales by the Numbers: 

 

2017

2018

Hotel Condo 89 80
Condo 135 128
Townhouse 139 94
Half-Duplex 33 34
Single Family 98 85
Building Lots 11 13

TOTAL

506

435

Breakdown by Property Type:

Hotel Condos

A total of 80 Hotel Condos changed hands on MLS in 2018 accounting for 18.4% of the total resale real estate market which, is an amazing feat given that traditional financing does not apply on these types of properties.  With that in mind, buyers have few options other than using entirely their own funds or a combination of cash plus a line-of-credit.  Very few of these condos are kept as primary

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December 2018 Real Estate Sales Breakdown:

Total Sales: 15 (49 in December 2017 - down 70%) 

Hotel Condos:

Number of Sales - 1 (9 in Dec 2017)

Average Sale Price - $485,000

Average Days on Market - 47

Average Sale Price to List Price Ratio - 90.0%

Condos:

Number of Sales - 6 (12 in Dec 2017)

Average Sale Price - $489,417

Average Days on Market - 69.2

Average Sale Price to List Price Ratio - 97.4%

Townhomes:

Number of Sales - 1(17 In Dec 2017)

Average Sale Price - $970,000

Average Days on Market - 37.0

Average Sale Price to List Price Ratio - 98.0%

Half-Duplex:

Number of Sales - 2

Average Sale Price - $946,500

Average Days on Market - 147

Average Sale Price to List Price Ratio - 99.8%

Single

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October 2018 Real Estate Sales Breakdown:

Total Sales: 38 (64 in October 2017 - down 41%) 

Hotel Condos:

Number of Sales - 6

Average Sale Price - $396,681

Average Days on Market - 99.2

Average Sale Price to List Price Ratio - 97.6%

Condos:

Number of Sales - 12

Average Sale Price - $706,002

Average Days on Market - 68.5

Average Sale Price to List Price Ratio - 98.7%

Townhomes:

Number of Sales - 7

Average Sale Price - $505,929

Average Days on Market - 39.0

Average Sale Price to List Price Ratio - 99.5%

Half-Duplex:

Number of Sales - 3

Average Sale Price - $995,000

Average Days on Market - 85.7

Average Sale Price to List Price Ratio - 99.5%

Single Family Homes:

Number of Sales - 9 

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November 2018 Real Estate Sales Breakdown:

Total Sales: 40 (46 in November 2017 - down 13%) 

Condos:

Number of Sales - 8

Average Sale Price - $411,974

Average Days on Market - 52.0

Average Sale Price to List Price Ratio - 97.0%

Hotel Condos:

Number of Sales - 7

Average Sale Price - $401,415

Average Days on Market - 36

Average Sale Price to List Price Ratio - 98.3%

Townhomes:

Number of Sales - 10

Average Sale Price - $821,430

Average Days on Market - 53.2

Average Sale Price to List Price Ratio - 98.1%

Half-Duplex:

Number of Sales - 4

Average Sale Price - $1,034,542

Average Days on Market - 37.3

Average Sale Price to List Price Ratio - 96.0%

Single Family Homes:

Number of Sales - 6

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What happened in the Canmore real estate market in September?

 

 

September 2018 Real Estate Sales Breakdown:

Total Sales: 26 (48 in September 2017) 

Hotel Condos:

Number of Sales - 4

Average Sale Price - $348,662

Average Days on Market - 43.0

Average Sale Price to List Price Ratio - 97.1%

Condos:

Number of Sales - 5 (14 in Sept 2017)

Average Sale Price - $539,800

Average Days on Market - 64.4

Average Sale Price to List Price Ratio - 98.4%

Townhomes:

Number of Sales - 9 (22 in Sept 2017)

Average Sale Price - $723,694

Average Days on Market - 84.2

Average Sale Price to List Price Ratio - 99.3%

Half-Duplex:

Number of Sales - 1

Average Sale Price - $1,335,000

Average Days on Market - 35

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What happened in Canmore real estate in August?

The summer of 2018 was marked by above average temperatures and a persistent shroud of smoke from the BC wildfires, but that did not deter outdoor enthusiasts and tourists from making the most of all that Canmore has to offer.  In real estate, it was particularly difficult to schedule showings of hotel-condo type properties because of near 100% occupancy all of the time.  Many would-be buyers were frustrated by both the lack of available inventory and the inability to view the few options that were available.  For those with an interest in the long-term viability of Canmore's tourism industry and its ability to sustain real estate prices, it was rock-solid evidence that despite uncontrollable

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The MOST EXPENSIVE Home Ever Sold in Canmore

Perhaps the most interesting storyline to happen in real estate for July, 2018 was the rare sale of a home over $4 million.  18 Van Horne was originally listed back in October of 2017 for a staggering $5,759,900 but after 253 days with no sale, the quintessential luxury mountain cabin sold at a nearly 30% discounted price of $4,139,000.  The sellers shouldn't be too upset however as there has never actually been a home sell on the Canmore real estate market for more than $5,000,000.  In fact, there has only been 1 other sale (also this year) of a home over $4,000,000.  While the sellers may not have cracked the 5 million mark, they have still earned themselves the honour of selling the most expensive home

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Buyers Find Bargains in Canmore Real Estate:

The Canadian Real Estate Association CREA predicted that the first half of the year would net fewer transactions than historical averages in the face of policy changes implemented by the Canadian government.  On a nationwide level, sales for March, April and May reached a 9-year low and home prices in Alberta are expected to fall 1% this year.  There is evidence however, that the market in Canmore is at the beginning stages of a possible 3rd quarter rally.  The month of May saw a 45% decrease in the number of real estate sales whereas June's numbers were a little more uplifting being down only 32% from 2017's tally.  

Almost all of the additional sales from May to June are residentially zoned condos that

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