January 2022 Newsletter: Canmore Real Estate Market – 2021, Lack of Inventory is the Story!

Our January newsletter is out! This month we review the market in 2021 and discuss what it might look like in 2022.

Canmore Real Estate Market – 2021, Lack of Inventory is the Story!

As we both look back on 2021 and forward to 2022 the pandemic continues to be a continual point of discussion. At the beginning of 2021 we were all hopeful to be putting the pandemic behind us. As we enter 2022, we are thinking the same thing. The market in 2020 was the busiest on record by over 27% and in 2021 we surpassed 2020 by almost 35%. I always like to compare this market to our previous most active time in the early 2000’s and to do a true comparison we need to remove the hotel condo sales as those types of properties did not exist 15 years ago. Even removing those from our numbers this year our total properties sold was over 18% higher than the second highest year. Another item to note is this is the first time we have ever seen an increase in sales 3 years in a row.

In January 2021 we were concerned about listing inventory and what affect it would have on sales this past year and that concern is even more exaggerated this year as we are down to 56 listings at the beginning of the year from 154 just one year ago today. With this in mind we are expecting to see strong interest and activity in 2022 with many buyers waiting for the right homes to come to market while also seeing pricing pushing up with the dramatic lack of supply.

Read more:
https://mailchi.mp/462d87c28bca/january-7484174

The Canmore Market Has Seen the Strongest 4 Quarters Ever!

Previous to July 2020 the highest volume in a quarter was 190 total sales in the market.

This past year we saw numbers that were 28.4%, 51.6%, 50.5% and 36.8% higher than the previous record high.  These numbers are staggering and while we have been speaking of this market for the past year, this just emphasizes where the market is sitting.

Our listing inventory continues to be low however we are starting to see the signs of it increasing. That said, it does have a long way to go to get to a balanced market.  Our month of supply range from 1.1 to 3.2 months depending on the property type.  The general rule of thumb was that a balanced market sits around 6 months of supply but with the Single Family Homes we are moving closer to that point and on the borderline of balanced.  A typical market that has experienced a very strong cycle with price increases will typically see new listings coming on the market that are really pushing price points beyond what buyers are willing to pay so they sit on the market for a longer period of time and while they may sell they often need to have price adjustments to do so…

https://mailchi.mp/ebae7c4332f4/july-2021

May Newsletter Now Available!

Listing Inventory Continues To Be Scarce!

With the last 10 months of record sales the listing inventory continues to be incredibly low.  The last two months have been very consistent with 123 and 124 listings respectively.  These are the lowest numbers we have seen for a listing inventory during this time of the year.

We hope you are all staying healthy and safe and please let us know if you are thinking of selling or buying, we would love to help.

Click here to access this month’s newsletter.

New Article Featured with CTV News: Recreational Housing in Canmore

What is Recreational Housing?

Recreational housing includes residences that are used as a secondary “vacation” home. According to Phil Soper, the line between recreational and residential housing is blurring in this pandemic era. Royal LePage has predicted that Canada’s recreational housing market will increase by 15% this year alone! For Canmore, that market is predicted to have a 6% increase for 2021.

 

Canmore’s Recreational Housing Market

Brad Hawker, the Broker of Royal Lepage Rocky Mountain Real Estate discussed the forecasted 2021 price increases for Alberta’s recreational housing market with CTV News.

In this article, Brad discusses the new wave of young and middle-aged buyers wanting to live in Canmore, especially with the increased number of remote workers that want to have a scenic place to work. It seems as though people’s mindsets are shifting away from bustling city living to find more scenic places to work online.

Click here to read more!

Business in Calgary Featured Article

Is now the time to buy recreation property?

Brad spoke with Jamie Zachary regarding the recent upswing of recreational property purchases during this pandemic.

Last March, sales decreased by 80%, then spiked in May 2020. Since then, the Canmore market has taken off – more than Brad has seen in his 29 years of real estate. Whether it’s people taking early retirement or working from home, the demand for Canmore recreational properties is not going away any time soon. Many buyers are also making cash purchases rather than financing these properties.

Check out the article here.

April Newsletter Now Available

Canmore Real Estate Market continues to be very active!

 

The last month has continued to surprise us – many properties are having multiple offers and are selling close to the asking price. In a rare situation, a property sold for over 17% above the asking price, and those in multi-offer situations are selling an average of $5,000 to $30,000 above asking!

We are seeing more situations of backup offers and it is surprising how often these offers are successful for the buyer to purchase the property.  Please call us to find out more details on how to best navigate this seller’s market and strategies to find success.

Click here to access this month’s newsletter.

March Newsletter Now Available

Canmore Real Estate Market continues to be very active!

 

While the current restrictions in place are limiting some activity including open houses to date, showings are still allowed with us following set guidelines for the safety of everyone. With longer days and stunning weather, the time is right to enjoy all that our mountain lifestyle allows!

The Canmore Real Estate market’s unprecedented activity is staggering as we have seen 8 of the 9 busiest months of all time, with a 322% increase for January and 188% increase for February comparing 2021 to 2020.

Click this link to access this month’s newletter: https://us8.campaign-archive.com/?u=2f2b6888201aaa35d155d0971&id=35912b10ca

April 2020 Newsletter Now Available!

Wishing You Health and Safety Market Update

We both wanted to reach out with our monthly newsletter for April to wish you all the best during this challenging and unprecedented time.  We are all doing what we can to help each other during this worldwide pandemic.

While we all must and will do our part through social distancing and self isolating, we wanted to ensure you that we are here to help in any way we can.

 

Please click on the link to access the newsletter. April 2020 Hawker-Betts Real Estate Newsletter

January 2020 Newsletter Now Available!

Canmore Real Estate Market’s Highest Sales Number for 2019!

2020… A new decade has begun. We love the turn of the year as we get to track our market that paints a much clearer image of the trends in market as our small market size means that monthly and sometimes even quarterly numbers can easily get askew with the lack of data.

The Canmore Real Estate market has the highest sales number ever in 2019 with a 12.7% increase in properties sold over 2018 and less than a percentage increase over the markets top sales years of 2005 and 2016.

Please click on the link to access the newsletter. January 2020 Hawker-Betts Real Estate Newsletter