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2019 Q1 Real Estate Summary

Posted by Ben Maize on Wednesday, May 1st, 2019 at 9:38am.

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 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.  

If you would like to speak to a local expert click below or call!

contact the team at Canmore.net online or call (403) 678-7600

 

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

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