Canmore Housing Action 2025

The livability Tax Program

A new tax rate has been introduced for Canmore properties in 2025. The goal is to incentivize the full time/long term occupancy of homes. The town of Canmore has sent letters out to all homeowners on October 30th, 2024 to inform them of this change. More details can be found at https://www.canmore.ca/your-government/projects/housing-action

A summary of the program is below:

Any owner of a residential property, or their authorized agent, will be required to annually declare if their property qualifies for the primary residential subclass by December 31 of each year.

How do I know if my property qualifies as a primary residence?

  1. To qualify as a primary residence:
    1. the property cannot be a tourist home,
    2. an owner or renter must live in a dwelling unit on the property for at least 183 cumulative days in a calendar year,
    3. 60 of the days must be continuous. This does not mean the owner or renter can’t go away for the weekend or on vacation, it means the property is your primary residence you return to. This provision is meant to preclude properties being rented out short-term from qualifying.

How do I declare my properties status?

Residential property owners in Canmore will need to declare whether it was occupied full-time during the past year. Failure to declare will automatically assign your property to the higher tax rate. Only one declaration per tax roll is accepted.  Declarations are due by December 31, 2024. To declare your property go to canmore.ca/HousingDeclaration. You will need your tax roll number and access code to complete the declaration.

  • The letter mailed out to residential properties on October 30, 2024 contains the tax roll number and access code for you to complete this declaration.  
  • If you have not received your letter by November 8, email taxes@canmore.ca for assistance. 

Declarations will be required by December 31st of each year for the purposes of assessing taxes owing in the following calendar year. For example, a declaration attesting to the property’s qualification as a primary residence in 2024 will be due by December 31, 2024, for the purpose of assessing the 2025 property taxes. Print and/or retain a copy of your declaration for your records.

Additional Program Details

  1. Apartment buildings and employee housing as defined in the bylaw, and individually titled residential parking stalls and storage units will be automatically placed in the primary residential subclass, no declaration will be required.
  2. There will be a number of exemptions that preclude owners from occupying or renting out their properties in a year. In order to have an exemption recognized, a declaration will still need to be made. The exemptions include:
    1. the owner is hospitalized, or placed in a long term or supportive care facility,
    2. the owner passed away,
    3. a dwelling unit on the property was impacted by a catastrophic event that precluded occupancy,
    4. a dwelling unit on the property was undergoing permitted repairs or renovations that precluded occupancy, or
    5.  written order was in force that prohibited occupancy,
    6. the property was sold to an arm’s length party.

How much will the taxes be?

This will come about from future decisions. As part of the regular budget process, Council will determine how much livability initiative funding revenue to collect each year, then in the spring, using the property tax mechanisms, be asked to set the tax rates needed to collect the budgeted amount.

A range of values was presented to Council at the August 20, 2024 meeting, for informational purposes. You can take a look at the table presented under Council Meetings 2024/August 20 agenda package (item # G-1 which starts on page 46) on this link.

For the median assessed residential condo ($761,000), for the range of values presented to Council, at 0.10% of assessed value, the increase in municipal taxes would be $761, and at 0.40%, it would be $3,044. For the median residential property ($1,043,000), at 0.10% it would be a $1,043 increase in municipal taxes and at 0.4%, it would be $4,172.  Please note they have not decided on the rate and in the spring will announce the rate for that year.

Go to the Town of Canmore website for more information and to submit your declaration.

Where will these increased taxes fund

The town of Canmore has stated these funds will “go towards funding affordability initiatives in Canmore. This could be used for a variety of community assets from land purchase for affordable housing, to paying for infrastructure that supports housing development.”

September 2024 Newsletter

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!

CHECK OUR OUR OTHER NEWSLETTERS HERE

Summer 2024 Newsletter

Summer in the mountains

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**

To view current listings click HERE

June 2024 Newsletter

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 month HERE

SOLD- 21, 205 Carey

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!

Click HERE for more information.

May 2024 Newsletter

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

Business in Calgary with Drew Betts

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.

Full Article 

If you are interested in the Canmore real estate market, check out our monthly newsletters HERE

New Listing- 1, 829 Wilson Way

📍1, 829 Wilson Way
💲999,000

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: HERE

February 2024 Local Events

Cross Country Skiing World Cup

Canmore Nordic Center February 9th-13th, 2024

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.

https://www.albertaworldcup.com/

HeARTburn: Interactive Art Exhibition

January 4 – February 11, 2024

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.

https://artsplacecanmore.com/whats-on/exhibitions/heartburn-interactive-art-exhibition

Friday Night Comedy: Todd Ness with Sarah Stupar

Friday, February 16th- Doors open at 7:00pm

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.

https://artsplacecanmore.com/whats-on/music-and-performance/todd-ness-with-sarah-stupar

Banff Fenlands Center Family Day- Monday, February 19, 2024

February 19th, 2024- 10:00 AM - 3:30 PM

Celebrate Family Day at The Fenlands! Enjoy skating, curling, shinny, sticks & pucks, outdoor nature play and more!

  • Crafts and Into the Wild Nature Play: 11 a.m. to 3 p.m.
  • Public Skate: 10-11:30 a.m.
  • Sticks and Pucks: 12:30-1:45 p.m.
  • Public Skate: 2-3:30 p.m.

https://banff.ca/Calendar.aspx?EID=24209&month=2&year=2024&day=19&calType=0

Kacy & Clayton Live at Maclab

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.

https://www.banfflakelouise.com/events/kacy-and-clayton-live-at-maclab

Future Events:

 

VINEart Gala & Auction

March 24th, 2024- Fairmont Banff Springs

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.

For tickets and to learn more click HERE!

 

BMW IBU Biathlon World Cup 2024 Canmore

March 14th-17th 2024

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

https://www.eventbrite.ca/e/bmw-ibu-biathlon-world-cup-2024-canmore-tickets-688037347227?aff=ebdssbdestsearch

Check out our Newsletter this month to learn about current local real estate trends. February 2024 Newsletter

January 2024 Newsletter-Year end and our market moving forward, a statistical extravaganza!

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!

 

Click HERE for monthly newsletters.