The real estate market
The real estate market is constantly changing, and nowhere is that more true than in Canmore. In the last few years real estate in Canmore has gone into orbit. While this may be good for current property owners, especially people thinking about realising some cash from their property for retirement, it also means that there are few, if any, affordable properties left in the Canmore housing market.
Canmore market conditions
Canmore is currently in a sellers' market, and has been for several years. Experts are predicting that real estate in Canmore still has a long way to go before it peaks. While this may be good for Canmore property owners, it does have ramifications for the town and it's working population, many of whom are struggling to purchase their first property and continue to live in the Bow Valley.
With Canmore listed as one of the most desirable towns to live in Canada, and having one of the best choices of recreational facilities in North America, it's no wonder that the demand for real estate is so phenomenally high.
Currently 25% of all real estate in Canmore is part-time/vacation ownership as a result of it's breathtaking scenery, Olympic Nordic Centre, backcountry hiking and biking, skiing, running and all the other too numerous to mention activities that go on year round in the town and valley.
General market conditions
Your realtor is the best person to advise you on the current climate in the Canmore real estate market. They should have the most up-to-date figures and trends to show you.
- Number of buyers wanting homes exceeds supply
- Many buyers chasing the same small inventory
- Homes sell quickly
- Prices higher
- Bidding wars
- Sellers need to make quick decisions
- Conditional offers may be rejected
- Supply of homes on the market exceeds demand
- Homes stay on market longer
- Prices lower
- Sales nearly always conditional
- Sellers have more time to find the right property
- Number of homes on market equals number of buyers
- Homes sell within a reasonable time period
- Prices generally stable
- Sellers have less panic/stress to make a purchase
- Reasonable number of properties to choose from