Category: Local

Snowy Season and Stable Market in Canmore

We are delighted to witness the arrival of a huge amount of snow that transformed our area into a true winter wonderland. The local ski resorts have received between 63 and 89cm of snow in the past week, making a great start to March and prolonging the Winter ski season which is welcomed by many.

Our real estate market is still facing a big shortage of inventory, but the number of sales remains steady or slightly higher than the pre-pandemic levels. The lack of inventory has been a persistent issue since the beginning of 2021. In the last 12 months the average listing inventory  is 37% lower than the average from five years ago. The number of new listings in the past year is 26% lower than five years ago. These numbers indicate a stable market. Buyers need to be patient for the right option to come to the market or be flexible in their search. They need to be ready to move when they do find the right property.

Another metric we use to monitor the market trends is the months of inventory. 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. In February, our market had 2.91 months of inventory, which is close to the lower end of the range. The lowest we had in the past year was 1.22 and the highest was 4.61. This confirms our view that it is still a seller’s market, driven by low inventory and high demand from buyers.

If you are thinking of selling your home, this may be the ideal time. We would love to meet with you and discuss how this market situation affects you and your property. We are eager to assist you with your real estate needs today or in the future. If you know someone who is looking to buy or sell, please let us know, we appreciate your referrals!

We are also thrilled to support the YWCA in the VINEart Gala and Auction on March 16th. The Gala is sold out, but you can still participate by buying raffle tickets or bidding on the silent auction items (links below). We are very proud of our 20+ year relationship with the YWCA and Bow Valley Victim’s services through the Royal LePage Women’s Shelter. During this time, we have raised over $85,000 in the valley for this noble cause which keeps all our donations local. YWCA Banff is dedicated to creating a safe and inclusive Bow Valley that empowers women and their communities for a better future.

www.ywcabanff.ca/events/vineart-gala-auction/

https://www.vineartauction.ca/

 

What is a Land Transfer Registration Fee?

Alberta doesn’t have a land transfer tax. Instead, the government charges a land transfer registration fee: one to process the transfer of the property title and another to register your mortgage.  Recently, the government of Alberta announced an increase in the land titles registration fees in the 2024 Budget. Despite this increase its worth noting that Alberta’s land title transfer fees remain the lowest in Canada.

 

What is the Fee Amount?

In the past, The fee was $2 per $5,000 of the properties purchase price plus $50. The Fee has increased $3 making it that you pay $50 plus $5 per $5,000 of the property’s purchase price for the title transfer. The table below shows a comparative of the fee from BC, ON, QC, AND AB.

 

Land Transfer Registration Fee Based on Total Purchase Price

The graph below shows us a comparative of the land titles registration fee from different price points based on the entire purchase price of the property.

 

Mortgage Registration Fee Based on Mortgage Price

The graph below shows us a comparative of the land titles registration fee from different price points based on the mortgage of the property. The mortgage amounts below reflect 80% of the Purchase Price of the table above

Although the increase in the land title registration fee may seem like a lot it is important note that it is the lowest fee in the country.

The full budget is available on alberta.ca 

Check out of March 2024 Newsletter to get recent updates on our local market.

 

We are thrilled to announce  1, 829 Wilson Way has sold. that Congratulations to everyone involved in the sale of the beautiful home.

Panoramic mountain views abound from this spacious and bright open plan townhouse that features a sunken living room with lofty ceilings along with a gas fireplace with rundle stone surround plus a huge front view deck for early morning and afternoon sun. The living room opens to the dining room and kitchen that features stone countertops, upgraded appliances, pine cabinets, corner pantry and access to the large south facing patio that backs onto Wild Lands Conservation District zoning. Also on this floor is the laundry room and a powder room. The top floor hosts two large bedrooms, both with four piece ensuite baths. Another balcony completes the upper floor. On the entry level there is a large third bedroom or family room, a third full bath and tile entry all with toe warming inslab heat. Completing this 1,670 square foot home is a large single car garage, perfect for all your mountain toys.

 

Full listing: canmorerealestate.com/featured-listing/1-829-wilson-way/

A Sense Of Déjà vu As Listing Inventories Stay Low…

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 1^st 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:

1. Buy a Lot and Build: Consider the exquisite villas offered by Rockwood Homes (details below). These are truly a canvas for your dream home.
2. Silvertip Single Family Homes: Explore lot-and-build opportunities in Silvertip, perfect for crafting a custom single-family home.
3. Hotel Condominiums: While not for full-time living, these condos offer investment potential and can have some personal use.

If you are interested in any of these options take a minute to check out the links below.

483 Mountain Tranquility Place

411 Mountain Tranquility Place

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:

1. Seller Strategies: Sellers, facing less competition, often list their properties at higher prices. This strategic move aligns with the market dynamics.
2. Buyer Behavior: Buyers exhibit patience and at times some assertiveness. They’re willing to negotiate aggressively when a property has been on the market for an extended period of time, contributing to the stable list-to-sale ratio.

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:

• Seller’s Market: Fewer than 4 months of inventory indicate a seller’s advantage.
• Balanced Market: Between 4 and 6 months of inventory, equilibrium prevails.
• Buyer’s Market: Above 6 months of inventory signals favorable conditions for buyers.

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.

Learn more about Silvertip and Rockwood Custom Homes by clicking here

 

February 17th, 2024 is Random Acts of Kindness Day!

 

 

May 2024 Update:

2024 Golf Season

The 2024 Golf Season has begun. Ready to hit the greens? Secure your spot on the course by booking your tee times in advance. Get set to experience priority access to one of Canada’s premier courses.

Did you know about the Silvertip Market?

Silvertip’s newest location for breakfast, specialty coffees, and a variety of made-to-order sandwiches, Italian-style pizzas, chef-curated salads, and ready-made meals. Offering Dine in and Take out options, you can now visit the Silvertip Market for a quick bite or shop for high-quality meats, farm-fresh eggs, quality produce, premium wines and specialty retail items all in one convenient location!

Mountain Tranquility Update

We are thrilled share the news that the road for Mountain Tranquility is aiming to be completed by mid June. Nestled on the sun-kissed slopes of Bow Valley, Silvertip Resort stands as an oasis of tranquility amidst the breathtaking Rocky Mountains. Just moments from Banff National Park and a short drive from Calgary International Airport, this idyllic escape offers unparalleled accessibility without compromising on serenity. With commanding vistas of Canmore’s charming town below and over 600 acres of pristine wilderness to explore, Silvertip beckons with year-round allure. Whether teeing off on its renowned golf course, traversing scenic trails, or simply soaking in the natural splendor, every moment at Silvertip promises rejuvenation and adventure. Don’t miss your chance to claim your slice of this coveted retreat; limited lots are available.

The Villas at Silvertip by Rockwood Custom Homes

Rockwood Custom Homes is excited to be bringing their exceptional build quality and expertise to Mountain Tranquility Place with The Villas at Silvertip by Rockwood Custom Homes.  This 24 lot exclusive development of remarkable luxury living is an opportunity never seen before in the Canmore market.  The Villas will feature The Three Sisters bungalows and The Peaks two‑storeys. Ranging from 2,900 to 3,800 square feet, respectively, of incredible luxury living. With striking mountain-modern architecture and only the best-in-class finishing and interior design, the Villas are perfect for your mountain getaway or permanent residence in the heart of the Canadian Rockies.

With ground breaking coming in Spring 2024 the opportunity is now to take advantage of this rare opportunity.  With 4 sales and 4 Reservations do not delay in getting your choice of location and build style.  Working with Rockwood’s experienced interior design team, you will customize your residence to showcase your individual style and taste.

Three Sisters Bungalows

Featuring roughly 2,900 square feet of luxury living, Rockwood is offering three unique exteriors of Faith, Charity and Hope. Each of these stunning front walkout bungalows offer iconic mountain‑modern architecture and incredibly designed interiors. Owners will enjoy three bedrooms including a spacious primary retreat, an expansive kitchen with butler’s pantry, rear-covered deck, front deck, walkout patio, and attached garage; plus high-end appliances, extensive custom-designed millwork and beautiful fixturing throughout.

483 Mountain Tranquility Place

 

The Peaks Two Story

Offering a strong sense of architectural tradition, Rockwood is offering two unique exteriors of Lady Macdonald and Grotto. Each of these alpine-inspired residences will offer best-in-class design and craftsmanship for an unparalleled living experience. Owners will enjoy roughly 3,800 square feet of luxury living including a private primary retreat, three junior-primary suites, an expansive kitchen with butler’s pantry, large lower-level flex and media space, spacious exterior patio, and attached garage; plus high-end appliances, extensive custom-designed millwork and beautiful fixturing throughout.

411 Mountain Tranquility Place

Working with Rockwood’s experienced interior design team, you will customize your residence to showcase your individual style and taste.

Mountain Tranquility Place- Stonecreek Resorts

Nestled within the exclusive Silvertip Resort, Mountain Tranquility offers a lifestyle like no other. It’s your opportunity to own the most diverse mountain wilderness experience surrounded by everything that the Silvertip Resort has to offer. Imagine endless opportunities to create lasting memories, all from the comfort of your own home. With only a few homesites remaining, Mountain Tranquility stands as a testament to luxury and exclusivity. It’s not just about owning land; it’s about embracing a lifestyle that’s unparalleled.

We are delighted to announce the sale of this home. Congratulations to all parties involved. 

This three bedroom, two and a half bath 1,686 sq ft home is the best of both worlds from the advantages of a detached home along with the benefit of no outdoor maintenance. With recent work and original upgrades this home must be seen. The main level with an abundance of windows features a large open kitchen, living and dining rooms with access to two outdoor decks. The kitchen has stainless steel appliance and eating bar while the living room has a corner fireplace. A powder room completes this level. The second level features an open study/loft area, the primary bedroom with walk in closet, second bedroom and an upgraded three piece bath. The lower level with toe warming inslab heat features a family room, another bedroom, upgraded three piece bath plus laundry and storage. Other features of this home include a nice large entry, single car garage plus an additional parking space and on demand hot water. A terrific location, this home is steps from trails and the park.

Click HERE to see the full listing.

 

We are thrilled to announce the sale of 7 Larch Crescent. Thank you to everyone who made this sale possible.

A rare find in quiet Larch, this four plus bedroom 2,006 sq ft home is a true Canmore oasis backing on to the Bow River trail system on a 6,000 sq ft lot. As you step in you are drawn up to the main level that includes an open living room, dining room and kitchen all with vaulted ceilings and hickory plank flooring. The kitchen enjoys upgraded stainless steel appliances, eating bar and lots of storage. Just off the dining room is access to the large deck and huge backyard with a perfect firepit for family and friends to gather around. Completing this level is the primary bedroom, two additional bedrooms and upgraded four piece bath. The lower level with large windows features a family room, bedroom, three piece bath, laundry, gear room and two flex rooms that could be used at your discretion for a home office, sauna, or whatever suites your family. Enjoy the mountain views in and out and treed tranquility of this stunning serene location walking distance to town.

 

See full listing HERE!!