One of the most frequent questions we get asked by prospective buyers in Canmore is: when is it a good time to buy? The truth is that there is no easy answer to this, and it often comes down to the needs and motives of each buyer. The market does fluctuate and there are some more favourable times. Canmore’s real estate market does not follow the typical seasonal trends of most areas, and as such it can be hard to predict for those coming into town and wanting to buy a property but avoid certain aspects of a seller’s market. Using an experienced Canmore real estate agent can help buyers navigate supply and demand.
Buying to live in Canmore
If you’re looking to make the Bow Valley your permanent home, there is a good chance you are buying for the active lifestyle. Your goals may be finding a property to suit your needs that you can also call home.
Having a little more time to decide and explore a wide range of property options can be an advantage and in some cases: a disadvantage. On one hand, you may be tempted to wait for the right property to come along at the right price. On the other hand, property values have been growing at an average rate of around 5.5% per year. This means that a property worth $500,000 on January 1st could potentially cost $513,750 6-months later if inventory levels remain low. Buyers could be susceptible to standard inflation and end up paying more for their home if they wait too long.
When the market is moving quickly, you want to get in early if you find that perfect property. In slower markets you can take more time to find the right home for your needs. You may be less likely to worry about fluctuating prices as you will be living in the home and the reason for buying is simply to live the Canmore lifestyle. Historically, January is a somewhat busy month for real estate sales, but February-May are slower which, can result in the accumulation of MLS listings. The most properties are likely to hit the market during May-August making it prime buying season but locals may also find themselves in competition with an international pool of buyers. It is still a good time to buy but local buyers may want to be prepared to let one go if they find themselves in multiple offers.
Buying a vacation/weekend property
When buying a weekend or vacation property, you may have similar motivations to those looking for a full-time residence. You love the lifestyle and surroundings Canmore offers, but you live elsewhere and just want part time use of the property. Unlike those who live in Canmore, you may not have the luxury of having as much time to look for a home and your choices could potentially be more limited, especially if you are looking for an AirBnb style rental property. Depending on the current market conditions you are probably most affected by time. You are limited when it comes to viewing listings as you do not live in Canmore, but you don’t want to be rushed into deciding.
The best time to buy a vacation property is likely to be during the fall months. Oftentimes sellers want to keep their vacation-rental condos for the busy tourist season to capitalize on the increased rental income. The tourist season usually stays busy through until the end of September at which time guest reservations decrease and we see an influx of new listings on the market. Sellers may also be motivated to “unload” their Canmore home before the end of the calendar year.
All that being said, right now could actually be the best opportunity to get a deal on Canmore Homes for sale. Real estate sales by volume in Q1 of 2019 are 40% lower than levels seen 2 years ago and economic indicators for the province are looking up. When working with buyers we always recommend making an offer on the property they like as soon as they identify it. If you would like to connect with an expert Canmore Realtor let us know! contact the team at Canmore.net online or call (403) 678-7600