April 17, 2024

Brads notes for the Recreational Property Report

Recreational property round up

Anne-Elise Cugliari Allegritti reached out to Brad to put forward several options for her blog 'Recreational property round up: 4 homes currently for sale in Canada’s cottage country markets'.

Our current listing at 304, 505 Spring Creek Drive is the one she choose and featured in her post. We were honored to be asked to contribute to this property round up and get this kind of exposure for our sellers.

Please see below for more info on the Spring Recreational Property Report.

Royal LePage® 2024 Spring Recreational Property Report

Every year Royal LePage Solutions releases a Recreational Property Report. This report analyses the recreational property market comparing past markets and supplying future predictions for the market. In 2024, we can expect tot see an increase in single family home prices. With Ontario having the highest appreciation forecast. Noting that 41% of marker experts across Canada reported lower inventory than last year in their respective regions. Canmore is not averse to this statistic.

Alberta Market  

In 2023, the weight median price of a single-family home in Alberta's recreational property market increased 4.7% year over year.  Brad was interviewed for this report noting 'buyer demand in Canmore's market is driven by both Albertans and out of province buyers from Ontario, Manitoba, Saskatchewan, and Quebec. While demand remains strong, we are facing on going inventory shortages as new listing remain few and far between' We can expect to see an active spring and summer season with potential increases in comparison to 2023. Interest rates may not have an impact on the Canmore market as many transactions are cash based.

Months of Inventory - Canmore

Monitoring inventory duration is crucial for assessing market conditions. A balanced market in Canmore is best represented by 4 to 6 months of inventory, striking a harmonious balance between availability and demand. Here’s a snapshot of the average inventory duration for the past years:

  • 2019: 5.92 months
  • 2020: 7.63 months
  • 2021: 1.48 months
  • 2022: 1.33 months
  • 2023: 3.48 months
  • 2024: 2.72 months

Currently, it would take roughly 2.72 months to sell all listed properties, reinforcing our status as a buyer-friendly market.

'This measure shows the balance between supply and demand in the market. It indicates how long it would take to sell all the current active listings based on the current sales rate. A balanced market usually has between 3 and 6 months of inventory. We used to say 4 and 6 months, but we have adjusted it to 3-6 months based on our experience.' says Drew.

If you are looking to buy or sell property now is the prefect time. For current market statistics and information check out our monthly newsletters.  Reach out to us if you have any questions or would like to further understand the recreational property report.