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WHAT IS GOING ON IN EXSHAW REAL ESTATE THESE DAYS?

Exshaw, Alberta is one of those small towns that comes up as an unexpected surprise when driving along a scenic back road. Personally, I had never heard of it until one summer day when I was trying to avoid weekend traffic on the TransCanada Highway heading west out of Calgary. The alternate route 1A offered a bit of reprieve from the seemingly endless line of cars headed to the mountains for some summer fun and the spectacular scenery winding along through the foothills and past the Bow River wasn't bad either. Exshaw emerges along the route as a mix of industrial and residential buildings nestled up against the base of Exshaw Mountain and a 2021 population of 449 people according to StatCan. 

Those who venture off the highway will find a charming mix of single-family, detached homes constructed in every decade going back at least until the 1940's. Some of the original properties have no doubt been removed to make way for new, mountain modern structures but many of the older homes still exist. A townhome development at the west edge of the residential area was constructed in 2005 and is the only multi-family housing in the hamlet. 

That may all about to be changed though as an exciting new development has been making its way through the approval process. According to MLS sales data, a parcel of approximately 85 acres of land was listed for sale in 2018 by a private owner with around 11 acres within Exshaw and the remainder in the M.D. of Bighorn, at the base of the mountain. A sale was finalized on the land by the end of 2018. According to news articles online, the plans for the parcel include a mix of single family building lots, duplexes and 2 multi-family complexes. The plan has the potential to add 130 residents to the area which, would be a near 30% increase. The developer: Exshaw Mountain Gateway likens it to the River's Bend development in Dead Man's Flats where new construction homes have transformed the area into a thriving, family oriented mountain haven. 

When I reached out to the developer I was advised that buyers could be able to start building their mountain home in late 2024 if final approvals are achieved this summer. With real estate prices in Canmore becoming more out of reach for the average family, I really think this development could be an incredible addition to the Bow Valley. Homes for sale in Exshaw will suddenly appeal to buyers who are either priced out of other mountain markets, or for those who wish to avoid the busy tourist activity. The new development could potentially lead to other opportunities as well in terms of amenities useful to Exshaw residents. The image below is a rough illustration indicating where the new development area:

Exshaw New Development Homes For Sale

contact the team at Canmore.net online or call (587) 579-9500

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SPRING MARKET PREVIEW?

Ben Maize Canmore Realtor

There is a lot of hype about real estate in Canada these days and many people are wondering where the market is going to go this year. With the previous 2 years of heightened sales activity and sellers making big gains, this year could be a turning point...Or it could be totally unremarkable. Rising interest rates have put the squeeze on buyers and low inventory has left homeowners wondering where they would go if they did sell. 

So far in Canmore, sales for the month of March are on pace with pre-pandemic numbers and inventory is consistently low. There have been 19 closings so far at the time of writing and currently 104 active listings on MLS. Of those active listings, the average days spent on market is 71 and sellers who are getting ready to list their home should make sure to get the asking price right from the start. Of the 104 active listings, 61 of those have been on the market for over 30 days so we are seeing a bit of accumulation. At the time of writing there are 17 conditional sales and of those, 12 of them were on the market for less than 30 days. This could be an indication that homes priced right are selling quicker. We have seen some pullback in sale prices from the peak in May 2022  and understanding the market is critical to a successful strategy right now. 

Buyers who are looking at the Canmore market might be able to capitalize on fewer competitive buying scenarios depending on the property subtype. Condos under $600,000 are scarce so if that is your focus it would be wise to have financing in order and be ready to move when the right property comes along. If you are looking for a 2-bedroom condo between $600,000-$800,000 you have some decent options for residential units but limited in terms of hotel-condos. Condos above $800,000 is where there is a bit of build-up and buyers have options.

Detached homes are also seeing some accumulation and potentially some downward pressure on price. List prices range widely from $875,000 on the low end all the way up to $8,717,800 at the top end.

If you are a condo owner looking to upsize to a townhome this could also be a good time for you, especially for those sellers who are in the more affordable category. With very low inventory available below $600,000 and multiple options available for townhomes, you may be able to capitalize on optimal seller conditions and a decent scenario on the buy-side.

If you have any questions or or would like to talk about real estate in general please don't hesitate to reach out contact the team at Canmore.net online or call (587) 579-9500

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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™.
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