Category: Uncategorized

The title may not be what you were expecting however the numbers are interesting when you dig deeper.  If we remove the last three record breaking years we see the number of sales in February being 8% higher than the average number of sales for the 5 years before covid.  What makes this more surprising is that we still had that many sales with listing inventory to start the month 55% lower than those same 5 years prior to covid.  In almost all years we see the listing inventory starting to rise through February but this year it stayed exactly the same.  That could definitely be a function of the lack of inventory however new listings hitting the market in February 2023 is down by 23%. As we start to transition from our winter to our spring market we do expect more listing’s to come to market however with the lack of supply we have been experiencing we do have many buyers that are waiting for the right property so it does look like the lack of inventory will continue through the spring market.

During the less active months like February we do see more swing’s in the statistics with less quantity of data.  As an example only 2 single family homes sold, the data does not reflect the current market.  Next month we will do our first quarterly newsletter of the year which is a much better foray into a more overall outlook.

As you can see above, if you are thinking of selling your home now may just be the perfect time. We would love to get together to go over all of this and how it will relate to you and your property.

We are excited to help you with your real estate needs today or in the future. If you know someone who is looking to buy or sell please give us a call, we are never too busy for your referrals!

For over 20 year we have supported the YWCA Banff and Bow Valley Victim Services to help eradicate abuse all a part of our long term commitment to the Royal LePage Shelter Foundation. During this time we have realised over $85,000 here in the valley in financial support for this worthy cause and we are looking for more help from you.  YWCA Banff remains committed to shaping a safe and inclusive Bow Valley that empowers women and their communities for a better future. With limited revenues from the hotel and uncertainty of government funding since the onset of the pandemic, as well as significant increases to the demand for our services, the YWCA Banff needs support more than ever.

We encourage you to take some time to check out the VINEart Gala and Silent Auction which takes place on March 18^th. Bidding on silent auction items will also close on March 18th.

Proceeds from the VINEart Gala help all those accessing our YWCA services, including women and families across the Bow Valley to build their own thriving futures, free from violence.

Read the full Newsletter HERE

If your new to the Canmore, you will quickly realize that the community is all about supporting local, appreciating arts and creativity, and enjoying the outdoors. Living here, you cannot help but find yourself captivated by the multitude of events that happen throughout the year. Whether it’s a -40 day in winter or a +40 day in summer there is almost always something to occupy yourself with in Canmore.

The ‘Great White North’ rings true to its name:

No better way to start the year than with a New Years Eve party. Each year the Town of Canmore put on a NYE event, Ring it in at the Rink. This event caters to all ages with ice skating, live music, DJ’s, crafts, and fireworks at midnight. NYE at the Rink is a fun family friendly event that gets everyone in a positive mindset for the year to come.

Once the excitement of NYE is over and February approaches its time for another community-based event, Canmore Winter Carnival. Living in Canmore you quickly discover a love of winter. Being in such close proximity to four Ski hills, the Nordic center and ice-skating rinks, it’s hard to imagine living anywhere else. The Canmore Winter Festival is a celebration of all things winter. It happens every year in mid-February. There are multiple events, ice carving, Axe throwing, Biathlon demonstrations and log saw challenges, to name a few. The creative talent in this town is outstanding and the ice carvings are not to be missed.

Spring Has Sprung:

As the temperature increases so does the ambiance in town. Spring skiing emits a different kind of energy. There is a buzz in the air, the trees are turning green, and the vast array of local wildflowers are starting to creep out. With this energy comes a new human, one that has hidden the amongst the locals for months. Disguising themselves as a skier, ice skater, climber, you name it they have tried it. Who is the illusive human? That would be the mountain biker. Canmore has a massive biking community. Whether its road, town, or mountain bike, once the first tree starts budding (sometimes even before) you will start to see peddles being pushed.

As we start to see bikers, we know that Canada Day is just around the corner. There is a free pancake breakfast hosted by the Rotary Club and a parade on Main Street throughout the day.  That evening there is a firework display at around 10pm. It is always a great day out for people of all ages.

Sweet Melodic Summer:

 

One of Canmore’s biggest events each year is Folk Fest. Happening on the Heritage Day weekend in august, it is the perfect mid-summer celebration of music, with open air concerts and some wonderful musicians from all over Canada. Located mainly in Centennial Park it is lovely to see the town bustling with jingles in the air.

Canmore derives form the Gaelic word ‘Ceann Mór’ meaning Big Head. As with many Canadian towns, Canmore has a lot of Gaelic and Celtic influences. In early September Canmore host a highland games celebration. Scottish music, a wonderful British car show, tug-o-war competitions, heavy sports games  and of course a Cèilidh (Traditional Scottish gathering with music, dancing and story telling) are just some of the astonishing events over this weekend.

As the Leaves Turn:

We start to get into the fall colors not long after the highland games and Larch season is not one to be missed. As the trees start to change the larch trees are radiant with wonderful shades of yellow and amber which really pop against the mountainous greys and greens of the valley.  A vast amount of people come to visit to experience this beauty. We recommend a hike through larch valley in September, you will be in awe at the beauty of fall, it truly is breathtaking.

As the snow starts to trickle, ski season creeps back in and before you know it you will be on the slopes with some of Canada’s best snow at your fingertips.

Christmas in Canmore is magical, it really feels like you step into a Hallmark movie. The atmosphere around town is infectious, the lights, decorations and snow really make for a picture-perfect Christmas setting. The craft markets at this time of year are the perfect place to pick up extra special hand-crafted local gifts for your loved ones.

Whether you enjoy skiing in the winter, or relaxing in lakes in the summer, Canmore has something for you. This town is a vibrant, active, and social hub hidden right at the edge of the mountains. Just over an hour from Calgary international airport, Canmore is easily accessible and the perfect quaint mountain town to call home.

Follow us on Instagram and Facebook 🙂

Recently we were approached by The Globe and Mail, they were interested in writing about our newly sold property 349 Lady Macdonald Crescent, Canmore. The eye catching curb appeal of this 3+ bedroom, 3.5 bath home is just the beginning. With stunning mountain views & light flooding in through the soaring windows & generous use of stone & log accents inside & out you will truly feel home in the mountains. Below is the article that they published. We would like to congratulate both the buyer and the seller on this transaction.

 349 Lady Macdonald Cres., Canmore, Alta.

Asking price: $1,290,870 (November, 2022)

Selling price: $1.2-million (January, 2023)

Taxes: $5,141 (2022)

Days on the market: 50

Listing and buyer’s agents: Brad Hawker and Drew Betts, Royal LePage Solutions

The action

This three-bedroom house was customized around the natural slope of a 41- by 115-foot lot, so it has a multilevel layout with four staircases inside. That setup was a deal-breaker for some buyers, but acceptable for others. A returning expat, bowled over by the home’s wood and stone aesthetic and the proximity to Banff National Park made a $1.2-million offer the first week of January.

“It’s a striking home in the neighbourhood on a corner lot with great views, so a lot of people wanted to see it,” said agent Brad Hawker.

“There were other listings, but not with the same alpine appeal.

 

What they got

This 28-year-old house incorporates a built-in garage and nearly 2,700 square feet of living space across five floors, including recreation areas on two separate lower levels.

The front door opens into a living room with a wood-burning fireplace and double-height ceilings. A short flight of stairs leads up to a dining room and casual entertaining space. In between them is a kitchen with an island, granite countertops and sliding doors to a deck and a yard.

The top level accommodates two bedrooms and a primary suite with a walk-in closet and largest of four bathrooms.

The agent’s take

“It has a couple great outdoor living areas with a fenced backyard and a big deck, big enough for a large dining area for eight to 10 people,” Mr. Hawker said.

“At the front, there are two separate outdoor spaces that have sun throughout the day and amazing sunsets.”

Local outdoor attractions are also within easy reach. “It’s very close to hiking and biking trails, as well as a hockey rink,” Mr. Hawker said.

 

To see more on this visit The Globe and Mail.

If you enjoyed this post, and want to keep up to date on the Canmore Market subscribe to our monthly newsletter.

We are excited to announce the sale of this beautiful Downtown Condominium!!!💯

Visualize this spacious and upgraded 901 sq ft 3rd floor open plan 2 bedroom executive condo has panoramic south mountain views from East to West overlooking tranquil Policeman’s Creek. This well taken care of unit boasts many upgrades including cedarstone countertops with large eating bar, stainless steel appliances and oak flooring along with stunning furniture to make this completely turnkey. The open floorplan connects the kitchen through the living room and out to the view deck. The master bedroom has double closets and ensuite bath while a second bedroom, full bath and laundry room complete the package. Other features include toe warming in floor heating throughout, 1 heated underground parking stall and additional storage. Great full time or part time residence this condo can be rented out short term as a tourist home. The building has secure elevator access and is a stone’s throw from all the services of downtown Canmore with immediate access to walking, running and biking trails.

We appreciate everyone who contributed to the success of this sale.

Are you still seeking for the perfect mountain town home? Check out canmorerealestate.com

What is it and how will it effect the Canmore market?

On January 1^st of 2023 a new prohibition was enforced for Canada. The new act states that a non-Canadian will be prohibited from purchasing residential property, subject to certain exceptions, for 2 years.

A copy of the act is available here – https://laws-lois.justice.gc.ca/PDF/P-25.2.pdf

**Some thoughts below however please let us know if you have more questions as we can help facilitate getting you answers on it from local lawyers and accountants**

This new prohibition is in response to the rising costs of housing in Canada. The idea is that this will halt flipping houses and minimize the number of underused houses. It does beg the question if this will really solve the problem. Before we get into that, lets first break it down for you.

Who it applies to? 

It refers to anyone who is NOT a Canadian citizen, permanent resident or person registered as an Indian under the Indian Act. It will also apply to non- Canadian corporations.

A non- Canadian corporation includes:

-A corporation that is not registered in under the Laws of a Canada or a Canadian province.

-A corporation that is incorporated under the laws of Canada but is controlled by a non-Canadian. The control is set under Regulations and includes direct or in-direct ownership of 3% or more shares.

What are the exceptions?

As with most Laws, of course, there are some exceptions. If you are a person who is a temporary resident under the immigration and refugee act, a protected person, if you are a non- Canadian who purchases property with your spouse or common law partner who is Canadian, or a person of a prescribed class of persons you are exempt from this new prohibition.

What properties are controlled under the new act?

The act states that any residential property, condominium, and vacant property that is zoned as residential or mixed use is prohibited from being purchased by a non-Canadian. Meaning, if the property is used to live in long term or short term it cannot be purchased by a non-Canadian as defined under the act.

Are there exceptions to the properties defined under the act?

Yes, there is certain properties that do not fall under this new prohibition. Any property that is outside of a census agglomeration. What does that mean? It basically means that the act may not apply to properties in small urban centers and non-urban areas.  For example, the act DOES affect Canmore but smaller non-urban areas such as Drumheller are NOT affected.

A link to a map of the areas can be found here – https://www12.statcan.gc.ca/census-recensement/2021/geo/maps-cartes/referencemaps-cartesdereference/sgc-cgt/files-fichiers/2021-12572-01-C.pdf

So, will it effect Canmore?

As Canmore is a town with a high number of weekend/holiday homeowners we have historically seen a significant number of Non-Canadians purchase real estate. We have seen that number drop considerably in the last 10+ years and dropped to almost nothing during the height of the pandemic.

While some buyers will be frustrated they cannot purchase for these two years, it may have a larger effect on the market when they are allowed to enter the market again if the planned expiry of January 2025 follows course.

Time will tell of course but with a small reduction in buyers we may see an increase to our dreadfully low inventory but I do not expect it will be very significant.  Should Non-Canadians want to spend time here they may choose to rent properties long term until they can buy which may make rental properties harder to come by for local Canmore residents and future residents (and/or raise the rental rates)

We know that this is a lot to absorb. It’s a lot of information and it will be interesting to see the outcome when the two years are up. Will it help with the lack of inventory? Will it slow down the rising cost of real estate? We will have to follow the housing price trends closely over the next couple of years.

If you are interested in following along with the housing price trends with the new prohibition instated, subscribe to, and read our monthly newsletters here. https://canmorerealestate.com/newsletter/

As we pass through the first month of the year, the market continues to struggle with a significant deficiency in the number of listings. As of early February 2023, we have 81 active listings in all market segments.  In 2022 we saw record lows for listing inventory and only January and February of 2022 were lower than January and February of 2023.  To put this into perspective, if we look at the last 20 years of our market the average listing active inventory sits at 238 listings and the highest active listing inventory was 524 listings.

The media continues to talk about the real estate markets across Canada but this is a good example of how both Alberta and more specifically Canmore is quite insulated.  We have seen the rising interest rates affect first-time buyers and move-up buyers in the market. However, the second-home buyer, work-from-home buyer, and the retirement buyer tends not to be as affected by rate increases as many of them are not wanting financing. With the amount of buyers that continue to see all the benefits of Canmore as a recreational escape, retirement home, or a combination of the two continues to drive increased demand which is proving challenging with this low listing inventory. The number of sales is less than half of the record-breaking 2022 but very consistent with January sales pre-pandemic.  This continues to support our opinion that the market is moving back to the pre-pandemic sales volume with the added aspect of a lack of inventory. Currently, the market has 19 Single Family homes ranging in price from $1,319,000 to $8,717,800, 43 condos ranging from $419,000 to $1,575,000, and 8 full-ownership hotel condos ranging from $549,000 to $829,900.

With the lack of inventory if you are considering selling, now may just be the right time.  Please reach out to us so we can help you with more detailed and specific information.

We were excited to welcome close to two hundred and fifty Royal LePage Brokers, Agents, and staff from across Canada in January for a great networking opportunity.  We were able to plan an adventure day to show off our backyard and make connections while learning about different markets and expanding our skills. We also raised around $5,000 for the Royal LePage Women’s Shelter Foundation. Opportunities like this reinforce how blessed we all are to call Canmore and Banff home.

To read the full newsletter click this link; February 2023, Newsletter

           

We both hope you had a fantastic holiday season and wish you a healthy, happy and prosperous 2023!

As we look further into 2023 we are expecting to see the market continue to be trending closer to the a more average non covid year given our lack of inventory and interest rates hikes slowing different market segments of our market. We see our sales volume being between the 5 year pre-covid 2014-2019 average of 518 properties sold and the 2009-2019 sales volume of 455.

The last few years have been such a deviation for real estate markets worldwide and Canmore is no exception.  Prior to 2022 when we look at total number of sales in the Canmore Market, from 2000 to 2019 the annual sales volume was 439 total sales and an average sale volume of 475 if we include the 2020 and 2021 record highs.  This is important to note as 2022 saw 556 total sales which is less than 1% lower than the 561 total sales in 2019.  Looking at the quarterly sales volume we did see a little dip in the number of properties sold in the 3^rd quarter but the market finished strong with the highest sales volume 4^th quarter on record excluding 2020/2021.  The dip in the 3^rd quarter seems to be tied to the hesitation with the rise in interest rates along with lower inventory but the buyers were able to feel more confident going into the 4^th quarter to more than make up for that slow down.

The listing inventory has such a strong effect on the market, as do interest rates but from opposite ends , the average inventory on January 1^st for each of the 5 previous years prior to the pandemic was 172 active listings, this year the market has 81 active listings which is the 3^rd lowest number of listings of all time. (trailing only Jan and Feb 2022)  The 1^st time buyer and local move up market is slower as the higher interest rates are having their intended consequence, slow down the market.  Some buyers who are not needing financing are waiting on making a purchase hoping for prices to come down materially but we do not see that happening unless there are major job losses locally and regionally for a sustained period which again we are not seeing the factors that would lead to that situation.  Year over year sale prices in all market segments are showing increases on average between 10 and 30% depending on property segment.

We do see a lot of media attention talking about the markets slowing down and prices adjusting however we have seen the craziness of the 2021 market post pandemic balance out and while pricing is not equal to the multiple offer supported prices of late 2020 and 2021 we do see stability with many buyers not needing financing and should properties be priced correctly they are selling. (as the lack of inventory shows) We see prices being almost flat this year.

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!

Check out the Newsletter : canmorerealestate.com

Its been a busy month for us, Another gorgeous property sold.

The eye catching curb appeal of this 3+ bedroom, 3.5 bath home is just the beginning. With stunning mountain views & light flooding in through the soaring windows & generous use of stone & log accents inside & out you will truly feel home in the mountains. Entering the home, you are pulled into the living room with wood burning riverstone fireplace. Steps above is the expansive kitchen, with granite counters, which flows to the dining & family room plus access to 2 stunning outdoor spaces including the south facing mountain view deck & private back yard. Don’t miss the bird’s eye maple hardwood flooring on this level plus the upper level which boasts a primary retreat with spa inspired ensuite along with two additional bedrooms & another full bath. The lower area boasts a great flex room which is perfect as a home theatre room or guest space. Also on this level is a full bath, a home gym which could also be the 4th bedroom & access to the garage with bonus ski/bike tuning area.

Thank you to all associated with this sale.

Check out the sold listing on our website for more information: canmorerealestate.com

Can you believe it another beautiful property sold.

Take a look at this stunning 1,036 square foot fully furnished 2 bedroom 2 bath corner view unit with open living space at the quiet end of Solara. This unit could be benefiting from the profitable rental program and is eligible but is presently not participating. The kitchen features granite counter tops, newer stainless steel appliances and a fantastic eating bar. The kitchen opens to the spacious dining room and an amazing living room with fireplace that pulls you toward the wall of windows and access to the large deck with stunning panoramic views from Three Sisters to the Rundle Range and all day sun. The primary bedroom includes a fireplace and 4pce ensuite bath. A second bedroom enjoys ensuite privilege to the main bath. Other features include in suite laundry, large entry, cork flooring and more. This fantastic building includes an indoor pool, hot tub, movie theater, ski tuning room and a heated parkade. No GST

CHECK OUT THE LINK TO THE SOLD LISTING TO LEARN MORE: canmorerealestate.com