2020 Canmore Real Estate Year-in-Review

Not much more can be said about 2020 so the purpose of this blog post is to discuss real estate trends in Canmore from the past year while trying to disconnect a bit from the reasons why it played out the way it did.  Looking back at the 2019 Year-in-Review, our prediction for 2020 was that the market would keep moving away from a seller's market and more towards balanced market conditions that didn't favour the buyer or seller.  As the year progressed that actually turned out largely to be the case. Despite all of the outside "noise", buyers and sellers found they were on equal ground and there may have even been a bit of downward pressure on prices.  There was a buildup of inventory prior to the summer and then…

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So, what is the market like now that life is starting to return to normal?

It has been just over 90 days since the government started announcing widespread closures of schools, borders, businesses, recreation facilites, places of worship and parks and playgrounds.  Life came to a grinding halt for the majority of Canadians and given the information we were receiving from the media, it was hard not to worry that a real estate market crash was in the works.  Buyers became incredibly uneasy and scaled back their searches while sellers, equally nervous, either took their properties off the market or implemented screening and sanitizing protocols.  The spring months are a time when we typically see the most new listings hitting the market and buyers are…

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Real Estate Deemed Essential Service

Soon after the government started putting restrictions on the types of business that could operate during the pandemic the real estate industry was deemed to be an essential service.  It's true, regardless of the world's economic/political climate, property owners are always going to need to buy and sell homes because these types of transactions are most often connected with life stages and as such, life tends to continue on.  When Covid-19 started emerging as a serious threat to Canadians in late February, buyers became leery and sellers became extra cautious.  Some took their properties off the market entirely while others took extra steps to protect themselves, their families, and potential buyers.  Some even…

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January-March Home Sales by the Numbers: 

 

2017

2018

2019

2020

Hotel Condo 21 18 9 18
Condo 26  20 20 14
Townhouse 26  19 13 17
Half-Duplex 4 4 11 2
Single Family 22 15 8 11
Building Lots 4 5 0 1

TOTAL

103

81

61

64

Summary

Real estate sales in Canmore and the rest of the Bow Valley got off to a slow start in 2020 with -20 degree temperatures throughout the area.  That being said, when February rolled around and things warmed up a bit it was like "someone flipped on a switch."  New listings were hitting the market regularly and…

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2019 Sales by the Numbers: 

 

2018

2019

% Change

Hotel Condo 89 79 -10%
Condo 133 113 -20%
Townhouse 107 107 0
Half-Duplex 35 44 +10%
Single Family 87 89 +2%
Building Lots 13 10 -3%

TOTAL

467

446

-4.5%

 

Breakdown by Property Type:

Hotel Condos

10% fewer Canmore hotel condos changed hands in 2019 than the year prior but this segment still accounted for 17.7% of total home sales.  Demand for these units remains strong but a lack of "good" listings coming to market has hampered buyers.  The general consensus among owners seemed to be that they felt this "wasn't…

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2019 2nd Quarter Real Estate Market Summary

April - June 30 Sales by the Numbers:

 

2017

2018

2019

Hotel Condo 27 26 17  (-35%)
Condo 27 52 32  (-42%)
Townhouse 39  25 31  (+24%)
Half-Duplex 12 12 9    (-25%)
Single Family 20 22 14  (-36%)
Building Lots 1 4 3    (-25%)

TOTAL

131

143

107 (-25%)

 

 

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Best time to buy a home in Canmore?

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…

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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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