Canmore Real Estate Market Update - January 2016
Canmore Real Estate sales volume for 2015 is 1.2% greater than the 13 year average yet 15% lower than the sales volume of 2013 and 2014. Even with this 15% drop in sales volume prices are remaining stable year over year and even some slight price appreciation in some segments year over year. Average and median sales prices actually went up in 2015 in most categories.
2015 average sales price appreciation for:
Single Family Homes was 8.00%
Condominium was 2.59%.
The active inventory is very stable with very little year over year change, we do expect to see a typical increase in inventory through the next 4 months but we are not expecting any type of flooding or deluge, more of a typical flow to the market. Interest rates and a weak Canadian dollar will continue to help support the Canmore and Banff Real Estate markets. With strong tourism allowing local buyers to step in at the more affordable and mid-range price points, those market segments appear to see continued strength even with less oil and gas second home buyers. We continue to see new retiring Baby boomer buyers entering the market looking to Canmore as the ideal location for their active retirement years.
On the Commercial side we have seen a pickup in interest. Some international buyers are looking around for sound long term investments; please do contact us if you are thinking of selling as we have many buyers looking. When interest rates do go up the rates of return may not look as favorable as they presently do in this low interest rate environment. (i.e. if the cost of borrowing goes up, a commercial investor buyer may not be able to pay as much for your asset, and in turn any potential Cap rate changes could possibly lower the price what the asset can sell for if rents stay the same or don’t keep up to the increased borrowing costs) If you are considering selling any assets now, in the future or even for estate planning we would love to spend some time with you and offer our assistance.
Lastly, we are here to help you or anyone you know for all your real estate needs. We are never too busy for your referrals, and remember to Like our Facebook page (www.facebook.com/CanmoreRealEstateHawkerBetts) to stay updated with all of our new listings!
Brad Hawker, Broker & REALTOR®
Drew Betts, Associate Broker & REALTOR®
Narrated Video Tours Now Available For Your Listings!
If you haven't had a chance to see one already, take a look below at our newest way to help market your home! With video becoming more and more prevalent, we have created a YouTube channel and can now offer narrated video tours of your property! To see more about what these videos can look like, please click on the video below!
Throughout Banff and Lake Louise, Jan. 15th - Feb. 7th, 2016
This fantastic annual festival encompasses several events over a month long period, with events to satisfy everyone in the family! Whether it be the Ice Magic Festival in Lake Louise, the Big Bear ski and rail event, or Banff's Big Taste, you couldn't have a more Canadian event than this! Events are both mid-week and weekend (see above links to find out more on each event), and many are free to attend, so don't miss out on your chance to enjoy the best winter can offer in the Rockies!
FIS Ski Cross World Cup 2016
Nakiska Ski Resort, Jan. 22-23, 2016
The world's best ski cross athletes are coming together at Nakiska Ski Resort this January for the kick off of the FIS World Cup season! The 4th Annual Audi FIS Nakiska Ski Cross is the only World Cup event in Canada, and will feature 130 of the best skiers in the world competing for $40,000 in prize money, if you would like to learn more about this event, head to http://alpinecanada.org.