Looking to make a move this fall in the Canmore and area market?
The fall months are typically a time of year in the Bow Valley where there is a flurry of activity in the real estate market. The summer months are usually filled with leisure activities and vacation time and it is also a time when investors will see the most returns from nightly rentals. As a result, many property owners in Canmore hold off on listing their home or investment until the fall. Similarly, buyers who have taken a break from their home search for the summer months re-enter the picture and look to capitalize on increased inventory levels, making for a good time to buy or sell your Canmore property. There is a window of time where buyers and sellers are also motivated to secure a purchase or sale in time to close on the property before the Christmas holiday season. If a buyer is keeping the home for personal use, they may want to spend the season enjoying their new mountain abode and if its an investment, the holiday season can be a great time of year to capitalize on the nightly rental market. The 5-year average sales for the months: September, October and November show that sales stay as strong or stronger than the average August. Out of the Fall months, October typically has the most closings meaning that offers on those properties were most likely written in late August or September.
How does the real estate market in Canmore compare to other years?
2023 was very much a return to more normalcy after increased levels of sales in 2021 and 2022. The average amount of sales per year, up to September 6th for the years 2016-2020, was 295 and at the time of writing this we are sitting at 310 sales to date for 2023, so the numbers are looking right in line with pre-pandemic levels of sales. The previous 2 years were firmly in sellers market territory with highly competitive buying situations and sale prices that were often over asking price. An analysis of MLS sales data shows that in 2022 the average sale price for all properties was 99.53% of the list price. For 2021 that number was 99.3% For 2023 the number has dropped to 98.49% in an indication of easing buying conditions and properties that are selling for less than the asking price. Canmore property owners enjoy confidence in the real estate market so we don't often see homes being given away, but the number is promising for buyers. Shifting to more balanced conditions is generally indicative of a healthier housing market.
How is the market looking currently?
As of right now there are 129 properties currently available or pending status on MLS in Canmore which, is still considered to be low inventory. With the long weekend just behind us however, many sellers may still be settling back in to their normal lives and haven't pulled the trigger on listing their properties for sale yet. Of those 129, the majority of the listings are condos which is the norm given their popularity. 32 of the active Canmore condo listings are residential condos meaning that they can be lived in full-time, 19 are hotel condos with either vacation use or tourist zoning and the remaining 8 are fractional hotel condos.
In the "Attached" category which, includes townhomes and 1/2-duplexes, there are currently 42 active listings making up 1/3 of the total listings advertised online. The price ranges in this category are currently sitting at $572,000 for a 2-bedroom townhome in South Canmore up to roughly $2.2 million for a new construction semi-detached in Hospital Hill. Over 1/2 of the available townhomes and 1/2-duplexes are priced over $1.0 million.
The remainder of listings currently on Canmore are 28 detached homes. Homes for sale in Canmore make up the smallest market segment at roughly 22% and interestingly, 19 of those are priced above $2 million meaning there are only 8 homes currently listed for sale in Canmore under $2.0 million, with just 2 homes priced below $1 million.
Where are the current opportunities in the market?
Buyers looking in the $2 million-plus price range have plenty of options right now and can take advantage of higher inventory levels and more selection. Of the homes priced above $2 million the average days on market is up to 108 meaning that some of these homes have been sitting for a while. That is not to say that these sellers may consider taking a deep discount off the list price, but property owners who are considering selling their $2M+ home may be able to capitalize by pricing their listing lower than the competition. It also means that property owners of detached homes priced below $2 million have little competition right now and while buyers are less likely to make overpriced bids, they can still count on a quick sale if they list their home reasonably priced.
Buyers who are looking for a fractional ownership condo also have some variety to chose from right now which, can make for less competitive buying situations as well.
There is limited inventory currently for 2-bedroom hotel condos so owners of these types of units should reach out to us immediately if you have been thinking of selling, particularly Blackstone, Stoneridge, Flacon Crest, Mystic Springs, Skyline Peaks, Silver Creek Lodge and others. There are currently 4 active listings for 2-bedroom units in Solara so if you are thinking of selling yours, you may be able to get a quick sale if you price below the competition, otherwise it may be best to wait it out and see what happens with the currently active listings. If you are in the market for a 2-bedroom hotel condo this fall don't worry: let's meet up for a coffee and discuss ways to get you ready for when the right one comes along. If you are not in the area we can connect via phone call or Zoom to come up with a strategy for you as well.
Attached homes like townhouses or 1/2-duplexes priced above $1 million are abundant right now! Take your pick from communities that are close to downtown like South Canmore, keep the convenience but get off the beaten path in communities like Benchlands or Hospital Hill, or find a beautiful newer built mountain haven out in Three Sisters. The options are plentiful and being in a position to shop around like this in Canmore can be rare, so take advantage! If you have a similar home you'd like to sell right now this can be a great time to utilize a good listing strategy, price the home properly and get a quick sale.
The last noteworthy market segment I would point out is residential condos priced below $700,000. Currently there is a decent selection available so if that is an area you are focused on as a buyer then now is a great time to get active and start looking at properties.
No matter the property you are looking to buy or sell, we can come up with a specific strategy that works for you and well best suit your needs.
Not ready to sell quite yet but foresee it in the near future?
If you have been thinking of selling your Bow Valley property but aren't quite ready to get it listed online, a good strategy going into the winter months is to have the photos taken now while the lighting is good and the outdoors are still lush and green. It has been shown that real estate listings with photos taken during the summer months as opposed to the winter get more clicks online. Professional photos taken when there is no snow also help buyers see features about the building or land that may otherwise be difficult to determine, such as grass versus low-maintenance landscaping, or the condition of the roof. If you are considering listing this winter please reach out so we can discuss a successful strategy for your home and at the very least, get you a market evaluation completed so you know where you stand.
looking to finance your canmore hotel condo purchase?
For those of you who have already started your hotel condo journey, you probably know that financing options are limited and getting approved can be challenging. We now have a lender with an actual Resort Program who is familiar with these types of properties locally and has established a set of criteria and lending requirements specifically for hotel condos, starting with 20% down up to $600,000 and using the same interest rate as a residential property.
other tips to buying or selling in canmore this fall
Some other things you will want to keep in mind this season is that availability to view nightly rental type properties will improve drastically during the weekdays. One challenge to overcome in the hotel-condo buying process is to coordinating your schedule with the availability of the property for sale and/or viewing the unit briefly during check in/check out, potentially while the room is unclean. During the fall months accessing the condos will be easier and we'll be able to spend more time in the property, but if you can plan to attend during the week, it will be much more easy to do so. Weekend guest occupancy may be sporadic so there will be more opportunities on weekends as well than the summer months.
It is always suggested that you have a firm pre-approval from your lender before getting out and viewing properties in person. That way you'll know exactly what you'll qualify for and can save time by eliminating those that don't fit your needs. If it has been more than 3-months since you spoke with your mortgage professional I would highly advise that you reconnect with them to make sure the approval still stands and on what terms. If you haven't started the process yet we can connect you with a professional in Canmore or help find you someone in your area who can help.
Another buying tip that may seem obvious but will make the process of viewing homes much more enjoyable is to bring outerwear that is suitable for the wet and snowy weather. I can't tell you how many times I've set out from Calgary on a nice sunny day only to find that the weather is drastically different in the mountains and I was unprepared. Waterproof footwear that is easy to slip on and off will be helpful too when entering and leaving the properties.
I would love to connect and hear all about your Canmore journey!
contact the team at Canmore.net online or call (587) 579-9500Posted by Ben Maize on