The trend of people moving out of cities and settling in areas more conducive with work/life balance and natural living has drastically increased due to COVID-19. The ability (and necessity) to work remotely has allowed homeowners the flexibility to center their property search on lifestyle rather than on proximity to work. And nowhere is a natural, balanced, optimal lifestyle more prevalent than Canmore, Alberta.
The market in Canmore
The median closing house price in Canmore hit $1.27 million in September 2020, a jump of 16 per cent over September 2019. Condo closings are doing just as well, with a median price of $583,000 and holding steady at a 16 per cent increase year after year.
The current Canmore market is ripe for those looking to sell, resettle, downsize, retire, or purchase rentable/income properties. No matter what the reason, investment in Canmore real estate is constantly being pushed to new records, with 2021 as no exception.
But there is more to consider when looking at the Canmore market and its trajectory over time. Canmore is part of the Provincial Parks Act which means its natural habitats are protected for wildlife and are to remain as natural areas for education and recreation. At some point in the coming years, Canmore will cease to expand. Similar to what is seen in other protected parts of Alberta, like Jasper, this will drive real estate prices even higher, stimulate heavy demand but offer much less inventory.
What does this mean for Sellers?
For sellers, there has never been a better time to list your property. Buyers are flocking in and they are serious about buying their dream home in the mountains. Interest rates are low stimulating buyers potential financing and inventory is low. You need to make your listing stand out, which is why working with an experienced Realtor® that knows the market, knows and lives in Canmore, and has access to a network of home inspectors, stagers, lawyers, contractors and other professionals can help you sell your property hassle-free.
What does this mean for Buyers?
ACT NOW. Inventory is moving fast. When homes hit the market, they can be gone in a matter of days. Talk to a Realtor® in Canmore today and share what you are looking for in your new home. Your Realtor® can either match you with something on the market, or ensure you are one of the first in line to view a newly listed property. Delaying a few years, and in the current market climate even a few months, can mean paying significantly more for your home in Canmore.
Where do Canmore homes sit on the property ladder?
Canmore has ideal properties for everyone on the property ladder, whether you are looking for a starter home, dream home, to downsize or upsize, flip or buy a revenue-generating property. Canmore is ideal for homes that address modern solutions and can allow you to age in place or be supported through many life stages. For instance, you can view homes with separate office spaces for remote work, hybrid work, makerspaces, and homeschool classrooms or floor plans that are designed with the master suite on the main living level.
If you are thinking about relocating to Canmore, or if you have a home to sell in Canmore, act now. The market is hot and moving at record pace. Work with an experienced Realtor® to get the best experience and smoothest transition.
Lori Mitchell Real Estate is the go-to Realtor® in Canmore. Living in Canmore and working in the Bow Valley Housing market for over 20 years has given her great knowledge and skill to help you navigate the market with ease. She’s helped hundreds of buyers and sellers conquer the market and get top dollar for their home or buy the property they have dreamt about. Working with a local agent makes all the difference. Contact Lori today to explore Canmore’s hot real estate market, and how it can benefit you.Posted by Lori Mitchell on