Real Estate Blog

January-March Home Sales by the Numbers: 

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 mortgage stress test in January, 2018.  Benchmark home prices in major cities like Calgary dropped 4.4% from Q1 last year although Canmore homeowners are less likely to see their property values shrink.  The average sale price for a single family home in Canmore is not necessarily a good indicator because one sale of a luxury home can skew the statistics significantly.  The number of new listings hitting MLS nationwide also declined to start off 2019 with the average falling 3.1%.  

Investments Drop

One notable trend emerging is the reduction of investors committing their resources to Canmore real estate.  The hotel condo segment which, caters almost exclusively to investors, saw a drastic 50% reduction in sales while sales of building lots were non-existent.  As well, heavily discounted luxury homes are becoming somewhat commonplace.

As we projected, sales of Canmore Condos remain strong although hampered by a lack of new listings.  Given the affordability of this segment, combined with low inventory, buyers can expect potentially competitive scenarios throughout the busy spring selling season.  

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 *Statistics taken from Canmore Real Estate Brokers Group sales data.