December Real Estate News - Banff & Canmore

Despite another month of gloom and doom for the world economy, November managed to keep on track with 2010 sales. There were 21 sales this past month and listings have again dropped below 400. On the year, volume of sales is still down 15.5% while listings remain very high. Single-family sales are up year over year, while condominium sales remain slow and are down significantly. There was only ONE sale in the townhouse / fourplex market this past month. December is off to a good start with three firm sales and 12 conditional sales in the first three days of the month.

With amazing mortgage rates and a strong Alberta labour market, we expect to see continued sales in this buyer's market. The entry level to mid-range single-family market is doing well with just under five months of inventory. Values in this segment have come down significantly over the past year; slipping another 10 - 15% in some cases. It is still the case of the well priced and reactive seller.

There remains a lot of interest from second homebuyers with some incredible buys to be had in Canmore. These buyers are looking through all segments of the market and the $1,000,000 plus, remains generally people from outside the valley.

November Real Estate News - Banff & Canmore

Steady as she goes… October 2011 was a reasonable month for real estate sales in the Bow Valley. A total of 26 properties were sold (Canmore Real Estate Broker’s Group Data) with single family homes leading the charge at nine sales. Sales were on par with September’s numbers and up from October 2010. On the whole, sales continue to be quite soft with 13 months of inventory on the market; when hotel condos are removed. Overall listings are down from last month, but up slightly (8%) from last year with a total of 411 active listings; 320 when you remove vacation accommodation units.

Values for single family homes remain stable for the most part. There is currently an overwhelming supply of mid-range single family homes in the $575,000 to $750,000 with very few sales. Some sellers have started to get very aggressive with their pricing and we could see values in this segment continue to decrease slightly. Luxury single family homes continue to hold steady with relatively few sales in this segment.

Apartment style condominiums values continue to trend downwards as there remains a lot of competition. Median list price is $359,900 with median sales price of $327,000. Townhouse condominiums values are trending downward slightly as well with a median list price for all listings of $524,800 and a median sale price of $410,000. Average sale price is $410,432 with seven sales and average list price is $601,442. Values for duplexes are generally holding steady.

We’ve run into another challenge with hotel condominiums, with Genworth and CMHC no longer approving mortgages on certain buildings. This is including units zoned Tourist Home where people could live full time, but are in a hotel condo. This will prove another hurdle for sellers of these units, with buyers now needing either cash or private money.

According to PricewaterhouseCoopers’ 2012 Emerging Trends in Real Estate report, foresees a fairly strong real estate market for Alberta as a whole. As Canmore is one third second home owners, much of our values are tied to both the oil markets and world markets as a whole. Banff’s tourist economy and as a result housing sector is again tied to world markets. As long as oil remains at a reasonable level, sales should remain steady.

For Full Graphs, Visit : http://canmorebanffrealestate.ca/?page_id=13

Real Estate News - Banff & Canmore May 2011

pril sales in Canmore were slower than expected with only 17 firm sales this past month. The positive news in this is that the single family home market remains strong with 65.5% of sales being above the $900,000 mark. Median sale price of single family homes jumped 58% in April to $950,000. There are strong signs that the luxury market is returning to Canmore with multiple offers on properties and large single family homes selling. Values have not yet started to turn for the positive, as there remains a large amount of inventory for all types of properties. The increase in both average and median sale prices is due to the re-emergence of the second home buyer buying higher-end homes.

Listings have increased significantly this past month to 468 active listings from 378 the previous month. Much of this increase is due to two developers adding new inventory to the Canmore Broker’s database that was previously for sale, but not listed through the MLS. Listing inventory for single family homes, duplexes, and lots have remained stable. Average days on market remain variable for two reasons, firstly small sample size; and secondly, some sales occurring in a matter of days while others are taking ten plus months.

May has 13 conditional sales so far with a mixture of all types of properties, except for commercially zoned recreational properties. There remains a strong demand for quality single family homes that are priced to fair market value. There may only be one or two homes that fit a buyer’s needs and we are starting to see buyers start to miss out on sales. Expect to see sales pickup slightly as the weather continues to improve and the Bow Valley comes out of hibernation.

Canmore & Banff Real Estate News - April 2011

Spring has sprung and so has the interest in Canmore and Banff real estate. As soon as the cold weather broke, listings started sprouting like crocuses and buyers started coming out of hibernation. Single family homes are the hot item in real estate with many selling within days of being on market!

What’s hot in the Canmore real estate market? Single family and semi-detached homes! These two segments of the market made up 54% of the sales last month while only accounting for 26% of listings. Two of these sales were over the $1,000,000 mark, while five were in the $750,000 to $999,000 range, with the remaining seven sales below the $750,000 mark. On April 3rd, there were 11 conditional sales in the system with six being single family homes and one a half duplex. A number of listings this past month have seen offers and even competing offers within days of being on market. There are buyers out there for these properties, and it is those that are listed at market value that are selling.

Both active listings and sales are down for the month of March on a year over basis from 2010; still double the sales from March of 2009. Active listings peaked in the spring and summer of 2009 (up to 460 active listings), this spring we are seeing the expected seasonal rise in inventory.

Townhouse and apartment sales have been steady this quarter down slightly from Q4 2010, but down almost 33% from Q1 2010. Some of this could attributed to renewed confidence in the market, with buyers choosing a larger investment and purchasing a half-duplex or single family over a townhouse. Many of the sales this quarter have been to second home buyers and people choosing to leave other communities and move to the Bow Valley full time.

Banff has seen a seasonal uptick in sales this past month with the majority of the market still being under $500,000. The challenging year for tourism will continue to make the entry level market for Banff more challenging for sellers. It is still a buyer’s market for the Banff condominium market, but don’t expect to lop off 20% from the asking price. Most of the units currently on the market are priced well for current conditions.

As we continue into the spring market, expect to see active listings remain elevated with strong sales in the single family market. Even with a high number of listings there may only be four or five that fits a buyer’s needs and wants. Buyer’s need to be aware that we are no longer in 2008 / 2009 and when the property that fits their needs comes on the market it would be good to act, as this home probably fits another buyer’s needs as well.

Canmore Then & Now

Great film with local music.

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.

REALTOR.ca App for Mobile Devices

The Canadian Real Estate Association releases REALTOR.ca mobile application for Apple iPhone

Ottawa, ON – December 21, 2010 – The Canadian Real Estate Association (CREA) today released its REALTOR.ca app for the Apple® iPhone®. REALTOR.ca is the most visited real estate website in Canada, listing on average some 350,000 properties at any time.

“This free application brings Apple iPhone users the features and functionality of the REALTOR.ca website, as well as some interesting device-specific features” said CREA president Georges Pahud. “Consumers today expect portable information and REALTORS® across Canada are happy to be providing this service.”

The free REALTOR.ca app is provided at no cost to consumers by Canada’s 100,000 REALTORS® and more than 100 real estate Boards and Associations.

The app provides users with the features and functionality of REALTOR.ca and takes advantage of Apple iPhone device features, such as:

• Using the handheld’s GPS technology:
  • Properties Near Me – get up-to-date property information, photos and driving directions;
  • New Listings Near Me – recent listings in the area you’re visiting;
  • Open Houses Near Me – find open houses near your present location;
  • My Agent – Contact either your agent(s), or the listing agent for more information about a specific property;
  • Property Search – Search for houses and properties across Canada, and connect with REALTORS® to view, buy or sell a property;
  • Personalized settings allowing the user to set default language, unit of measure, how properties are displayed, and search radius for “Near Me” searches;
  • Interactive BING mapping is embedded to allow focus on specific neighbourhoods;
  • Scheduled Open Houses can be added to the device’s calendar.

“When considering one of life’s biggest financial transactions, easily accessible, detailed information about homes and neighbourhoods, as well as access to REALTORS®, helps people make well-informed decisions” stated Pahud.

With the addition of the Apple iPhone app, REALTOR.ca is now available for two of the most popular handheld device operating systems, as the Windows Phone 7® version was released in November. A BlackBerry app will be released in February 2011.

A setup guide has been posted online at www.crea.ca.

CREA is one of Canada’s largest single-industry trade associations, representing more than 100,000 REALTORS® working through more than 100 real estate Boards and Associations. CREA owns and operates the REALTOR.ca website, Canada’s most visited real estate resource for property buyers and sellers.

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Contact information:

Pierre Leduc
Media Relations
Canadian Real Estate Association
613-237-7111
pleduc@crea.ca
www.crea.ca