Newsletter

CANMORE MARKET UPDATE

Once again in February, the market continued to pick up a little over the previous month, and was also slightly stronger than total sales volume for the month of February 2018. There were 30 total sales transactions in Canmore in February 2019.

The majority of the sales activity transpired below $650,000, with zero sales between $651,000 and $829,000, and only 4 sales over $650,000 and under $1,000,000. There were 5 transactions over $1,000,000 with the highest priced sale in February 2019 at $1,475,000 which was a near-new town home property in Spring Creek.

The average sale price for February 2019 was $687,875. This is down from February 2018’s average sale price which was $793,848. In 2018 however, there were 9 sales over $1,000,000, as compared to the 5 in 2019. This combined with some higher priced sales over the $1,000,000 mark, resulted in pushing the average sale price for the month of February 2018 considerably higher than this year.

There were 47 new listings that came to market in Canmore in February. Our active listing inventory continues to be low with only 173 properties for sale, including 11 hotel condos.

Market Watch

February 2019 Sales

Changes are calculated comparing February 2019 to February 2018
Sales over $1M: 5
Highest sale in February: $1,475,000

February 2018

Sales Over $1M: 9
Highest Sale in February 2018: $1,800,000

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 Update

November 2018 was down in volume from last year with 5 fewer sales for the month than in 2017, however the average sale price was substantially higher. Last month’s average sale price was skewed higher as there were a number of sales in the $1,200,000 to $1,600,000 range as well as 2 sales over $2,000,000. November 2017 comparatively had no sales over $2,000,000 and only 2 sales over $1,000,000 leading to a much lower figure for average sale price at that time.

The 2 sales that transpired over $2,000,000 last month were both estate homes in Silvertip. Both properties had been on the market for considerable periods of time, well over a year in both instances.

Our current inventory remains low with 185 active listings on the market.

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