What happened in the Canmore Real Estate Market in September 2017?
The trend that is developing, yet again, this past month is a slight cooling in sales from the 2016 numbers. But does this mean that the Canmore real estate market is now experiencing a downturn? Not quite! On the contrary, this seems to be indicating more of a return to 2014-2015 levels. This implies that 2016 was, in fact, a unique “micro-bubble” year.
Another trend that is starting to develop is the movement away from single-family dwellings and towards Canmore condos and, in particular, townhouses. A good explanation for this is that land availability has long been an issue in the Bow Valley, and townhouses – especially new townhouse developments in Three Sister's Mountain Village – are a great alternative for those looking for more square footage.
Townhouses are also a great choice because they offer a lot of the same features as a single family detached house, but without the same costs and maintenance involved. This is a great fit for the Canmore "Lock & Leave" lifestyle! Similarly, young families can find that a townhome meets the majority of their housing criteria while allowing them to get their stake in the Canmore market a lot sooner.
Canmore Real Estate for September 2017: In a Nutshell
As is usually the case in Canmore, September was a busier month for real estate sales than July and August... Which is contradictory to typical market cycles. Most often, sales are busier in the spring and summer months as families try to relocate and settle down before the school year starts. While this typical family housing cycle has long driven the seasons of many real estate markets worldwide, Canmore often defies this logic.
The summer months are still good for sales in town, but September and October typically stay strong before trailing off into the winter season. In August of this year, there were 38 sales across all property types and 41 for September. The number of sales in September actually represents a 21% decrease in sales from September 2016's 52 total trades.
Record Setting Lot Sale | 23 Prospect Heights
Going firm on September 29th was the record setting sale of a single building lot in Canmore for $2,350,000 at 23 Prospect Heights. This 14,000 square foot building lot is roughly 1/3 acre and located on one of the most exclusive streets in Canada.
Situated close to downtown and backing on to the Bow River, this ultra-rare, undeveloped piece of land is truly one-of-a-kind. Interestingly, this same lot also held the previous record for a single lot sale in Canmore when it sold for $2,000,000 in November of 2013... And before that, for $1,975,000 in December 2008. 13 Van Horn was the previous record holder at $1,849,000 in June 2007.
- Breakdown of the 41 sales in September 2017:
- 13 Condos
- 17 Townhouses
- 2 Half-Duplexes
- 4 Single Family Homes
- 3 Recreational Properties
- Average Sale Price Per Property Type:
- Condo | $465,942 avg. | $231,750 low | $750,000 high
- Townhouse | $700,106 avg. | $385,000 low | $1,174,950 high
- Half-Duplex | $879,000 avg. | $870,000 low | $888,000 high
- Single Family Home | $1,257,125 avg. | $743,500 low | $2,281,000 high
- Average Days on Market Per Property Type:
- Condo | 32.6 Days avg. | 12 Days low | 85 Days high
- Townhouse | 57.8 Days avg. | 1 Day low* | 133 Days high
- Half-Duplex | 45 Days avg. | 38 Days low | 52 Days high
- Single Family Home | 31.5 Days avg. | 10 Days low | 85 Days high
- Average Days on Market: 41.73
*It's interesting to note that despite all of the chatter around town about the red-hot real estate market, only one property sold on its first day on the market. Built by renowned local builder Distinctive Homes, 2-109 Rundle Drive is located steps from the Bow River and downtown. This lavish, modern abode consists of over 2500 square feet of finished living space with an attached garage and backs onto greenspace. This masterpiece has all of the features you would expect at this price-point: in-slab heat, quartz countertops throughout, designer cabinets with soft close doors/drawers, Monogram appliances with built-in wall oven and gas range round out the chef's kitchen. The rest of the home features vaulted ceilings and a rock fireplace with glorious South Facing views. The master bedroom and spa ensuite are situated on the main floor to allow for one level living and there are 3 more spacious bedrooms on the upper level.
The most popular community in Canmore real estate sales in September was Three Sister's Mountain Village which, accounted for nearly 25% of all trades for the month. In second place, Bow Valley Trail put up a strong performance once again due to the regular volume of condo and hotel-condo sales on Kananaskis Way. Coming in at the third spot for the month was South Canmore, otherwise known as Downtown.
In total, 57 new listings came on the market this past month:
- Condos | 16 New
- Townhouses | 13 New
- Half-Duplex | 3 New
- Single Family Homes | 15 New
- Recreational Condos | 10 New
Year to Date
As of this time last year, there had been a total of 383 firm and unconditional sales. This year, we are currently sitting at 362 for 2017. This represents an approximate 5.5% decrease in the volume of properties trading on the market on an annual basis, confirming what I had early characterized as a "cooling" trend in the market.
Lastly, the average price for a single family Canmore home in September 2016 was $916,250.
Posted by Ben Maize on