Market Update & Canmore's Year End Stats
In December 2022 we saw 31 new sales and only 16 new listings. While many were concerned the market would crash and prices would plummet, Canmore held strong and reinforced confidence in the strength of our market. Fewer listings available brought fewer sales each month but sale prices were just 1.5% less than the asking prices over the course of December. The average sale price for a single family home jumped to $1,739,500 and the average residential benchmark price increased by an impressive 14.1% from 2021 to 2022.
With only 69 active listings available in Canmore as of 10am January 16th, our niche market continues to thrive and provide success for buyers and sellers alike.
We have an exciting new project coming to the market in the next few months. An exclusive offering of 6 luxury half duplexes perfectly positioned along the coveted Three Sisters Drive backing onto a lush treed reserve. Masterful craftmanship, sweeping mountain views and a roof top deck are only a handful of the incredible features offered in these builds.
Interested in learning more? Contact us today and let us know you'd like to join the list and be the first to receive new information as it's released!
Foreign Buyer Ban & It's Implications
As of January 1st, 2023 the government of Canada implemented a foreign buyer ban for the next 2 years. This prohibits non-Canadian citizens from buying real estate within Canada in an effort to promote Canadian home ownership. Some exceptions apply for international students, or non-Canadian citizens who have obtained their permanent residency. For more details click here.
How this implicates non-Canadian citizens when buying Hotel Condo's and rental properties is still unclear. A team of local lawyers and the Bow Valley Real Estate community as a whole are working to gain further insight and get a ruling that is most advantages for our residents and market.Posted by Alex Kocian on