Canmore Then & Now

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March Real Estate Update - Banff & Canmore

Wow, if you like snow, this is the year to be in the Canadian Rockies! Forecasts have us experiencing a colder and wetter spring for 2011 which is great news for all the skiers. One the other hand, we may be waiting a little longer to get on our bikes and swing the golf clubs. Hopefully the real estate market in the Bow Valle y can heat things up.

Stability seems to be the name of the game right now with prices, listings, and sales all remaining fairly stable. The volume of firm sales was down this past month with six conditional sales in the system at the beginning of March. Median sale price for both single family homes and condominiums is holding steady on year over year sales. We have seen a couple of multiple offer situations in Canmore over the past few weeks, as there is not a lot of selection for homes in South Canmore.

In terms of active listings on the market, there has been a decline in recreationally zoned properties with an increase in all other segments of the market. Single family homes are the hottest segment of the market making up 32% of sales this past month while only accounting for 23% of active listings. Condominiums remained steady at 51% of listings and 52% of sales. We are seeing a significant influx of couples and families both young and old choosing to call Canmore and the Bow Valley their full time home. Many of these people are Albertans who are selling in either Calgary or Edmonton and moving to the Bow Valley full time.

As spring (or the amazing ski season) continues, we expect to see active listings start to increase along with sales. The changes to the Canadian mortgage rules have not had a significant effect on the real estate market in either Banff of Canmore.

Banff continues to see an increase in listings and sales. Many of the properties have been on the market before and are being re-listed for spring at new prices. There remains a serious lack of quality properties in the single family home or duplex market. There are a couple of properties on the market in Banff that have some great potential for long term development as the Town of Banff looks towards creating a higher density core.