Canmore Market Insight
- Thread starter tenyears
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QUOTE (tenyears @ Sep 30 2008, 09:44 PM) Does anyone have any insight into the Canmore market? What are the fundamentals?
what are you looking for ? 2nd home ? condo ? land ?
I live here .. and prices are dropping and projects are being cancelled due to dropping demand ..
what are you looking for ? 2nd home ? condo ? land ?
I live here .. and prices are dropping and projects are being cancelled due to dropping demand ..
- Joined
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- 1,188
QUOTE (thomasbeyer2000 @ Sep 30 2008, 10:05 PM) what are you looking for ? 2nd home ? condo ? land ?
I live here .. and prices are dropping and projects are being cancelled due to dropping demand ..
Hi Thomas,
Are you aware of any statiscal data available for Canmore. We are considering it for our retirement place and would like to learn more about Canmore`s fundamentals. Unfortunately it is not mentioned in Don`s Top 10 Towns (probably because it does not qualify). But for me, the lifestyle of Canmore is very attractive, so is the proximity of Calgary and numerous provincial and national parks. Specific data I am looking for is: Source of income; housing prices (and trends), population growth,new construction plans and finally demographics (who is living there apart from you and Todd Stokowski; how many commuters from Calgary, how many transient people, i.e. absentee owners, tourists).
I know this is a lot of data. Just a reference to an appropriate on-line data source would be appreciated.
P.S. I didn`t mean `transient` in the negative sense.
I live here .. and prices are dropping and projects are being cancelled due to dropping demand ..
Hi Thomas,
Are you aware of any statiscal data available for Canmore. We are considering it for our retirement place and would like to learn more about Canmore`s fundamentals. Unfortunately it is not mentioned in Don`s Top 10 Towns (probably because it does not qualify). But for me, the lifestyle of Canmore is very attractive, so is the proximity of Calgary and numerous provincial and national parks. Specific data I am looking for is: Source of income; housing prices (and trends), population growth,new construction plans and finally demographics (who is living there apart from you and Todd Stokowski; how many commuters from Calgary, how many transient people, i.e. absentee owners, tourists).
I know this is a lot of data. Just a reference to an appropriate on-line data source would be appreciated.
P.S. I didn`t mean `transient` in the negative sense.
The following is by no means a crystal ball, but here are some Canmore stats.
According to Canmore`s 2008 census, the town has 12,005 permanent residents, up 3.5 per cent from last year. The non-permanent population is 5,567, up 15.5 per cent.
Of the permanent population, 37% own and 21% rent.
Accommodation breaks down as follows:
34% single family homes
4.8% single family with suite
10% semi/duplex
22% townhome
22% apartment
(note there is no category for condos)
Of the 8,164 member workforce, 425 work in Calgary, or 5.2%
11% work in Banff
56% work in Canmore
4% work in the Bow Corridor (Harvie Heights, Exshaw, etc)
6% are unknown
You can find the full census report on the Town of Canmore website.
Like everywhere else, Canmore is seeing price reductions. Asking prices are down considerably. However, with relatively few sales, it is impossible to say exactly what the averages are because the interest in high-end homes appears to be strengthening. Personally, I think the condo market is overbuilt, like everywhere else. There are rumours of projects being shut in at lockup stage, but at least one of these has apparently re-started. In the long term (don`t ask me how long), I think single family homes will be gold in Canmore. Few single-family units are being built for the simple fact that there are very few single home lots left in town. I think there were six on the market last time I checked. Canmore is hemmed in by geography, like Vancouver. If you are going to buy for investment, I`d look for single family deals. While there is a strong desire for "lock-and-leave," the place is flooded with condo projects.
The town is getting a much-needed Canadian Tire/Marks Work Warehouse, which will reduce the need for people traveling to Cochrane or Calgary for some essentials.
A regional transportation system to Banff and Lake Louise is actively being discussed. Telecommuting has increased dramatically in the last two years.
As for the market:
4 single-family homes sold in September, three sold in August.
14 non-single family units sold in September, 12 sold in August
Average days on market now 158 for single family, compared to 35 days last year.
For non-single family, average days on market are 107 compared to 326 last year.
Here`s what one agent reported for September:
The single family market saw four sales this past month. One sale was at $530,000 another at $700,000 and one just below $2.2 M and the last at an even $2.5 M. Obviously a percentage gain or loss based on the median price would make no sense in this case. However I am intrigued by the confidence of the buyers in the higher price market. Not knowing the exact reason for these two higher priced purchases, one can only speculate. The bottom line is that the buyers felt safe and confidence with real estate holdings in their investment portfolios. Days on the market continue to get higher and are close to 4 times higher than last year.
With the non single family market we see a slight increase in sale prices and number of units sold over last month. Values are up by a slight 6% over last September. Similar to the single family sales, the days on the market continue to be very high. The total number of units for sale at this time again close to 440. This is about three times our usual number. I am seeing more buyers calling me and more showings on my listings. I expect the next three months to be busy as buyers begin to take a more aggressive approach to their real estate purchasing.
Hope this help.
According to Canmore`s 2008 census, the town has 12,005 permanent residents, up 3.5 per cent from last year. The non-permanent population is 5,567, up 15.5 per cent.
Of the permanent population, 37% own and 21% rent.
Accommodation breaks down as follows:
34% single family homes
4.8% single family with suite
10% semi/duplex
22% townhome
22% apartment
(note there is no category for condos)
Of the 8,164 member workforce, 425 work in Calgary, or 5.2%
11% work in Banff
56% work in Canmore
4% work in the Bow Corridor (Harvie Heights, Exshaw, etc)
6% are unknown
You can find the full census report on the Town of Canmore website.
Like everywhere else, Canmore is seeing price reductions. Asking prices are down considerably. However, with relatively few sales, it is impossible to say exactly what the averages are because the interest in high-end homes appears to be strengthening. Personally, I think the condo market is overbuilt, like everywhere else. There are rumours of projects being shut in at lockup stage, but at least one of these has apparently re-started. In the long term (don`t ask me how long), I think single family homes will be gold in Canmore. Few single-family units are being built for the simple fact that there are very few single home lots left in town. I think there were six on the market last time I checked. Canmore is hemmed in by geography, like Vancouver. If you are going to buy for investment, I`d look for single family deals. While there is a strong desire for "lock-and-leave," the place is flooded with condo projects.
The town is getting a much-needed Canadian Tire/Marks Work Warehouse, which will reduce the need for people traveling to Cochrane or Calgary for some essentials.
A regional transportation system to Banff and Lake Louise is actively being discussed. Telecommuting has increased dramatically in the last two years.
As for the market:
4 single-family homes sold in September, three sold in August.
14 non-single family units sold in September, 12 sold in August
Average days on market now 158 for single family, compared to 35 days last year.
For non-single family, average days on market are 107 compared to 326 last year.
Here`s what one agent reported for September:
The single family market saw four sales this past month. One sale was at $530,000 another at $700,000 and one just below $2.2 M and the last at an even $2.5 M. Obviously a percentage gain or loss based on the median price would make no sense in this case. However I am intrigued by the confidence of the buyers in the higher price market. Not knowing the exact reason for these two higher priced purchases, one can only speculate. The bottom line is that the buyers felt safe and confidence with real estate holdings in their investment portfolios. Days on the market continue to get higher and are close to 4 times higher than last year.
With the non single family market we see a slight increase in sale prices and number of units sold over last month. Values are up by a slight 6% over last September. Similar to the single family sales, the days on the market continue to be very high. The total number of units for sale at this time again close to 440. This is about three times our usual number. I am seeing more buyers calling me and more showings on my listings. I expect the next three months to be busy as buyers begin to take a more aggressive approach to their real estate purchasing.
Hope this help.
- Joined
- Aug 30, 2007
- Messages
- 13,879
QUOTE (gwasser @ Oct 1 2008, 10:01 AM) .... We are considering it for our retirement place ...
come here .. rent for a while .. then check it out .. write offers .. many choices .. many more condo choices .. some crappy and noisy units and some very beautiful ones .. fairly few motivated sellers, but some, as in any market ...
prices will drop some more .. more in the middle and low end than on high end which are often bought with cash .. and are owned for long term enjoyment ..
many condo`s in the 400`s to 700`s range .. come here .. pick 10 realtors and write 10 offers @ 30% below asking and see what happens .. many condos have been flipped by under-employed realtors .. and with the stock market down and few transactions there will be some motivated sellers !!
more stats in the other posts ..
ring me up when you`re in town .. let`s do lunch or coffee !!
come here .. rent for a while .. then check it out .. write offers .. many choices .. many more condo choices .. some crappy and noisy units and some very beautiful ones .. fairly few motivated sellers, but some, as in any market ...
prices will drop some more .. more in the middle and low end than on high end which are often bought with cash .. and are owned for long term enjoyment ..
many condo`s in the 400`s to 700`s range .. come here .. pick 10 realtors and write 10 offers @ 30% below asking and see what happens .. many condos have been flipped by under-employed realtors .. and with the stock market down and few transactions there will be some motivated sellers !!
more stats in the other posts ..
ring me up when you`re in town .. let`s do lunch or coffee !!