Embracing Fall in the Bow Valley: Market Insights and Seasonal Reflections
The evenings are starting to cool but the start of September has been fantastic with a colder and rainy day as I write this. Another successful Highland Games and the Kids are back in school means we are now fully focused on fall. The Bow Valley is still welcoming many visitors as we have always found September and October tourism staying strong. While out for a run on the local trails in Canmore and Banff it is great to overhear multiple different languages as I pass by locals and visitors alike taking in our stunning mountains.
Market Evaluation
On the graphs within this newsletter, you will see substantial increases in median sale prices, but I will caution reading too much into that as sample sizes allow larger swings in some monthly numbers. Next month we will be reviewing the 3rd quarter of the year which always brings more tangible comparatives. Our listing inventory continues to inch its way up but as we have been saying we are a far way off from what we have seen as a balanced market. For reference, since we started pulling these numbers almost 25 years ago the highest inventory was over 500 listings on the market in 2011 and the lowest was 56 in the intense post covid days of 2022. As of writing this in the second week in September our market currently has 159 active listings.
Market Demands
With the covid affect on listings and sales a great reference point is comparing our market to September 2019, just before the pandemic. Our listing inventory was 256 on September 1st which was 68% higher than September 1st, 2024 inventory. In terms of sales, all segments in August 2024 had fewer sales than August 2019 except for townhomes, which makes sense as many buyers are still waiting for the right property to make the move to Canmore or to move within the market. Speaking of moving within the market, we have begun to see the fall buyers looking for a property for ski season (and beyond) and often these buyers will move up and down in the market as the needs of their families change. They may start with an apartment style condo and then move up to something larger as the kids get older and potentially even larger again as they fall in the love with Canmore and look to semi-retire or retire here.
It truly is our pleasure to work hard and put our knowledge and experience to work helping our clients sell and/or buy their mountain home and would be excited to help any of your friends or family with all their Real Estate needs. We are never too busy for your referrals!
As we journey through summer, our hearts go out to the residents of Jasper, our fellow mountain town. From my youth camping trips to biking adventures as a teen, and now hiking and biking as an adult, Jasper holds a special place in my heart. We are all hoping that the residents can soon return to their beloved town.
For our summer newsletter we always take a look at some of the quarterly statistics, please see some insights below.
Real Estate Insights: Q2 2024
Market Activity Surge: The second quarter of 2024 witnessed a remarkable 43% increase in activity compared to the same period in 2023. Prices also rose across various segments.
Townhomes and Condos: Townhomes and apartment condos saw substantial year-over-year growth, with increases of 23% and 20%, respectively.
Hotel Condos and Single Family Homes: Hotel condos experienced more modest gains, with average sale prices up by 6%. Single-family homes followed closely with a 5% increase.
Inventory and Market Balance: While listing inventory slightly rose, it remains far below a balanced market. With a Months of Inventory (MOI) at 3.55, we’re firmly in a seller’s market. Even a 50% inventory increase wouldn’t tip the scales toward a buyer’s market.
Days on Market: Properties continue to sell swiftly, with single-family homes and lots being the only exceptions, hovering above 2 months. Historically, our averages fall between 2 and 3 months for all segments.
Looking Ahead: Anticipate more listings in August, September, and October. We hope this influx will help restore market balance, as eager buyers await the right properties.
Here in Canmore, excitement is building for the upcoming Canmore Folk Music Festival. This iconic event, which began in 1978, continues to thrive, with Blue Rodeo headlining this year. The trails around town are bustling, and last weekend’s Rockies 24 – a 24-hour mountain bike race at the Canmore Nordic Centre—was a resounding success. Our doorstep boasts incredible facilities and trails, a true blessing for all of us outdoor enthusiasts.
Enjoy the remainder of summer and remember that we’re here to assist with all your real estate needs. Referrals are always welcome!
**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**
June Bliss: Embracing Summer Joys and Real Estate Insights
June has ushered in glorious weather, painting our skies with stunning hues of blue as we embrace our summer passions. Whether you take a leisurely stroll or opt for a thrilling ride around town, you’ll encounter a myriad of happy faces indulging in outdoor activities like walking, running, hiking, cycling, or paddleboarding. Golf courses bustle with activity, further highlighting the blessings of living in this vibrant community, cherished by both residents and visitors alike.
Reflecting on the real estate market’s performance in the first five months of 2024 reveals a notable strength, boasting a substantial 38.9% increase in total sales compared to the previous year. While this surge surpasses the lackluster performance of 2023, it falls short of the historic highs witnessed in the post-COVID years of 2021 and 2022. A closer examination, considering the five years preceding the pandemic, unveils a modest 3.5% increase in sales compared to the average figures from that period. What’s the takeaway? We’re observing a return to more typical market dynamics, with a slight seasonal uptick in inventory. However, it’s worth noting that a greater inventory could potentially drive sales even higher, given the pent-up demand among buyers eagerly awaiting suitable properties.
Our current “months of inventory” metric remains notably low at just 2.21 months. This metric serves as a key indicator of market health, calculated by dividing the total number of homes on the market by the number of units sold in a month. Ideally, a balanced market typically sees a months of inventory figure ranging between 3 and 6. A figure below 3 indicates a seller’s market, while anything above 6 suggests a buyer’s market.
Considering these market dynamics, now presents an opportune moment to list your property if you’ve been contemplating it. Rest assured, we’re here to provide personalized insights into where your property stands amidst this evolving market landscape, helping you determine the optimal timing for your listing.
Lastly, we deeply appreciate your referrals; assisting friends and family of our valued clients brings us immense joy, and we’re committed to delivering exceptional service to each and every individual we have the privilege to serve.
Check out what’s happening around town this monthHERE
Congratulations to everyone involved in this transaction.
Tucked away in a quiet tranquil part of the desirable Homesteads neighbourhood, this 3 bedroom, 2.5 bath end unit townhome is an ideal choice. The open concept main floor features a spacious kitchen with stone countertop & eating bar & stainless steel appliances. A large dining room opens to the generous living room with a corner two sided fireplace plus a wall of windows & soaring vaulted ceilings that shares a view of the treed reserve space behind with access to the morning coffee deck. Up the stairs is sure to inspire with access to the jaw dropping 200+sqft sun deck & stunning mountain views. Also on this floor is the primary retreat with 5 piece ensuite & walkin closet. The lower walkout level enjoys toe-warming in-floor heat, two more bedrooms & a second full bathroom. This charming unit also has a single attached garage, powder room on the main level & provides close access to the river, Quarry Lake, the Nordic Centre & the many walking and bike trails Canmore has to offer!
Embrace the Spring in the Mountains: A Time of Renewal and Excitement
Spring has arrived in the mountains, bringing a mix of spring snowfall and stunning bluebird days. Fresh snow adorns the mountain peaks, signaling the end of the ski season and the beginning of a season filled with outdoor activities. The trails beckon for hiking, biking, and running, while the local mountain golf courses prepare for a vibrant summer. With the arrival of spring, wildlife becomes more active, offering opportunities to spot the natural inhabitants of our beautiful region.
Canmore Real Estate Market: A Glimpse into Inventory and Sales
Our real estate market, while still low on inventory, shows signs of growth with an approximate 20% increase in total listings in each of the past two years. This trend is encouraging, yet there’s a journey ahead towards a balanced market. When we compare the past five months to the same period in 2019, our listing inventory is down by 43%.
Sales Trends and Market Dynamics
In the first four months of 2024, the market experienced a 33% increase in sales compared to 2023, although it was 17% lower than the pre-pandemic levels of 2019. Various factors contribute to this with the most significant being a lower inventory in 2023 and 2024 compared to 2019 which offered buyers more options and required less patience from them.
New Listings: Tracking the Pulse of the Market
While we often discuss the number of listings, it’s worth noting the monthly influx of new listings. Excluding the pandemic years of 2020-2022, we typically see between 200 and 300 new listings each month. Last year marked a low at 175, but 2024 has returned to normalcy with 220 new listings in the first four months.
Months of Inventory: Understanding the Seller’s Market
Currently, we are operating under 3 months of inventory, indicative of a persistent seller’s market. This environment has led to increased competition, with multiple offers for well-priced, high-demand properties.
Gratitude and a Request for Assistance
We are grateful for your trust in us for your real estate needs. If you know someone interested in buying or selling, please consider referring them to our experienced team. Now, more than ever, having a skilled team is essential to making your Canmore dream come true or ensuring a smooth and profitable sale.
Silvertip Update
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.
Silvertip Market: 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: We are thrilled share the news that the road for Mountain Tranquility is aiming to be completed by mid June.
For a full update on Silvertip and Mountain Tranquility Place——> CLICK HERE
To learn more about the market and see historical graphs ——>CLICK HERE.
What’s happening thing month in the Bow Valley? ——>CLICK HERE
The Fun and Relaxation Markets- Investing in the Great Outdoors
Drew recently interviewed with John Hardy about the real estate market in Canmore. The April 2024 edition of business in Calgary contains the entire article. The write up starts by comparing the real estate markets between Calgary and the outlying more tourist based towns. John notes that when comparing real estate markets it is important to take the environmental factors of the area into account. Real Estate market’s have diverse influencing factors including floods, droughts, forest fires and public perception.
Canmore Market
Drew mentions that the poor air quality and interest rate hikes have not impacted the market here in Canmore. ‘ To this the point, the fires and the smoke have not really had an affect’ he says ‘ and mortgages don’t really have much of an effect on second homes in recreation property markets. In fact the trend and numbers are positive’. ‘Benchmark prices in all segments are up at a minimum 40 per cent, while inventory is unfortunately still down about 60 per cent.
Bouncing back from Covid
Now that covid is far behind us, the sales numbers are returning to more traditional seasonal sales patterns. Unfortunately, overall inflation and the lack of recreational properties available has resulted in a slower market in most popular recreational areas.
Financing
Drew felt it important to mention that a majority of property transactions in Canmore are made without financing. In turn, the higher interest rates have not discouraged most homebuyers. Due to the same reasoning Canmore homeowners are less likely to rent out their home, not needed to offset other increased borrowing costs. Comparing to other popular recreational property areas, Canmore is definitely a high end anomaly.
Canmore market Favoring the Seller
Coming out of Covid, the current Canmore market conditions tend to favor the seller. The a lack of inventory and a high demand for property leads to sellers being in a good position. The market appears to be slowing inching toward a more balanced market.
Zoning Laws
For the last few years Canmore’s zoning laws have restricted short-term rentals to specific areas. It is why the area hasn’t faced the same supply challenges as other areas and provinces, with an influx of investor-owned properties.
This article is extremely informative and a recommended read for anyone who is interested in the Canmore market both in the past and into the future.
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.
Hosted at the Canmore Nordic Centre Provincial Park (Site of 1988 Winter Olympic Nordic Events), you will have an unrivaled opportunity to watch your favourite skiers and teams from great vantage points. Access and transportation to the event from downtown Canmore is free. This event is free to attend, but we also offer an elevated VIP Experience, tickets are available here.
HeARTburn – the Bow Valley’s Burning Man community – returns to artsPlace with an exhibition of community-sourced artworks; showcasing an eclectic mix of dynamic and interactive art. Following the first principle of Burning Man, ‘Radical Inclusion’, we welcome all to come and participate in the event. This exhibition invites you to express and engage your own creativity! You’ll find artwork that requires your participation and interaction, as well as collaboration with others. Join the heARTburn community at the opening reception on Saturday Jan. 13, featuring live performance and music.
He has headlined clubs across the country including Toronto, Vancouver, Halifax, Ottawa and seemingly everywhere in-between. His ability to deliver smart, funny and original material earned him a prestigious spot on Canada’s largest comedy radio program, CBC’s Laugh Out Loud. He has opened for some of the biggest names in comedy including Bryan Callen, Theo Von, Doug Stanhope and SNL’s Sasheer Zamata. He is also the winner of Yuk Yuk’s 2014 funniest comedian competition which featured a starting roster of over 100 comedians.
February 19, 2024 -Doors at 7:45pm, concert 8:30 – 10 pm.
Join us for Live at Maclab and enjoy an evening of music and song with talented performers in a spectacular setting. The music Kacy and Clayton make is inextricable from where they grew up. They sing about the kind of people you’d find in Wood Mountain, Saskatchewan (population very few). The hills, barns and remoteness of the area are in these songs, with a bittersweet acknowledgment that this music has taken them far from home.
“We were raised on cattle ranches where we learned how to play traditional country music because that’s what everyone wanted to hear.” Their sound is equal parts homespun, coming from a family and community where playing music is an ever-present part of social gatherings, and the rare country, blues and English folk rock these second cousins obsess over and collect.
YWCA Banff’s biggest fundraiser of the year, the VINEart Gala and Auction. This highly anticipated event features delicious food and wine pairings, inspiring art and entertainment, and an exceptional live and silent auction! Proceeds from VINEart benefit YWCA Banff’s residential programs including our emergency shelter, transitional housing, affordable housing, and counselling services.
Canmore hosts the BMW IBU Biathlon World Cup 2024 March 14 -17, 2024. Races are FREE to attend, with VIP packages also available for purchase. As the final World Cup of 2023/24, overall globe winners will be awarded including the Nations Cup Champions. An estimated 25 nations will be competing at the largest Biathlon event ever held in Canmore. Free shuttle transportation is available from downtown Canmore, with plenty of community events scheduled at the newly renovated Canmore Nordic Centre. The action is fast, come experience the thrilling sport of Biathlon! Tickets are available for single day purchase, or for the duration of the event. The race schedule is below, please note there are no refunds on tickets to the event and the schedule is subject to change, for more information please visit canmorebiathlon.ca
The beginning of a new year is always exciting. We both want to wish you a healthy, happy and prosperous 2024! This newsletter is always exciting for us as it is a little more detailed and reflective as we look at where the Canmore real estate market has gone over the past twelve months and how that compares to previous years while also stepping back and looking towards the future of 2024.
The year of 2023 started with the second lowest inventory at the beginning of January. This continued to challenge the buyers in the marketplace with lack of options. Comparing to 2022, the inventory averaged out at the lowest of any year to date. This is important to note as when buyers do not have options in a recreationally driven market they tend to wait. The average listing inventory over the year was 111 which was 5% below 2022 and a startling 41% below the 10 year average.
Last year we predicted that the sales for 2023 would land between the 5 year pre-covid 2014-2019 average of 518 properties sold and the 2009-2019 sales volume of 455. Total sales for 2023 fell at 516 at the high end of that prediction but that also included a significant number of new construction hotel condo short term rental units. Looking at 2024 we would expect to see sales numbers between 400 and 450 unless the listing inventory increases which could pull the Canmore market sales to be at close to or above 500 sales.
For pricing year over year, we look at both the average and median prices broken up by market segment into Single Family Homes, Townhome Condos, Apartment Condos and Hotel Condos. I will break the average sale prices of each segment down below.
For Single Family Homes the average increase in the sale prices year over year for the past 10 years was 8.9% with one year having a 7.57% loss and all other years having gains between 0.24% and 38.8%.
For Townhome Condos the average increase in the sale prices year over year for the past 10 years was 7.1% with all years being an increase ranging .9% increase to 29.8% increase year over year.
For Apartment Condos, like Townhome Condos the year over year average sale prices increased each of the last 10 years. The average was 7.1% with a range from 1.6% to 12.7% year over year.
Lastly, for Hotel Condos we had a year over year increase in average price that ranged from 8.2% to 37.9% with the average being 17.0%. One note on this segment of the market the two previous years to this data set we saw dramatic decreases in average prices.
We get asked all the time about interest rates and how they affect our market. This past year we saw many buyers miss out on the market as they expected a dip in prices that never came. We find interest rate changes like we have seen over the past year does not have a dramatic affect on the recreational purchaser however we do see the affect in the entry level of our market limiting the ability for some buyers to get in. Now saying that we currently only have 5 properties for sale in Canmore under $650,000 with two of them being conditionally sold.
We do see a lot of media attention talking about the markets slowing down and prices adjusting however Alberta and the Calgary area are widely still expected to stay strong moving into and through 2024. The 2024 Royal LePage Market Survey Forecast has Calgary seeing a 8% increase in prices through 2024. In Canmore we are expecting to see price increases to be smaller and more balanced with a hopeful increase in listing inventory for buyers to choose from.
As always, if you are wondering about the value of your home, please let us know we are happy to update you on the current market!
2023 has been another year to be very thankful for!
Happy Holidays!
2023 was a year filled with so many blessings! Drew and I, with Katie’s fabulous help continue to help a great amount of buyers and sellers here in our mountain paradise. 2023 although down in sales volume from our market record breaking 2021 was still in the top 5 for sales volume. We are so very thankful to all our clients who continue to put their trust in us! We expect 2024 to be another good year even with a few parts of the market being affected with higher interest rates, noting that most of our market is not interest rate sensitive.
Reflections from Brad!
I continue to get out and enjoy our mountains with almost enough skiing, (never seems to be quite enough) , I enjoyed many days last year at Lake Louise with friends and a few with Joanna who was nursing her back which seems to be coming along well. I had a hi-lite of the Winter with a roommate from many years ago who lives in Golden, I worked hard to keep up to her on a 25 cm powder day from 9-4pm (I rarely ski that long) I was exhausted but what a day!
Not as much mtn biking or road biking this year, I pulled or tore something in my left shoulder which has left me working hard to get it back into full working order, stay tuned, not quite there yet.
We had a big holiday set up for Jo’s birthday in late May and the 1st 2 weeks of June.Jo and I landed in Istanbul for 3 days of exploring and time changing, we saw all the sights, the spice market, Grand Bazaar, we even had a food tour. We then went to join 10 of our friends for a week in Crete to celebrate Jo’s birthday. We had a 4 bedroom and a 2 bedroom with a shared court yard which was perfect for the 7 course birthday dinner feast I organized with a local chef that we had outdoors under the stars on the courtyard. The dinner was amazing and I even felt that we had maybe a little too much food which is hard to believe. All 12 of us loved Crete! The food was so unbelievably great and inexpensive, friendly people, easy to get around once there, nice weather and who knew that they have such big mountains, would love to go back and do some biking. We chartered a yacht for a day and went to explore some of the surrounding islands and beaches, that was fabulous as well.
Jo and I went back to Turkey for what was to be another 12 days but you will have to ask me about my passport issue and it only having 5.5 months left where they denied me reentry into Turkey. The upside to ending our trip early was that between us booking this trip for Jo’s bday and us leaving was that Cal obtained an internship in Calgary that was starting at the beginning of June. If our trip would have continued in Turkey I would have missed out on the opportunity to spend all of June outside of work with Cal while he was in Calgary so that was a big upside I am very thankful for. It was great having Cal back out west again after much of the previous 4 years back east. Cal’s internship was part of his program that allowed him to graduate from The College and Sports Media in Toronto. He was with Sportsnet The Fan 960 radio in Calgary for the 2 months for his internship and then onto Sportsnet The Fan 590 in Toronto until late November. Cal was loving all he was learning and the people he was meeting with Sportsnet and then a TV job opportunity became available in a small market in Alberta , he applied and got the job and started Dec 4th. Cal is the weather / news / sports anchor plus will have an opportunity to do the colour and play by play for the local hockey team in the new year. His passion is more to be in front of a camera and this is a great opportunity to hone his talents and get a lot of practice. I am very excited that we will be able to meet up more being a lot closer than Toronto.
Lauren is loving her coworkers and her job that is in a department of the federal government. Lauren helped coordinate a conference in France last Spring and loved the travel and went to London to visit some friends after France. Lauren is still able to work remotely and came to the Lake for several weeks. It was fabulous having her nearby for meals and adventures when she was not working. Lauren also was able to get a puppy this summer and Cash is wonderful, high energy for sure which is a puppy’s job. Cash is a lot of fun and so very cute. Lauren will be here for Christmas and for part of ski season and will work from home while she is here, I am very excited to have them both here!
Jo’s has had an extremely busy work year and she is very thankful for her clients support as well. Jo has been volunteering with the Calgary Stampede Board helping mentor young ladies, and of course they love her too, no surprise there! We had a trip planned to Japan for the 1st 2 weeks of Feb 2024 that we seemed to be holding back on booking for some reason which is not like us, we have recently decided to shelve that trip for a year or 2.
I have been out skate and classic skiing several times and actually bought some new classic skis and boots which I am loving! I am still getting to the gym 5 – 6 times a week but I need to pick my attendance at Yoga as I only seem to get there once or twice a week. I have some ski buddies coming for a couple of days in early March and I hope to do a tour in BC to see my skier friends at various resorts. My new passion is wake foiling which I picked up in August when I got back to Alberta and expectthat to be woven into my other non winter activities for a long time, I love the peace and tranquility of carving through the water but I still have so much to learn. I am having fun trying a new sport.
Happy holidays to everyone and all the best in health, happiness, love and prosperity in 2024 and beyond! Brad xo
Reflections From Drew!
Wow, another wonderful year in the beautiful Bow Valley. It is amazing how quickly the year has passed. Last year was exciting as it started with Brad and I having the opportunity to host skiers/snowboarders and a group that snowshoed from across Canada to show them the beauty we get to live in. It is always great to see the reactions and excitement of the people that visit Canmore and Banff.
The food drive was another great success, thank you for all of you that helped out whether it was by helping to collect the food (we go door to door throughout Canmore) sort the food or through a food/monetary donation. If you were not in the Christmas spirit before the food bank drive, you sure are from that moment forward.
Asher has enjoyed 2023 as he moved from grade 10 into grade 11. In the spring he played soccer again for his high school team (Canmore Collegiate High School). In the fall he was back on the field to play another year of football, I am not sure what he enjoys more but both are definite passions. When not doing schoolwork, soccer or football Asher is often found at the gym or better yet on the ski hill. He continues to work part time which will help as he just passed his drivers test…. Make sure you look both ways out there 😉
Hannah had a great season of competitive cheerleading heading back to Florida in the spring to compete at the World Championship. It was exciting to see Hannah over the last year start to transition to coaching teams and she is a natural. Hannah also entered Mount Royal University and is excelling; she will make an amazing teacher!
Brendan is now in his third year of biomedical engineering at the University of Calgary. His work ethic and long days/nights are helping him not only survive but thrive. He was invited to present at a Biomedical Conference in Banff in October and is excited to see what this next year will bring with an opportunity to start a Co-op in May.
My folks are doing very well, and it was nice to get out with them this past weekend to see the lights at Spruce Meadows.
We were able to travel more this year. It was great to go with Cheryl down to Florida to support Hannah. We truly were there to enjoy watching Hannah but felt different as Hannah runs the show herself. After the competition Cheryl and Hannah got to spend some mother daughter time swimming with Manatees and enjoying the Clearwater area of Florida.
My brother and I have been trying to plan a golf trip to Ireland for the last 10 years and we finally went in June. It was such a great trip and my first time there. While the golf had its ups and downs, Ireland was stunning and I will find my way back there soon I hope, the next time with Cheryl.
A long time in the planning was our summer holiday down to Florida and the Caribbean on a cruise to celebrate graduation of all three kids. Brendan’s was a couple of years late; Hannah was on time and Asher was a couple of years early. Cheryl and I fully understand that as the kids get older times like these will be harder and harder to come by so this was a very special time for the five of us.
In November, Asher and I were able to get away for a university tour out east. It is hard to imagine having all three kids at university in a couple of years.
As I look back on the entire year, it was also with a lot of fun activity be it trail runs, bike rides, golf and just most of all fantastic family time. I hope this finds you and your loved ones healthy and happy, and my family and I wish you great health and happiness in 2023.
