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.

May Real Estate News

We have seen that traditional spring surge of new listings over that past two months, as we again reach above 400 active listings within Canmore and area. Sales remain steady, although somewhat below expectations for April. There seems to be many active buyers within all segments of the market, with many still a little hesitant to commit to an offer. The competition for the buyer's dollar remains strong with a great selection of homes in all price points and at some very attractive listing prices.

The April 19th mortgage rule deadline has come and gone with very little noticeable effect on the Canmore market. The benefit of the new rules will curb some of the speculative purchases that we saw over the past few years that are now coming to haunt certain segments of the market.

Looking forward to late spring and early summer, we see sales staying steady and prices remaining stable. Without an unforeseen jump in interest rates, it is unlikely we will see a sudden rush of buyers. Active listing will continue to sit around 400 as people who have previously taken their listings off the market, see the market stabilizing and decide to sell again.

Banff has seen an increase in sales over the past few months with a change in inventory and some sizeable price adjustments to some properties. The market in Banff continues to be primarily the entry level one and two bedroom condominium. Larger single-family homes are again starting to sell, but usually after spending quite some time on the active market.

Median sale prices for single-family homes continue to trend upwards, as more higher-end homes sell. The sale price to asking price ratio remains about 93.5%, with the occasional home ending up multiple offers. The buyer's market continues in Canmore.

April & Q1 Real Estate News - Banff & Canmore

Spring has sprung in the Bow Valley. The Valley's trails continue to dry out, while winter remains up high; what a great time of year, go for a ride before heading up for some spring afternoon skiing. With the arrival of spring, we have seen an increase in both sales and active listings coming on market. Traditionally, we see both an increase in sales and listings during spring as people start to come out of their winter hibernation. With the prospect of higher interest rates, buyers are looking to take advantage of both record prices and rates.

The market appears to have levelled off and we are no longer seeing major price changes in properties that have been on market. Some of the new listings have been on market previously and for the most part, asking price reflects the new reality of the area's Real Estate market.

We continue to be busy and are looking forward to hearing from you this spring. Even if you are not currently considering buying or selling, we are happy to answer any Real Estate questions you may have.

As expected, active listings have risen this past month. With a total of 386 listings on market, we do not foresee any price increases for the short term. With the current volume of sales, it would take eight months to sell our current inventory.

Half of March's sales were either single family homes of half-duplexes. This is a trend that we have seen lately as younger families are choosing to stay in the Bow Valley and move into larger homes. Eighty percent of sales were below the $750,000 mark. Some higher end properties are selling with a number of sales in Eagle Terrace and the Benchlands.

Town tax assessments have recently been mailed out, with many coming as a major shock to home owners. These assessments must be taken with a grain of salt, as not only are assessments an imperfect science, but often released many months after being taken. With the rate that market values have been shifting, tax assessments can vary within many percentages from today's value.

The first quarter of 2010 sales volumes were significantly better than those of Q1 2009 and on par with late 2007 early 2008 levels. Prices are holding steady while average days on market for properties sold are starting to fall. We continue to have some fantastic properties offered for sale at fantastic values.

Banff's inventory remains stagnant as we enter the spring market. The sales that have occurred this quarter have generally been in the entry level condominium market. When single family homes or duplexes (that are in both good condition and well priced) do come on market, they are garnering a lot of attention and selling quickly. There remain a number of active buyers in Banff waiting for good quality properties to come on market. Buyers must be ready to move quickly when their desired property does come on market.

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.

February Real Estate News

2010 has been a busy year so far; the Olympic torch came to the Bow Valley, the weather and snow have been great, buyers are busy, and we have a couple of great new listings. As we get into February, we are looking forward to cheering on our local athletes at both the Cross Country World Cup and the Olympics.

We are very pleased to be showcasing our listings with their own individual pages on our new team site - CanmoreBanffRealEstate.ca. There are no other REALTORS® in the Bow Valley using this comprehensive a marketing tool and we feel our properties are out-shining their competition.

In conjunction with our Team site, we are excited to have partnered with LuxuryHomes.com to showcase some of our featured listings. This is excellent exposure for our high-end properties with only one other Real Estate Team in the Bow Valley using their services.

We are looking forward to another great month as 2010 continues to outperform 2009. As of February 2nd, there were already 13 conditional sales in Canmore. Five of these sales went conditional in less than a week of being listed.

A great start to the New Year! Sales this past January were over double those of January 2009. Sales this past month were a mixture of both entry level homes and some higher end properties. Currently, we are seeing a lot of buyers actively working in the Canmore and area market looking to take advantage of prices and interest rates.

As we move forward into 2010, we continue to remain in a buyer's market; with over 300 properties currently actively listed. A positive note for the resale market is that there are far fewer new and pre-sale units currently being offered for sale; as many developments are now complete or on hold. The competition remains tight for the buyer's dollar as many properties are being offered at very attractive prices. With the great values and selection, we continue to see many young families moving into their first single family homes and selling their entry level apartments or townhomes. This segment of the market continues to make up the majority of the sales volume that we are currently seeing change hands.

The second home buyer is certainly active once again in the Bow Valley. Not in the same capacity as two or three years ago, however over the past few months there has been a strong resurgence of interest in recreational properties. Alberta's Real Estate market continues to show resilience and some very strong growth forecasts. The Conference Board of Canada has forecast Calgary to lead the country in growth through 2011. This bodes well for the Bow Valley, as confidence returns to the Calgary market many buyers will again begin to look at Canmore.

This February, Canmore is host to the final World Cup Cross Country ski event prior to the Olympics. Tourism Canmore in conjunction with the organizing committee are anticipating a very strong international media presence here to show case our amazing Valley. Come out and support Canada's Olympic Athletes February 4th - 7th and enjoy the festivities being put on downtown. Events such as this continue to showcase Canmore and Banff on the world stage and are excellent exposure for our communities.

Moving forward into the year, we will remain in a buyer's market until at least early summer. With current inventory levels, we do not foresee any major increases in values until inventory levels drop a bit lower. Currently, the sale price to asking price ratio is hovering around 93-94%; a more balanced market will be somewhere in the 95-96% range. Many may not be aware, that until recently the last time there was a buyer's market in Canmore was summer of 2001.

Listings Sold By All Companies

Median Sale Price - Listings Sold By All Companies

2009 was quite the year for Real Estate; not only locally but on the world market. In the first six months of this past year, there were only 113 sales in the Canmore market. The winter and spring of 2009 saw some substantial price reductions as people tried to catch up to falling prices and attract the few buyers that were around. With summer, came new life into the Canmore Real Estate market. The second half of the year, nearly doubled the first half of 2009's sales with a total of 204.( There were a total of 282 sales in 2008, 578 in 2007, and 607 in 2006) The market seems to have reached the bottom of the trough with volumes of sales steadily picking up and a lot of buyers actively working in the market. We are still some ways away from a seller's market as there remains a lot of inventory actively for sale in the Bow Valley.

With continued strong sales and the lowering of inventory levels, we could potentially start to see prices begin to increase in the early third quarter of 2010. Currently, the competition remains tight for the buyer's dollar as there is a lot of good quality properties very attractively priced in Canmore. Banff however, continues to have a lack of quality properties on the market and buyers are anxiously waiting for new and exciting properties to hit the market.

As we moved forward, the Recreational/Hotel Condo will remain a more challenging segment of the market. Few financing options, competition on from both the new and resale market, and a smaller number of buyers make this segment of the market more challengin. It will take longer for this portion of the market to regain its strength than the rest of the overall Canmore and area market. However, local tourism operators are doing a very good job a promoting the Canmore & Kananaskis region to regional travellers. With the majority of these properties having kitchen facilities within the unit, they have become a very good option for visitors to the valley. As a result, the revenue from these units is once again beginning to pay the owners.

As we begin to see the second homeowner return to the Bow Valley Real Estate Market, higher end properties are beginning to sell. Entry level condominiums and first single family home buyers continue to make up the bulk of current Real Estate trades. Higher end townhomes and apartment units are again beginning to sell as people are taking advantage of low prices and buying a piece of Canmore for themselves.

If the past two weeks are any indication of what we can expect through the rest of the winter, then we should be in store for a couple of very busy months. The number of buyers whom are currently actively looking for property in the Bow Valley is very strong. The folks who have been watching the market since last winter/spring are now making their moves into the area market. As inventory continues to decrease, these people are now making the decision that now is the time to purchase their Canmore home for prices that have not been seen in three years.

Banff, AB - Marten Court - Entry Level Condo

Tired of paying rent? This is an excellent opportunity for someone to get their foot into the Banff Real Estate Market. This cozy home features in-floor heating, owner's care and pride, heated underground parking, and secure storage.

This is a very well laid out one bedroom plus den apartment style condominium. Plenty of room for a couple who have the occasional guest.