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August 2018 Market Report

Posted by Ben Maize on Monday, September 10th, 2018 at 11:44am.

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 environmental circumstances, visitors would nevertheless bring their tourist dollars to the area.  We often found ourselves reassuring clients that there might be an increase in new listings coming to market after the September long weekend although, in such a small, niche market there really is no sure recipe for when owners will decide to sell.  

As for real estate sales in Canmore and the rest of the Bow Valley, the month of August showed a sure return to normalcy after a somewhat turbulent start to 2018 real estate sales.  There were 43 homes sold this month compared to 44 for August 2017 in an indication that the cooling effects of the new mortgage rules may be wearing off.  As the graph below indicates, the entire third quarter has been right on pace with 2017's numbers after putting up dismal numbers to start off the year.

Canmore Real Estate Market Report

In a surprising turn, the most popular segment of the market was townhomes and single family homes priced between $700,000 and $1,100,000 which, accounted for over 25% of all residential homes sold in August.  Interestingly, this segment of the market was hit the hardest during the first half of 2018 resulting in a sales reduction of nearly 45% during some months.  The rebound of this crucial area of the market is significant because these types of properties drive new construction forward and in particular, new multi-family dwellings.

Speaking of which, well-known Alberta developer Devonian Properties released their newest townhome project in Stewart Creek called: The Slopes.   The project aims to provide flexible ownership options for buyers to customize their property with secondary suites or live/work options.  


August Sales Breakdown:

Total Sales: 43 (44 in August 2017) 

Hotel Condos:

Number of Sales - 4

Average Sale Price - $446,250

Average Days on Market - 81.0

Average Sale Price to List Price Ratio - 97.8%

Condos:

Number of Sales - 12

Average Sale Price - $432,124

Average Days on Market - 53.5

Average Sale Price to List Price Ratio - 98.3%

Townhomes:

Number of Sales - 12

Average Sale Price - $631,823

Average Days on Market - 54.3

Average Sale Price to List Price Ratio - 98.0%

Half-Duplex:

Number of Sales - 2

Average Sale Price - $839,000

Average Days on Market - 47.0

Average Sale Price to List Price Ratio - 98.8%

Single Family Homes:

Number of Sales - 12

Average Sale Price - $1,122,265

Average Days on Market - 78

Average Sale Price to List Price Ratio - 98.4%

Hottest 'Hood:

1.  Bow Valley Trail (16% of August sales)

2.  Three Sisters Mountain Village (12% of August sales)

3.  South Canmore/Cougar Creek (9% of August sales each)

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

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