The lovely mountain town known as Canmore, Alberta is located in the Canadian Rockies. It is beautiful, and the pictures of it don’t do justice! It is breathtaking when you see it in person. There are plenty of activities to take part in here. They include skiing, shopping, and great dining experiences. This is a growing area for tourists because so many people return here again and again. It has also become a wonderful place to invest in real estate. Property values continue to increase and the housing market is enticing.
The upward growth of the area and the increased value of property over the last few years is the result of several factors. They include the demand for the land available, the growth in the tourism industry, and the number of people buying homes here for a vacation property or to invest in as rental property.
Data received from Calgary Real Estate Board shows the average price of a single-family home was $1.3 million in 2020. This is a 11.9% increase from 2019. The average price of a condo in 2020 was $600,000. This was an increase of 7.6% from the previous year.
Canmore is close to Banff National Park, and that makes real estate here a prime commodity. This national park is one of the most popular places tourists visit when they come to Canada. It is also a favourite location of those that reside in Canada. Owning rental property or a vacation home here can be a dream come true for many households! They love to come to the area to ski, hike, or take part in many other activities offered around this area.
Vacation homes in Canmore are a top portion of the real estate market. Many of the owners have utilized them to enjoy and make money. They spend a part of the year in Canmore, living in that space. The rest of the year, they rent it out to others that visit the area. More tourists are looking at Airbnb options than hotels for their stay then before. Others are interested in a short-term rental in the area for a few months each year.
There is limited availability of land in Canmore, and that has made the cost for what is offered skyrocket. There are protected areas of wilderness all around this town, and it can’t be touched. This limits the land that can be used for residential development. With the high demand, the limited supply means top dollar for that land.
All of these factors though can present challenges to those in Canmore with a desire to buy their first home. Many locals complain about the high cost of real estate. In other situations, the property or homes are sold in a matter of days once they are listed. Bidding wars are common and that can drive the prices higher than the seller’s asking price. Sadly, this can make the cost out of the price range for the typically first-time buyer.
Affordable housing concerns in Canmore has become a struggle for those working lower paying jobs. This includes many jobs in the hospitality industry or those that have young children. They are just starting out and they would like to buy instead of rent. They simply can’t afford the price of the property though.
On the brighter side, there are some opportunities for those living in Canmore. They may not be able to afford these luxurious homes, but they can often buy a townhouse or a condo. There is also the choice to live in a close by area. Dead Man’s Flat and Exshaw both offer easy access to Canmore but they are less expensive when it comes to the available real estate.
Anyone interested in buying real estate in Canmore is encouraged to work with a licensed real estate entity. They can help navigate the market, assist with offers, and complete the necessary paperwork. Buyers should understand the market and think about their strategy for investing before they do so. How someone will use the property often influences the decisions too. There is a difference with a home you live in, a vacation home, and something you buy as rental property.
The forecast for the real estate market in Canmore, Alberta is encouraging for those buying at this time. The value of such property is likely going to continue to increase in the years ahead. Of course, the economic factors and supply and demand will continue to influence those values. Potential buyers are encouraged to conduct research and look at their budget before they dive into any such real estate purchase. Canmore is a beautiful area and it can be a prime location to live or invest in property.