Everybody knows Canmore has a bullish real estate market, with prices across the board increasing over the past several years.
But a record lot sale in the Prospect Heights neighbourhood indicates the overall real estate market in the community is reaching new records.
Century 21 Realtor Clare McArdle said so far in 2017, several records have been broken in the market, including the number of sales over $2 million – seven so far.
That includes the sale of a single vacant lot which has set the new record for a sale price of $2.35 million.
“There seems to be a lot of confidence in the market right now,” McArdle said. “It is still an international destination, so there are people coming from all over the world, and even if they are not buying, they are looking.”
McArdle sold the vacant lot that set the new record. She said the previous record for sale price of a vacant lot was set in 2013 – and it was the same riverfront property. It sold for $2 million, however, since that time no development on it occurred.
When comparing dirt to dirt, the sale price change over time for the lot in a four-year period demonstrates what is happening in the local real estate market.
McArdle said the local real estate market is “strong, confident and robust,” and buyers are a mix of locals purchasing a home, and buyers coming from Calgary and Edmonton.
“Year over year we are seeing prices go up and who knows how long that might be sustainable? But there is still such demand I can’t see it going down any time soon,” she said. “It is a supply and demand type situation.
“Anybody who has been in the market has done well here in the past two years, and there is something to be said for that.”
McArdle said there are record median sales prices across the board – in particular, duplexes and townhomes.
Canmore realtors maintain a database of local sales statistics – the Canmore broker data sharing group – and McArdle provided median sale prices for different types of inventory so far in 2017.
So far in 2017, 296 real estate sales have occurred – compared to 437 for all of 2016 and 347 for all of 2015.
The median sale price for a single family home this year, so far, is $895,000 – compared to the median sale price in 2015 and 2016 of $840,000.
Duplexes are a bit of surprise as the median sale price in 2017 is $949,250 – more than single family homes. That is up quite considerable from the median sale price in 2016 - $785,000 and $745,000in 2015.
Townhomes are making sales – with 100 sold so far this year and a median sale price of $675,000, compared to $565,000 last year and $526,000in 2015.
Condos are selling as well, with 100 sales this year at a median sale price of $430,000 – up from $390,00 in 2016 and $380,000 in 2015.
