The iconic Three Sisters near Canmore, AB
An article in the Invermere, BC newspaper touches on the subject of real estate values in resort communities such as Canmore and Invermere. The reporter sought input from me and the reknowned expert Garth Turner of GreaterFool.ca fame. Columbia Valley Pioneer “Real estate market in valley may not be stable expert warns.”
The market in Canmore has turned around remarkably in the past six months. Inventory is low, attractive homes are selling quickly, and Calgarians are buying them up. Prices are on the increase.
Sales are up 32% in the mountain town.
More recreational buyers are driving up the demand for Canmore property. Sales in the mountain town are up 32% so far this year. There are currently only 229 properties for sale in Canmore which is very low inventory and a drastic change from the depths of the recession felt in Canmore, when there were 400-500 listings on the market at any given time.
The iconic three sisters which overlook Canmore
Canmore realtor Jessica Stoner reports:
“The Canmore real estate market is strong and very active. It is not what many expected. It was assumed the market sales volume would slow down as we recovered from the flood. It was also assumed that buyers would be shy about buying after such a powerful and damaging display by mother nature, knowing she can get out of our control at times.
However, the buyer’s market has made its intentions clear. Canmore is an ever popular destination and buyers are buying.”
Prices are very similar to last year’s, but as Stoner says, “Should these higher sales volumes continue, it is likely we will start to see price appreciation across the board in Canmore in the remainder of 2013.”
Canmore average prices Jan – Aug 2013:
Single family homes $781,000
Hotel condo $167,000
Real estate activity in the beautiful mountain town of Canmore is on the upswing
Real estate activity in Canmore is very dependent upon the state of the economy in Calgary. When Calgarians have spare cash, they look for holiday homes in the mountains. As reported in the Canmore Leader, a couple recent events spell optimism for Canmore and Calgary.
- March and April were the two busiest months in the local Canmore real estate market since 2007.
- As of the end of April, the Town of Canmore had issued permits for just over $19.6 million in new construction for 2013. That’s more than double the value of permits issued for the first four months of 2012, when the town’s building permit total only hit $7.1 million from January to April, and only $27.3 million for the entire year.
Read more Building activity on the way up