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2020 1st Quarter Market Summary

Posted by Ben Maize on Wednesday, March 25th, 2020 at 8:29pm.

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 buyers were coming out of hibernation and in fact, sales were out-pacing 2019 numbers.  It wasn't until around the last week of February that there were grumblings amongst clients regarding a potential global Coronavirus pandemic and how that might effect property values in a town like Canmore, where many business and townsfolk depend on tourism dollars.  Over the next few weeks buyers started growing uneasy and deals started falling apart.  A handful of sellers opted to take their properties off the market entirely while others began promoting the fact that they had thoroughly sanitized all surfaces.  By the third week of March, new listings on the Canmore MLS were all but non-existent.  While most Realtors had already ceased hosting open houses, the Real Estate Council of Alberta moved to officially ban them entirely.  

One of the most important tools in the toolbox for a Canmore real estate agent is the weekly listing tour where, agents are given the opportunity to preview the new listings and report back to their clients on the offerings.  The reason this old-time strategy has stayed relevant in Town is because of the fact that many of our buyers and sellers are out of town and do not have the opportunity to view the homes with the same ease as someone who is shopping locally.  For their part, the agents in town recognized that this system could be problematic given the social distancing measures and the potential for spreading the virus so the tour was suspended for the time being in favour of virtual tours.  

The fact is that real estate sales are most often driven by life cycle changes and for the majority of sellers, listing their home is a necessity.  Despite the health concerns worldwide, these life cycles are going to continue to unfold and people are going to need to sell their homes.  For now, we are still in the very early stages of Canada's experience with covid-19 and there is a lot of uncertainty.  Local's who rely on tourism dollars have shuttered their stores and laid off employees.  The concern has shifted from future needs to 'what are our needs right now?" and for the most part, many buyers have wisely chosen to hold off on their purchase and see how things play out in the near future.  That being said, there was a lot of interest in Canmore real estate in February and I fully expect that when the dust settles on the pandemic, the gloves will come off and there will be an intense flurry of action in the market both in new listings coming available, and buyer interest.  

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

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