2021 canmore real estate overview
A lot of properties changed hands in Canmore in 2021. In fact the average number of sales for the 3 years prior was 459 and 2021 saw a near 70% increase to 770 units sold. The pandemic changed the way we live, work, recreate and travel - to name a few - and as related restrictions were eased and the economy started to open again Canadians were left with limited options when it came to vacation and travel. Not surprisingly, recreational real estate markets across the country began to sizzle with the average sale price predicted to rise by as much as 30% in some markets. Many Canadian families were able to save more than usual in 2020 and a study conducted on behalf of Re/Max found that 59% of buyers who intended to purchase a vacation property in 2021 were considering this property type for the first time. Huge potential equity gains combined with hungry buyers created the perfect conditions to push the number of trades through the roof, as well as push the limits of sale prices in town.
*Source: CIR Realty Local Market Statistics
A breakdown of the total Canmore real estate sales for 2021 reveals that condos accounted for just over half of transactions (51.2%) which, was a boost from 37% the year before. Looking at a further breakdown in condo sales via the Calgary real estate board shows that only 13 of those trades were for properties priced above $1,000,000. The bulk of sales were in the $400,000-$600,000 price range. The average price for a condo in Canmore in 2020 was $508,781 and red hot demand pushed that average all the way up to $580,534 in 2021. In another representation of the pure seller's market conditions, the average total time that a condo spent on the market in 2020 was 74 days and 2021 saw that dip way down to 49 days. Interestingly, in 2020 the average sale price to list price ratio was 102.38, meaning that on average Canmore condos sold for 102.38% of their list price. In 2021, despite the hotter conditions, the average list price to sale price ratio was down to 100.36%. This could be due to higher list prices and an indicator that market values were nearing their peak, as buyers became hesitant to pay more than they already were.
The benchmark statistic that buyers and sellers want to hear about is detached homes. Its the widely talked about measurement used to compare housing prices across the country and around the world. The average sale price for Canmore homes grew by about 23% over 2020 with the average sale price sitting at $1,442,944. Of the 141 houses to sell, nearly 20% of those were for homes above $2,000,000 in a signal that luxury home sales in the Bow Valley are alive and well. One such home, 17 Canyon Road registered the highest sale price in Canmore at $4,200,000. A one-of-a-kind property, featured over 6300 square feet of quintessential mountain luxury nestled on a private lot. Average days on market was higher than the condo segment at 74 which, was pretty much on par with 2020's average of 71. Buyers were still able to lock down value-priced homes in 2021 with one-third of the sales below the $1,000,000 mark.
2021 was not a typical year for real estate sales in the Canmore area and looking at the number of sales per month provides more insight. March was the busiest month for closings with 96 when often the spring/summer months are more busy:
*Source: Calgary Real Estate Board
If you have any questions or would like to discuss real estate in the Bow Valley in further detail, please don't hesitate to reach out!
contact the team at Canmore.net online or call (587) 579-9500Posted by Ben Maize on