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Canmore Market Update

The local market picked up a little in January from December with a total of 23 sales (plus one fractional), compared to 17 sales in December. The cold weather snap has definitely impacted the number of people out looking for property however, and our January 2019 volume was approximately 20% lower than January 2018, which saw 29 sales.

The majority of the sales activity transpired between $400,000 and $750,000, with 5 sales over $1,000,000. The highest sale in January was a luxury estate property that sold in Cairns on the Bow, our gated community in Three Sisters Mountain Village for $3,900,000 (list price $4,300,000). This 8900 square foot property has been on the market since 2013 when it was originally listed for $6,900,000.

The average sale price for January 2019 was $861,739. This is up considerably from January 2018, largely augmented by the Cairns property sale although interestingly, January 2018 also had a rare plus $3M sale at $3,355,000 but a higher number of transactions last year minimized the impact. There were 41 new listings in Canmore in January. Current listings remain low with 173 properties for sale, including 13 hotel condos.

Happy 70th Birthday to the North American Chairlift

Photo credit: Byron Harmon

Mt. Norquay is celebrating the 70th year of the North American Chairlift. When it was first installed, the “Big Chair”, as known by locals, was a single seat which was then transformed into a gondola, and now operates as a two-seated chair on a pulse rotation that gets you to the top of 26 runs.

Delivering you to stunning views of Banff from the Sightseeing platform and, in the winter, expert level terrain to challenge your Norquay hardiness, you can ride the chairlift year-round. During the summer months, culinary delights are served up at the Cliffhouse Bistro, previously known as the Tea House, which acts as your base to the Via Ferrata.

Mt. Norquay opened its runs in 1926, and before the introduction of the chairlift, skiers would have to climb to the top and ski down. In 1941, the tow rope eased the climb for $0.25 for four ascents. With the addition of the North American Chairlift in 1948, visitors could now rack up 8 runs in a day and this accessibility opened up more options in this part of the mountain.

Canmore Market Update

December was one of the quieter months for real estate this past year, with only 17 sales in Canmore for the month. December can often be a slower month in sales for obvious reasons, but this year transactions were 37% lower than December 2017. The upper end of the market was particularly quiet with only 2 sales over $1M in December and the highest sale transacting at $1,245,000. This resulted in a significantly lower average sale price than we’ve seen in some time at $607,733. 31 new listings came to market in December. Current inventory levels remain low with 170 active listings, 14 of which are hotel condos.

The 2018 real estate market was a steady year overall with 454 sales, a monthly average of 38 transactions. This past year saw 9.4% fewer sales than in 2017, however the average sale price increased to $715,249, up 3% from the 2017 average of $694,048. The luxury end of the market in 2018 had 8 sales over $2,000,000 compared to 13 sales in 2017. One of the contributing factors to fewer luxury sales in 2018 is there were a number of estate lots which came to market and were sold, predominantly in Silvertip, taking prospective luxury home purchasers down the path of building a custom home instead.

Sales volume over $1,000,000 in 2018 was higher than 2017 with 79 total sales versus 69 sales the year previous. 703 new listings came to market in 2018 which was similar to the 2017 total of 697.

MARKET WATCH

December 2018 Sales

 

Changes are calculated comparing December 2018 to December 2017

Sales over $1M:  2
Highest sale in December:  $1,245,000

 

December 2017

Sales over $1M:  5
Sales over $2M:  3
Highest sale in Dec 2017: $4,038,000

 

2018 MARKET RECAP

Sales over $1M:   79
Sales over $2M:    8
Highest sale in 2018: $4,139,000

Market Watch

NOVEMBER 2018

Changes are calculated comparing November 2018 to November 2017

Sales over $2M – 2
Highest sale in November – $2,100,000

NOVEMBER 2017

Sales over $2M – 0
Highest sale in Nov 2017 – $1,760,000. **Only 2 sales over $1M in Nov 2017

JAN 1 – NOV 30, 2018

JAN 1 – NOV 20, 2017

Canmore Market Update


Bow River, Banff

The month of October in Canmore, while steady, trailed behind October 2017 real estate sales in terms of volume and had far fewer high end sales. October 2017 was an unusually strong month in terms of both quantity of sales and price point. Sales volume was 22.8% lower this October compared to 2017, and the average sale price this past month was 3.6% lower than in 2017 with the average transaction price at $733,949. There were 5 sales this October over $1M, with the highest sale for the month at $1,420,000 for a single family home on Rundle Crescent. Comparatively, October 2017 saw 12 sales over $1M with the highest sale at $3,076,000 for a single family home in Silvertip.

Year to date numbers for 2018 show a 6.4% lower volume of sales in 2018 from 2017, and a slightly raised average sale price of $710,187, which is 3.3% higher than 2017.

70 new listings came to market in October which is more than we typically see in an average month, however total inventory remains low with 172 active listings, 15 of which are hotel condos.

Market Watch

October 2018 Sales

Changes are calculated comparing October 2018 to October 2017

Sales over $1M – 5
Highest sale in October – $1,420,000

October 2017

Sales over $1M – 12
Highest sale in Oct 2017 – $3,076,000

Jan 1 – Oct 30, 2018

Jan 1 – Oct 30, 2017

Events

The 23rd Christmas Artisans’ Market takes place on November 17 & 18, 2018.

Join over 85 artisans and artists from Canmore and surrounding areas, for the Bow Valley’s premier market of handcrafted items. Jewelry, photography, pottery, paintings, furniture, body products, clothing, fine foods, and so much more. Stay for a snack or lunch, several food vendors will be serving up sweet and savoury treats.

New Year’s Eve Party on the Pond and Fireworks at Millennium Park!

Join the fun and celebrate New Year’s Eve Canmore style … outdoors!
Skate to music under a starry sky drinking hot chocolate and warming up by the bonfires with hundreds of other families.

6pm to 10pm – Party on the Pond
Grab a hot dog and hot chocolate at the snack stand sponsored by Save on Foods.
Outdoor skating, bonfires, DJ. Directions

8:30pm
Family fireworks at the Pond

Midnight
Fireworks at Millennium Park