With the beginning of May the trails are opening, and weather has been incredibly warm. Unfortunately, Alberta is experiencing wildfires especially up north however it was very close to home as a prescribed burn in Banff National Park got out of control but thankfully it was quickly brought back under control. We are thankful for all the hard work fighting the fires and our thoughts are with those affected.
Our local market continues to have a substantial lack of inventory with the lowest number of active listings of any May on record. Comparing active listings, we are 46% lower than the average for May over the last 10 years. This lack of inventory is causing the number of buyers to build as many are waiting for the right property for them. When high demand properties are hitting the market, we are seeing multiple offers in some cases when we see a listing drop the price to a less aggressive asking price more in line with the market, we are also seeing multiple offers.
The number of sales is also down but that is directly related to inventory levels as well. The Average list to sale ratio (the percentage of the asking price that a property sells for) has is back above 99 percent which again can be related to the lack of inventory. Months of inventory is also showing the market to be a strong seller’s market less than 3 months of inventory.
If you have been thinking about selling or wondering how the last few years have affected your value, please let us know, we would love to connect and update you on your property and the current market.
Congratulations to all parties involved in the sale of this exceptional home. Located in the desirable neighborhood of Three Sisters, this property was not on the market for very long.
The community takes its name from the nearby Three Sisters peaks, which are visible from the area. The district is designed to blend in with the natural environment and offer residents access to outdoor recreation opportunities, such as hiking, biking, skiing, and golfing. The community features a range of housing options, including single-family homes, townhouses, and condominiums, as well as amenities such as parks, trails, and a community center.
This property boasts ultimate luxury in the spacious 1324 sqft 3 bedroom 2 bath condo in Serenity Ridge. In immaculate condition, you immediately notice the high standards of quality, workmanship and attention to detail. The kitchen is a delight with granite countertops, stainless steel appliances, large eating bar and undercounter lighting. The kitchen opens through to the dining and living room, all with wood floors. The living room features a fantastic gas fireplace with rundlestone surround and fir mantle and walks out to the first view deck.
The primary retreat master bedroom has a spa inspired 5 piece ensuite bath with a large shower and separate soaker tub. On the other side of the living space is the 2 additional bedrooms that are flooded with light and views with access to the 2nd deck off the 2nd bedroom. Other features include toe warming infloor heat, abundance of storage in the unit and in the parkade, 2 indoor parking stalls and access to an outdoor hot tub and firepit.
If a property like the one mentioned above appeals to you and your needs or if you have a property you would like to sell please don’t hesitate to contact us.
Great news! We’re excited to announce that the property located at 6, 717 7th Street, Canmore has been sold. This beautiful piece of real estate has found a new owner, and we extend our warmest congratulations to the parties involved in the successful sale.
The property at 6, 717 7th Street, Canmore is a stunning piece of real estate that offers a prime location in the heart of Canmore, a picturesque town nestled in the Canadian Rockies. With its breathtaking mountain views, proximity to outdoor recreational activities, and charming small-town atmosphere, Canmore is a highly sought-after destination for both residents and tourists alike.
The property boasts numerous features that likely contributed to its successful sale, such as its modern design, spacious layout, and convenient location. Whether it’s being used as a primary residence, a vacation home, or an investment property, the new owners are sure to enjoy all that this property has to offer.
We would like to express our gratitude to all parties involved in the sale, including the buyers, sellers, and any real estate professionals who were instrumental in facilitating the transaction. It’s a testament to the thriving real estate market in Canmore and the desirability of properties in this area.
As the Canmore real estate market continues to evolve, we remain committed to providing exceptional service to our clients and helping them achieve their real estate goals. If you’re considering buying or selling property in Canmore or the surrounding area, please don’t hesitate to reach out to us for expert assistance. We look forward to assisting you with all of your real estate needs.
We are thrilled to share the exciting news that the beautiful property located at 114 Rundle Road in Harvie Heights has been sold! This stunning home, nestled in the breathtaking Canadian Rockies, has found its new owner, and we couldn’t be happier for all parties involved.
The seclusion and privacy will inspire you in this Harvie Heights property with a lot that is over a quarter acre. Perfect for either full time use or as your mountain escape this 2+ bedroom, 2 bath home features plenty of storage in the home along with an oversized heated single car garage and large shed.
As you enter the home you are pulled from the entry through to the open living space with large windows bringing in the light and sun. The living room features a wood burning fireplace which flows to the dining area and kitchen with large eating bar.
Also on this level is a three piece bath. Upstairs is the primary retreat with recently updated four piece ensuite bath, walk in closet and a second closet. The lower level has the second bedroom along with an office or potential third bedroom, laundry room and storage/utility space. Enjoy the peace and tranquility of the wrap around deck as the home is surrounded by the forest and mountains.
The outdoor space of this property is equally impressive. With a large deck, a fenced backyard, it’s a perfect oasis for outdoor enthusiasts and those who appreciate the beauty of nature.
Canmore is a renowned mountain town in Alberta, Canada, known for its natural beauty, outdoor recreational opportunities, and vibrant community. This town is a haven for outdoor enthusiasts, with its close proximity to Banff National Park, numerous hiking and biking trails, and world-class skiing and snowboarding in the winter months. Canmore also offers a thriving arts and culture scene, with galleries, theaters, and festivals throughout the year.
The sale of 114 Rundle Road is a testament to the strong demand for quality properties in Canmore’s real estate market. The picturesque location, modern features, and outdoor lifestyle that Canmore offers make it an attractive destination for buyers seeking an exceptional mountain living experience.
We extend our heartfelt congratulations to the new owner of 114 Rundle Road in Canmore, as well as to the sellers and all parties involved in the successful sale. We wish the new owners many wonderful memories in their new home and hope they enjoy all the beauty and lifestyle that Canmore has to offer.
Thank you for joining us in celebrating this exciting news. Stay tuned for more updates and news about the Canmore real estate market!
More info: canmorerealestate.com/featured-listing/114-rundle-road/
With The Arrival Of Spring Will Listing Inventory Continue to Rise From The Sustained Lows of The Last 4 Months
The first quarter of 2023 has just passed and Spring has arrived! While the winter ski season was not what we have been used to, bluebird days make the spring skiing spectacular. Spring is always an amazing time in Canmore and Banff as the snow on the mountains combined with warm blue skies makes for picture perfect days. With the pathways and trails beginning to dry out we start to think about putting the skis away and breaking out our hiking boots, runners and mountain/road bikes, as we move into a late Spring and look forward to another stunning Summer in Canmore and Banff. Only 5 years ago, pre covid we were talking about a rare balanced market which has not been the case since 2020.
Our listing inventory is still incredibly low so high demand and prices continue to draw plenty of interest when priced correctly. Buyers do not have as much urgency as they did during the pandemic but the drive and commitment to buyer something is still strong. Our months of inventory calculation is another good measurement of how the market is doing and the rule of thumb historically is that 6 months of inventory is close to a balanced market. As an example in 2019 the average Months of inventory** was 5.5 yet the average for the first quarter of 2023 is 3.5.
In regards to pricing the first quarter saw more activity in the lower price ranges and as we are starting to see new listings come on to the market we expect to see sale prices steady with a slight rise in 2023. As an example last year we did not see the listing inventory rise much until June through August and while we are tracking to be a little ahead of that we have typically seen the market rise in March/April.
As always thank you for choosing us in your buying and selling and should you know of anyone else who may be interested in buying or selling please let us know we are never too busy for your referrals. Lastly, we are here to help you or anyone you know for all your real estate needs.
**Months of inventory is a calculation on the numbers of months it would take to sell all the currently listings with no new inventory coming to Market based on number of past sales**
The title may not be what you were expecting however the numbers are interesting when you dig deeper. If we remove the last three record breaking years we see the number of sales in February being 8% higher than the average number of sales for the 5 years before covid. What makes this more surprising is that we still had that many sales with listing inventory to start the month 55% lower than those same 5 years prior to covid. In almost all years we see the listing inventory starting to rise through February but this year it stayed exactly the same. That could definitely be a function of the lack of inventory however new listings hitting the market in February 2023 is down by 23%. As we start to transition from our winter to our spring market we do expect more listing’s to come to market however with the lack of supply we have been experiencing we do have many buyers that are waiting for the right property so it does look like the lack of inventory will continue through the spring market.
During the less active months like February we do see more swing’s in the statistics with less quantity of data. As an example only 2 single family homes sold, the data does not reflect the current market. Next month we will do our first quarterly newsletter of the year which is a much better foray into a more overall outlook.
As you can see above, if you are thinking of selling your home now may just be the perfect time. We would love to get together to go over all of this and how it will relate to you and your property.
We are excited to help you with your real estate needs today or in the future. If you know someone who is looking to buy or sell please give us a call, we are never too busy for your referrals!
For over 20 year we have supported the YWCA Banff and Bow Valley Victim Services to help eradicate abuse all a part of our long term commitment to the Royal LePage Shelter Foundation. During this time we have realised over $85,000 here in the valley in financial support for this worthy cause and we are looking for more help from you. YWCA Banff remains committed to shaping a safe and inclusive Bow Valley that empowers women and their communities for a better future. With limited revenues from the hotel and uncertainty of government funding since the onset of the pandemic, as well as significant increases to the demand for our services, the YWCA Banff needs support more than ever.
We encourage you to take some time to check out the VINEart Gala and Silent Auction which takes place on March 18th. Bidding on silent auction items will also close on March 18th.
Proceeds from the VINEart Gala help all those accessing our YWCA services, including women and families across the Bow Valley to build their own thriving futures, free from violence.
If your new to the Canmore, you will quickly realize that the community is all about supporting local, appreciating arts and creativity, and enjoying the outdoors. Living here, you cannot help but find yourself captivated by the multitude of events that happen throughout the year. Whether it’s a -40 day in winter or a +40 day in summer there is almost always something to occupy yourself with in Canmore.
The ‘Great White North’ rings true to its name:
No better way to start the year than with a New Years Eve party. Each year the Town of Canmore put on a NYE event, Ring it in at the Rink. This event caters to all ages with ice skating, live music, DJ’s, crafts, and fireworks at midnight. NYE at the Rink is a fun family friendly event that gets everyone in a positive mindset for the year to come.
Once the excitement of NYE is over and February approaches its time for another community-based event, Canmore Winter Carnival. Living in Canmore you quickly discover a love of winter. Being in such close proximity to four Ski hills, the Nordic center and ice-skating rinks, it’s hard to imagine living anywhere else. The Canmore Winter Festival is a celebration of all things winter. It happens every year in mid-February. There are multiple events, ice carving, Axe throwing, Biathlon demonstrations and log saw challenges, to name a few. The creative talent in this town is outstanding and the ice carvings are not to be missed.
Spring Has Sprung:
As the temperature increases so does the ambiance in town. Spring skiing emits a different kind of energy. There is a buzz in the air, the trees are turning green, and the vast array of local wildflowers are starting to creep out. With this energy comes a new human, one that has hidden the amongst the locals for months. Disguising themselves as a skier, ice skater, climber, you name it they have tried it. Who is the illusive human? That would be the mountain biker. Canmore has a massive biking community. Whether its road, town, or mountain bike, once the first tree starts budding (sometimes even before) you will start to see peddles being pushed.
As we start to see bikers, we know that Canada Day is just around the corner. There is a free pancake breakfast hosted by the Rotary Club and a parade on Main Street throughout the day. That evening there is a firework display at around 10pm. It is always a great day out for people of all ages.
Sweet Melodic Summer:
One of Canmore’s biggest events each year is Folk Fest. Happening on the Heritage Day weekend in august, it is the perfect mid-summer celebration of music, with open air concerts and some wonderful musicians from all over Canada. Located mainly in Centennial Park it is lovely to see the town bustling with jingles in the air.
Canmore derives form the Gaelic word ‘Ceann Mór’ meaning Big Head. As with many Canadian towns, Canmore has a lot of Gaelic and Celtic influences. In early September Canmore host a highland games celebration. Scottish music, a wonderful British car show, tug-o-war competitions, heavy sports games and of course a Cèilidh (Traditional Scottish gathering with music, dancing and story telling) are just some of the astonishing events over this weekend.
As the Leaves Turn:
We start to get into the fall colors not long after the highland games and Larch season is not one to be missed. As the trees start to change the larch trees are radiant with wonderful shades of yellow and amber which really pop against the mountainous greys and greens of the valley. A vast amount of people come to visit to experience this beauty. We recommend a hike through larch valley in September, you will be in awe at the beauty of fall, it truly is breathtaking.
As the snow starts to trickle, ski season creeps back in and before you know it you will be on the slopes with some of Canada’s best snow at your fingertips.
Christmas in Canmore is magical, it really feels like you step into a Hallmark movie. The atmosphere around town is infectious, the lights, decorations and snow really make for a picture-perfect Christmas setting. The craft markets at this time of year are the perfect place to pick up extra special hand-crafted local gifts for your loved ones.
Whether you enjoy skiing in the winter, or relaxing in lakes in the summer, Canmore has something for you. This town is a vibrant, active, and social hub hidden right at the edge of the mountains. Just over an hour from Calgary international airport, Canmore is easily accessible and the perfect quaint mountain town to call home.
Recently we were approached by The Globe and Mail, they were interested in writing about our newly sold property 349 Lady Macdonald Crescent, Canmore. The eye catching curb appeal of this 3+ bedroom, 3.5 bath home is just the beginning. With stunning mountain views & light flooding in through the soaring windows & generous use of stone & log accents inside & out you will truly feel home in the mountains. Below is the article that they published. We would like to congratulate both the buyer and the seller on this transaction.
349 Lady Macdonald Cres., Canmore, Alta.
Asking price: $1,290,870 (November, 2022)
Selling price: $1.2-million (January, 2023)
Taxes: $5,141 (2022)
Days on the market: 50
Listing and buyer’s agents: Brad Hawker and Drew Betts, Royal LePage Solutions
The action
This three-bedroom house was customized around the natural slope of a 41- by 115-foot lot, so it has a multilevel layout with four staircases inside. That setup was a deal-breaker for some buyers, but acceptable for others. A returning expat, bowled over by the home’s wood and stone aesthetic and the proximity to Banff National Park made a $1.2-million offer the first week of January.
“It’s a striking home in the neighbourhood on a corner lot with great views, so a lot of people wanted to see it,” said agent Brad Hawker.
“There were other listings, but not with the same alpine appeal.
What they got
This 28-year-old house incorporates a built-in garage and nearly 2,700 square feet of living space across five floors, including recreation areas on two separate lower levels.
The front door opens into a living room with a wood-burning fireplace and double-height ceilings. A short flight of stairs leads up to a dining room and casual entertaining space. In between them is a kitchen with an island, granite countertops and sliding doors to a deck and a yard.
The top level accommodates two bedrooms and a primary suite with a walk-in closet and largest of four bathrooms.
The agent’s take
“It has a couple great outdoor living areas with a fenced backyard and a big deck, big enough for a large dining area for eight to 10 people,” Mr. Hawker said.
“At the front, there are two separate outdoor spaces that have sun throughout the day and amazing sunsets.”
Local outdoor attractions are also within easy reach. “It’s very close to hiking and biking trails, as well as a hockey rink,” Mr. Hawker said.
What is it and how will it effect the Canmore market?
On January 1st of 2023 a new prohibition was enforced for Canada. The new act states that a non-Canadian will be prohibited from purchasing residential property, subject to certain exceptions, for 2 years.
**Some thoughts below however please let us know if you have more questions as we can help facilitate getting you answers on it from local lawyers and accountants**
This new prohibition is in response to the rising costs of housing in Canada. The idea is that this will halt flipping houses and minimize the number of underused houses. It does beg the question if this will really solve the problem. Before we get into that, lets first break it down for you.
Who it applies to?
It refers to anyone who is NOT a Canadian citizen, permanent resident or person registered as an Indian under the Indian Act. It will also apply to non- Canadian corporations.
A non- Canadian corporation includes:
-A corporation that is not registered in under the Laws of a Canada or a Canadian province.
-A corporation that is incorporated under the laws of Canada but is controlled by a non-Canadian. The control is set under Regulations and includes direct or in-direct ownership of 3% or more shares.
What are the exceptions?
As with most Laws, of course, there are some exceptions. If you are a person who is a temporary resident under the immigration and refugee act, a protected person, if you are a non- Canadian who purchases property with your spouse or common law partner who is Canadian, or a person of a prescribed class of persons you are exempt from this new prohibition.
What properties are controlled under the new act?
The act states that any residential property, condominium, and vacant property that is zoned as residential or mixed use is prohibited from being purchased by a non-Canadian. Meaning, if the property is used to live in long term or short term it cannot be purchased by a non-Canadian as defined under the act.
Are there exceptions to the properties defined under the act?
Yes, there is certain properties that do not fall under this new prohibition. Any property that is outside of a census agglomeration. What does that mean? It basically means that the act may not apply to properties in small urban centers and non-urban areas. For example, the act DOES affect Canmore but smaller non-urban areas such as Drumheller are NOT affected.
As Canmore is a town with a high number of weekend/holiday homeowners we have historically seen a significant number of Non-Canadians purchase real estate. We have seen that number drop considerably in the last 10+ years and dropped to almost nothing during the height of the pandemic.
While some buyers will be frustrated they cannot purchase for these two years, it may have a larger effect on the market when they are allowed to enter the market again if the planned expiry of January 2025 follows course.
Time will tell of course but with a small reduction in buyers we may see an increase to our dreadfully low inventory but I do not expect it will be very significant. Should Non-Canadians want to spend time here they may choose to rent properties long term until they can buy which may make rental properties harder to come by for local Canmore residents and future residents (and/or raise the rental rates)
We know that this is a lot to absorb. It’s a lot of information and it will be interesting to see the outcome when the two years are up. Will it help with the lack of inventory? Will it slow down the rising cost of real estate? We will have to follow the housing price trends closely over the next couple of years.
If you are interested in following along with the housing price trends with the new prohibition instated, subscribe to, and read our monthly newsletters here. https://canmorerealestate.com/newsletter/
To make a donation directly to the Bow Valley Food Bank CLICK HERE
Every year in the fall the Canmore Royal LePage Solutions team work tirelessly to organize a Canmore community wide food drive in support of the Bow Valley Food Bank. This entails attempting to knock on every door in Canmore and ask if they have any non-perishable food items they would like to donate.
How do we do it, you ask?
First, we all sit down as a group to discuss the plan of action. We choose a date that works out for the Canmore Eagles game schedule. The Eagle’s are such a major helping hand as they always come out and help on the night of the food drive. When choosing the night, we also consider what other events are happing in town, the aim is to find a night when most people will be at home.
Once the date has been chosen its time for the fun part, drumming up community interest and gathering volunteers. We need about 150+ people to help us, a growing number as the community we live in is expanding. If we want to make it to every house, we need as many people as possible.
We advertise in as many places as feasible, Community notice boards, Facebook, the newspaper, on social media accounts, the schools… If you happen to be in town in November, its hard to not see at least one piece of marketing for the food drive.
This past year we even added QR codes to make signing up to volunteer easier!
The night of the drive….
We need a big open space to get this done, Canmore Chrysler have been great in letting us use their dealership the last few years. The Royal LePage Solutions team head over to the dealership late afternoon and start to set up. There are boxes, packing tape, maps, Hand warmers (this past year it was -30 Celsius on the evening of the food drive) and lots more to ensure we set each volunteer up for a successful evening.
Each group gets route maps. The routes vary in size depending on the people in the group. People with smaller children get smaller routes. This is a family event, and we aim to set everyone up for a fun, exciting and rewarding evening.
Once you get your route, off you go. You head out and start knocking, this is the fun part. We have such an amazing community and the response at the door is always received so well. In 2022, we donated over 10,000lbs of food to the Bow Valley Food Bank. The majority of that coming from this one evening and a community that cares.
What happens after the routes are complete?
When the route is completed each volunteer group returns to the dealership and drops off their food and monetary donations. We have a group of volunteers there to pack up the donations into boxes and the Eagles then help bring it to the food bank on the evening. Once people are done, they are invited back to the Royal LePage Solutions building for some food, hot beverages, drinks and of course some great company.
It is such a fun and exciting evening, its amazing to take time out of all of our busy schedules and give back to the amazing town we live in.
To make a donation directly to the Bow Valley Food Bank CLICK HERE
Would you consider volunteering for the Royal LePage Solutions annual food drive? Check back in November each year for volunteer opportunities.
