CANMORE – If you thought spending $1 million for a home in Canmore was expensive you might want to think again.
Two residential lots along the Bow River recently sold for a record $6 million, making it the highest publicly know price ever paid for residential land in Canmore.
Located at 13 and 14 Van Horne Way, the two vacant lots are in one of Canmore’s most expensive neighborhoods and includes 210 feet of river view frontage.
“There’s really no other property on the Bow River with that sort of unobstructed view,” said Dale Hildebrand, a Realtor with Century 21 Nordic Realty who helped negotiate the deal.
While there are no immediate plans to develop the land, when the property is developed it will have unencumbered views of Mount Lady Macdonald and Grotto Mountain.
Prior to the sale, the highest price ever commanded for a residential property in Canmore was $4.3 million for the property at Seventh Avenue and Seventh Street, the former site of the Our Lady of the Rockies Parish. The property is currently being redeveloped into townhouses and condos by Canmore’s Distinctive Homes.
Down the road at 18 Van Horne Way, that property sold for $4.1 million in 2017, according to a local database of real estate transactions.
“I think it just points to a very robust market for those kind of unique properties,” said Hildebrand, adding the two lots he helped sell were sold to a private Alberta investor.
The median price for a detached home in Canmore dipped by 1.1 per cent to $918,500 in 2018, according to a report by Royal LePage. The slight drop in value stands in stark contrast to the median price for a condominium in Canmore, which jumped by 9.6 per cent year-over-year to $472,000.