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

805 2nd Street | Canmore, Alberta

This is an incredible rare and unique opportunity to own a riverfront home in South Canmore. At the end of a private lane, this home has the ultimate location.

• $1,445,0003 Bedroom
• 2.5 Bathroom
• 1742 sqft above grade
• 1026 sqft below grade
• 4380 sqft lot

Christopher Vincent 403-707-8048

Christian Dubois 403-762-7744

Canmore & Banff Real Estate News - November 2010

It is that time of year when we get ready for the holiday season. For some families, it brings the feelings of stress and helplessness. We at Royal LePage have had an annual event to try and relieve some of that stress by hosting a Food Drive along with the Christmas Spirit Committee.

Without countless volunteers this event would not be as successful as it has been in the past years. We would like to invite you and your friends and family to join our Royal LePage family on November 25th 2010 for our 19th annual Food Drive. Come help spread the good cheer for some very deserving families this holiday season.

If you would like to join us for the evening please contact Debbie Algeo at 403-678-5113 or debbiealgeo@royallepage.ca

Welcome to the beginning of the 2010 – 2011 winter! Lake Louise ski resort is now open for the season, or at least Wiwaxy, which is enough to get some turns in. We are coming off one of the most beautiful falls in memory with temperatures pushing records and long warm days. The Canmore Nordic Centre was open for skiing while the mountain bike trails were still in excellent condition.

We continue to build our online presence as we strive to provide you with the most up to date and relevant web material. We have recently created a new team Facebook Fan Page where you can access our latest listings, real estate news, market tidbits, and other local information. We look forward to seeing you on Facebook soon. We strongly believe in our use of social media and feel it gives our clients and listings an unparalleled level of exposure in Canmore.

October 2010 was a slower month than anticipated for residential real estate sales in Canmore. September saw our usual seasonal uptick in real estate activity; however, it did not carry through to October. November seems to be on track to have reasonable numbers with 11 conditional sales reported and 4 firm sales this month. Single-family homes again outsold condominium units last month with both average and median sale price dropping. Overall, it appears that prices have stabilized as we slowly move towards a balanced market. Total active listings have dropped below 400 units on market and once we remove hotel condominium units, we are sitting at just over 300 active listings.

The drop in both average and median sale prices does not necessarily reflect a continuing drop in prices. It is more that the majority of sales are in the entry level to mid level home. Each month, a few luxury $1,000,000 plus homes are selling which will temporarily bump average sale price. Hotel condominium units continue to struggle making up 16% of listings while only accounting for 5% of sales over the past year. This is one segment of the market, where we can expect the prices to continue to drop. Developers are offering a couple of hundred new units with some very attractive pricing.

We are expecting the winter to take its usual seasonal slowdown with both sales and listings to decline. The Christmas week can be a busy time for showings, as people are visiting over the holidays become interested in what Canmore has to offer. With the fantastic selection that we boast, this winter could be a great opportunity for one to enter the Canmore market.

Banff has had a busy fall after a slow summer. Again, the majority of the market is first time homebuyers and families upgrading from their first home. Listings have decreased with sales increasing which bodes well for the Banff market.

September Real Estate Market News - Banff & Canmore

Summer has come and gone in the Bow Valley. The mountain tops are white, the toques are starting to appear, and talk of ski season is starting. Not so quick though, we still have two months of warmer weather and some fantastic biking, hiking, fishing and climbing to do. With the kids back in school, we are starting to see our fall adult tourist season start to pick up. This is the time of year where we traditionally see the Real Estate Market pick up after the summer lull, as people get back into their regular routines. People in the tourism industry have a chance to catch their breath and think about moving and the visitors this time of year have more time to think about buying and look at properties. Enjoy you fall and feel free to contact us if you have any question about the market in Canmore & Banff or would like to know what is going on in the Bow Valley.

September already has 26 firm or conditional sales for the Bow Valley; less than half way through the month we are about to surpass August sales number. We are seeing the traditional fall market pick up with a variety of properties selling. August of 2010 was a slow month for Real Estate sales in the Bow Valley. With 27 sales this past month, we are on average with the slower months of the year. Single family homes outsold condominiums this past month which is a rarity with 16 single family home / duplexes selling and only eight apartment / townhouse units selling. Normally, we see about 50% more condominiums than single family homes selling. The sales this past August were down 35% from 2009, however much of that is due to the strong sales in 2009 as pent-up demand started to flow. Active listings have dropped from July, with well over 400 active listings still on market; this corresponds to about 16 months of inventory available in Canmore and area. Average days on market statistically have dropped, however cumulative days on market still remain very high. Many of the properties that have sold, have been on market before and have been relisted, and as such are showing a much lower average DOM than actual time on market.

The recreational market has two projects recently out of receivership come to market; Solara Resort and Innoka (formerly Big Horn Resort) in the Kananaskis Way district are selling units again. This along with other developer’s units will significantly increase the amount of Recreational Properties on market. The statistics that we use are from our Canmore Brokers Group database and do not reflect the developer’s units that are for sale. We expect to see some aggressive pricing and incentives as the marketing and sales of new units come into full swing. This can be taken as a positive sign that there are lenders and investors who have faith in the Canmore Real Estate Market and are willing to invest in, finish, and sell these projects. With the huge amount of inventory that we have, competition remains very tight to the buyer’s dollar.