February 8, 2024
As we step into 2024, a sense of déjà vu envelops us. Our February 2023 newsletter headline, “Lack of Inventory Continues: Patience Key for Active Buyers!” remains as relevant today as it did back then. While there’s a slight uptick in active listings, we’re still below the 100-listing mark. Excluding hotel condominiums, our inventory remains virtually unchanged from February 1. 2023. This scarcity poses a challenge for eager buyers, who must either exercise patience or broaden their search horizons.
Canmore’s Unique Position
While the media buzzes about real estate markets across Canada, Canmore stands somewhat isolated. Demand persists from Calgary, Edmonton, and other parts of Alberta, as well as from buyers across the country. However, recent government action has implications for some non Canadians who were looking to buy preowned homes in early 2025. Canada has just extended the ban on foreign nationals buying prebuilt homes until Jan 1st 2027. International buyers eyeing vacation homes or a move to Canmore will feel the impact. The Government has left some choices open, the options that still exist for foreign buyers are:
If you are interested in any of these options take a minute to check out the links below.
Stable or Declining Mortgage Rates and Buyer Confidence
Despite global geopolitical and economic fluctuations and the Bank of Canada increasing 475 basis points in 23 months, our local market remains resilient. 5 year Mortgage rates are going down continue to support buyers. Interestingly, past interest rate hikes haven’t affected sale prices in our market. Why? Because the majority of buyers are second-home seekers or retirees who don’t rely on financing.
Delving into January’s sales data, an intriguing pattern emerges. Despite being just one sale short of the 10-year average, the context is more robust than it appears. Why? Because that average includes the two highest sales volumes recorded, both in the immediate post-COVID Januarys.
Analyzing Sale Prices and Ratios
While we exercise caution in dissecting sale prices without a substantial sample size (quarterly or annual averages), certain trends stand out. Notably, the list-to-sale ratio hovers consistently between 96% and 97%. What drives this equilibrium? Two factors come into play:
Market Dynamics: Months of Inventory
Our market echoes a familiar tune—it remains a seller’s domain. January’s months of inventory stands at 2.88 months, while the 12-month average rests at 3.0 months. Let’s decode what these numbers signify:
The Right Time to Sell
Given the scarcity of inventory, if you’re contemplating selling, seize the moment. Reach out to us for personalized insights and detailed information. We’re here to guide you through this dynamic real estate landscape.
In summary, Canmore’s real estate landscape dances to its own rhythm, distinct from broader Canadian trends. As we embrace 2024, let’s navigate this unique market together.