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Real Estate Blog

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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Canmore Condos Lead the Way in May

In what is turning out to be a less than stellar year for real estate in Canmore and the rest of the Bow Valley, May has delivered yet another month of lacklustre performance in terms of number of closed sales.  Historically, May is one of the busier months and the town should be buzzing with stories of multiple offers and big payouts but with only 27 firm sales compared to 47 last year we are looking at a 43% decline - well above the 25% decline that the rest of the province has experienced.   

 

May Sales Breakdown:

Vacation Condos:

Number of Sales - 5

Average Sale Price - $382,875

Average Days on Market - 38.6

Average Sale Price to List Price Ratio - 95.7%

Condos:

Number of Sales - 8

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2nd Quarter Starting to Heat Up 

Because of the new mortgage rules implemented this year, real estate boards across Alberta are reporting that sales are down 25% compared to long-term averages for the first 4 months of 2018.  With Canmore being the priciest market in the province and having endured the 2015-16 downturn due to low oil prices, there was some speculation that we may not feel the effects quite as heavily as other areas however that isn’t the case.  With 87 closed transactions taking place by the end of April compared to 117 for the same period last year, we are coming in right on par with the rest of the province in terms of a reduction in sales.  The segment of the market that is feeling this impact the most are condos and townhomes in

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