LIVE the ROCKIES LIFE - Christopher Vincent, REALTOR®: December Real Estate News

The Best November Since 2005

Total Number of Sales By All Companies

Median Sale Price Total Sales by All Companies

In what is traditionally a very slow month, November came blasting out of the gates. The second homebuyers have returned to the Bow Valley while locals are taking advantage of prices and moving up. The only segment of the market that has not yet seen the recovery is the Recreational Properties / Hotel Condos market.

With a total of 45 properties sold this past month, we are now seeing sales volumes comparable to 2007. Homes are generally selling within 95% of asking price, with multiple offers on a number of properties. This year, has generally seen the majority of the market in the entry-level condominium and single-family home segment. We are now starting to see some of our higher-end properties beginning to sell as consumers regain confidence in the market, while taking advantage of significantly lower prices. The positive trends coming out of Canada's larger centres with the recovery well underway in Toronto, Vancouver, and Calgary, is beginning to have an echo effect in Canmore and Banff.

With current trends, winter 2010 has the potential to be a stronger than normal first quarter. If ski conditions hold, local tourism operators are hoping for a bump from people choosing the Bow Valley over Whistler this year because of the Olympics. International coverage of the Cross Country World Cup, as well as the Olympics will give the Bow Valley an additional boost. With increased traffic to Canmore, we can hope for increased interest and demand from the Recreational Property and Second Home Buyer.

Volumes of properties on the market continue to remain high and competition for the buyer's dollar remains strong. Prices appear to have hit the bottom of the trough; however, we think they have plateaued for the time being. Prices should begin to rebound by the second quarter of 2010, as we enter a more stable market.