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.

June Real Estate Market News - Banff & Canmore

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.

March Real Estate News

Average days on market are starting to drop especially in the entry level single family home market; the average days on market for single family homes in Canmore was 72 days this past month. We are happy to announce that two of our homes sold this month within days of being listed. The key to the market lately, is to start at an attractive price that will garner attention and then be less flexible come negotiations.

Sales have been strong this past month again doubling those of February 2009. The majority of sales remain with the entry level home buyer; those who are purchasing their first condo and then those moving up in the market and purchasing their first single family home. There were a total of 26 sales in February in Canmore, Exshaw, Harvie Heights, Lac Des Arcs, and Dead Man's Flats that were single family homes, duplexes or condos. As of March 1st, there were 14 conditional sales in the system with only two of those being recreational properties.

A number of buyers are looking to take advantage of low prices in the luxury single family market and make a great investment. We have yet to see any significant movement in this segment of the market with a huge amount of selection available in the $1,000,000 + properties.

The second home buyer is back and growing with the level of interest up significantly over last year. The majority of buyers are seeing this as an excellent time to invest in the Bow Valley. As we are all well aware, they are not making any more land in Canmore.

We don't foresee any major change in the local market in the short term with the new mortgage rules set to take place. First home buyers remain eligible to purchase with a reasonable down payment of 5%. The benefit of the changes will take place in Canmore's condo market with a tightening on the rules for speculators. A large portion of properties currently on the market in Canmore where bought as a speculative investment and we are now seeing the results of these investments; a significant decline in values, empty properties, a large number of listings, and investors unable to close on properties they purchased. The majority of second home buyers that we work with have at least 20% down and will not be affected by the changes in regulations. We could potentially see a flurry of activity as interest rates look set to rise in July.

April Sales - Canmore Banff Real Estate

April saw the market pick up significantly over the previous few months. Buyers and sellers are finding a common ground and we are seeing homes selling. Inventory is down slightly and it is feeling like a marketplace here in the Bow Valley again.

During the Month of April, there were 40 conditional, unconditional and final sales in the Bow Valley.

Average Original List Price: $694 282.00
Average List Price: $658 115.00
Average Sale Price: $597 898.00
Average Days on Market: 113
Town House: 9 Recreational Property: 3 Single Family: 15 Apartment: 8 Half Duplex: 4 Four Plex: 1

April Newsletter

World Class Canmore

Calgary has again been rated among the top cities on Earth. As we are on the door step of this world renowned city it is no wonder that people want to live in the Bow Valley. With continued positive exposure, Canmore's real estate will continue to be sought after the world 'round.

http://www.theglobeandmail.com/servlet/story/RTGAM.20090407.wboftradereport0407/BNStory/National/home

Having the amenties of Calgary an hour away is another one of the amazing features of Canmore. A top ranking city close by and the mountains at your door step. The Bow Valley is truly an amazing place to live.

Live the Rockies Life.

Canmore's Rocky Mountain Real Estate

I have lived in Canmore full time since 2003. The views of the Rockies here in the Bow Valley never cease to amaze me. Today, the sun is bright with high clouds and the snow is shining on the mountains. Working as a Realtor in the Canmore – Banff region allows me to help people ‘Live the Rockies Life’. Whether it be skiing, climbing, snowshoeing, biking, hiking, golfing, fishing, or paddling there is so much to do in the Bow Valley. When you aren’t outside playing, the ability to go to any of our world-class arts and culture venues and then dine at one of our many restaurants makes the Canmore – Banff Rockies an amazing place to live.

There are abundant real estate opportunities in Alberta’s Canadian Rockies. The large variety of condominiums, apartments, fourplexes, duplexes, and single family homes in the Bow Valley allows people worldwide to ‘Live the Rockies Life’. Whether you want to live here full or part-time let me help you, find the best property for you.

Spring in Canmore is great! We have some of the best skiing of the season right now and folks are itching to get their bikes out; town is warm and it is still winter up top. It doesn’t get much better.

I am committed to helping my real estate clients ‘Live the Rockies Life’. Whether exploring the surrounding mountains; enjoying the local arts and culture; or meeting one of the area’s amazing people; the Bow Valley is an exceptional place to call home. If you would like to know about the Bow Valley’s real estate, let my passion and knowledge of the area help you.