RSS

2017 Canmore Real Estate Year in Review

2017 Real Estate News

The Canmore real estate market continued to confidently move forward in 2017 despite less than stellar recovery in other Alberta markets.  Growth across all sectors of the market was steady with the condo market in particular experiencing phenomenal gains in certain areas.  Future development of the community remained one of the hottest topics around town as this onetime coal mining hub grapples with the reality that it is quickly becoming an international recreational tourist destination.  The owners of Silvertip Resort made waves early in the year when they announced a $1Billion proposal for a massive conference centre, casino, hotel and gondola.  The 200,000-300,000 square foot complex would be the largest of its kind in Canada and include a 1300 room hotel and an additional 850 units of employee housing.  While the conference centre portion already has approval, the casino and gondola have not yet been given the green light and an environmental assessment has yet to be completed. 

Also making headlines this year was QuantumPlace Developments and their application to develop the Smith Creek area which, is the land east of Three Sister's Mountain Village and south of Dead Man's Flats.  The proposed development includes a mix of residential housing, retail and commercial and could add up to 4000 new residents to town upon completion of the project.  The development hinges on the creation of protected wildlife corridors through the area which, are subject to approval by Alberta Environment and Parks.  At years' end AEP was still evaluating the wildlife corridor proposal on the basis that they require more information.  For updates on the progress of the wildlife corridor approval click HERE

REAL ESTATE MARKET SUMMARY

Compared to other years, real estate sales in 2017 showed a return to 2013-2014 (pre-recession) numbers at 465 sales across all residential property types - not including new construction.  The graph below gives a historical look at the number of real estate trades per year dating back to 2000.

465 properties changed owners on the Canmore real estate market in 2017 down roughly 9% from 511 in 2016.  A closer look at the recent years' sales figures characterizes 2017 as a bit of a return to normalcy following the 2015-2016 recession during which, the Canmore market saw a bit of a decline, but nothing as significant as other markets like Calgary.  2016 on the other hand, saw the provincial recession endure yet another year, but the amount of real estate sales in Canmore jumped significantly.  This can be attributed to strong demand for real estate in Canmore combined with low interest rates and a weak Canadian dollar.  Savvy investors and international clients were the driving force as buyers looked to capitalize on the opportunity to get in on a booming market.  Most likely, anyone who was able to get into the Canmore market in 2016 has already experienced significant growth in their property's value as prices continued to rise throughout all of 2017. 

Market Trends Per Property Type:

Back in 2008 the composition of property types sold was relatively equal, with 77 condos, 79 townhomes and 65 single family dwellings changing owners.  Hotel-condos were a fairly new concept at the time and not many were trading on the open market... Fast forward to 2012 and you can see that condos and townhomes begin to make up a greater percentage of properties sold.  Densification and rising costs contribute to this trend of "communal living."

Notable Stats:

  1. Average Days on Market: 49.5

  2. Sale Price to List Price Ratio: 97.8% (on average, properties in Canmore sold for 97.8% of their list price in 2017)

  3. Average Home Price (Single Family): $1,182,134

  4. Hottest 'Hoods:

  1. Bow Valley Trail - 109 Properties Sold

  2. Three Sister's Mountain Village - 105 Properties Sold

  3. South Canmore - 43 Properties Sold

Read
Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.