CANMORE – A recent Royal Lepage recreational property report indicates single-family homes and condominium prices have slightly decreased in Canmore since 2018.
According to the winter recreational property report from the national real estate company, condominium sales in Canmore have decreased by 2.8 per cent and single-family homes decreased by two per cent.
“[It’s] been a very busy year, our sales year-over-year are up over 10 per cent from last year, last year was a reasonably strong year,” said Brad Hawker, managing broker at Royal LePage Rocky Mountain Realty.
That real estate sales price report set out that the average price of a condiminium property in Canmore in 2018 was $492,536, but in 2019 it was 2.8 per cent lower at $479,000. For single-family homes, the 2018 average sale price was $925,000, but went down two per cent in 2019 to $906,270. The report tracked housing sale prices over a 12 month period ending Sept. 30, 2019.
Hawker said the pricing decline is a reflection of an increase in smaller condo unit sales as buyers demand more affordable units, but that tourism is strong and the local market is still thriving overall.
“Condos are a real kind of cross-over product and because generally in a condominium, there’s less maintenance, that fits well for that part-time residents, as well as very active full-time residents, who don’t want that burden of maintaining the exterior of their property, and so they’re happy to have a condominium where that’s going to be taken care of,” he said.
“Plus, there’s a lot of people here that like to travel. Full-time residents who like to travel, then they don’t have to worry about the exterior of the property, they can just lock it up and leave.”
Buying a home or condominium in Canmore is appealing, according to Hawker, because of what it offers for both retirement and recreational purposes.
“The very active lifestyle is the big draw for a lot of people though there’s also a strong fine arts community here in the valley, and then of course we’ve got the Banff Centre for performing arts. So it’s a real balance of people who might have an avid interest in outdoor pursuits with those that have the appreciation for the arts,” he said.
In terms of the decrease, Hawker explains the local market is actually quite strong, even with a downturn in the Alberta economy overall.
“The Alberta economy has been quite challenged over the last couple of years, but Canmore has really escaped those downward pressures and has remained very strong,” said Hawker.
“Overall the market is more of a balanced market right now, so there’d be some segments that would be more of a sellers market.”
Within the 2019 Royal LePage Winter Recreational Property Report, the only Alberta community considered was Canmore. In B.C., Whistler, Invermere and Kimberley were included in the report and the remaining real estate markets tracked were in Ontario and Quebec.
Canmore represents the second highest price overall for both condos and single-family homes. The most expensive market was Whistler, which saw an average decrease from 2018-19 in single-family home prices of 13.8 per cent from $2.8 million to $2.4 million. The resort town's condo prices, on the other hand, increased by 5.2 per cent from $840,679 to $884,227.
“Whistler’s condominium market is returning to balance after a season of pent-up demand and not enough entry-level inventory,” said Frank Ingham, associate broker, Royal LePage Sussex in a press release. “Condominium prices are more affordable, which allows for a broader buyer demographic. Single-family homes are more price sensitive since they are a luxury product in the region.”
Invermere, on the other hand, saw a 10.4 per cent increase in sales price for single-family homes from $461,956 in 2018 to $509,821 in 2019. Condos in the Columbia Valley community went up five per cent from $242,183 to $254,266.
“Much of the lower-priced housing stock is gone, so we’re seeing a notable resurgence in sales among the $1 million-plus homes that are on the water, pushing up the median price among single-family properties,” said Barry Benson, broker and owner, Royal LePage Rockies West.
Kimberley, meanwhile, saw single-family home prices decreased by 16.8 per cent from $522,000 in 2018 to $434,500 in 2019. Condo prices increased by 9.8 per cent from $236,500 in 2018 to $259,750 in 2019.
Visit royallepage.ca for more details on the report.
