We hope that you have been enjoying your spring and getting a chance to enjoy the various types of weather we have been experiencing. Who said skiing in late May couldn't be a powder day? The Bow Valley's Real Estate market continues to perform with consistent sales and a levelling of prices. Contrary to the National Media, Canmore & Banff's housing market is not super heated and we are not on the cusp of a bubble. We continue to be in a buyer's market with over 400 active listings in the Bow Valley.
Recently, we have begun using HomeZilla.ca, which maps schools, banks, restaurants, and parks in relation to a property. We feel that this is an excellent tool for both buyers and sellers trying to choose a community within Canmore or Banff.
Overall sales in Canmore slipped again this month as the market continues to recover. Sales in Banff have been steady with a number of properties changing hands. The positive side to this is that as of June 2nd, we were at 12 conditional sales as opposed to three at this time last month. The majority of the market remains smaller single-family homes and condominiums below $600,000. Buyers for the $1,000,000 and up market have an amazing selection of properties and continue to have some unprecedented buys. The luxury segment of the market continues to struggle to find buyers.
Active listings have again reached over 400 as sellers see the market picking up and are trying to take advantage of this traditionally busy time of year. The biggest rise in listings was condominiums, with over 200 actively listed. Vacation Home - Condo Hotel listings have remained stable with three units selling in the past month. This is great news, as this is more than the total units sold since last summer; a sign that this segment of the market still has some potential buyers.
Canmore is continuing to see some foreclosures in the market. The majority of these properties are high-end homes and condominiums; either bought as speculative investments or rarely used second homes. Unlike America, Canadian Banks still expect to receive fair market value for their foreclosures. However, the majority are taking far less than what the home was originally listed for and trying to simply recoup any mortgage monies.The positive growth forecasts for both Alberta and Canada will see the Bow Valley's market remain steady. As people begin to feel, more comfortable with their financial situation we expect to see more second homebuyers taking advantage of these prices.
