Impact of Canmore Community Housing Developments on Real Estate Sales, Buyers, and Sellers

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The recent appointment of Kristopher Mathieu as the Executive Director of Canmore Community Housing (CCH) comes at a pivotal time for the real estate landscape in Canmore. With several significant projects in the pipeline, CCH’s activities are poised to shape the future of the local housing market. For real estate agents, home buyers, and property sellers in Canmore, these developments could have far-reaching implications—both positive and negative.

The Positive Impact on Real Estate in Canmore

  1. Increased Housing Supply
    • The most immediate and positive impact of CCH’s new projects, such as the Palliser Trail area structure plan (ASP), is the expected increase in the housing supply. With 1,300 units planned, over 1,000 of which are designated as affordable, the availability of homes will rise significantly. This expansion could help to alleviate some of the pressure on Canmore’s tight housing market. Ultimately, making it easier for first-time homebuyers and low-income families to enter the market.
  2. Enhanced Community Sustainability
    • By focusing on affordable housing, CCH is directly contributing to the sustainability of the Canmore community. Affordable housing initiatives can stabilize the local workforce by providing housing options for essential service workers. These are generally the first who are often priced out of the market. This stabilization not only benefits individual residents but also strengthens the community’s overall economic health.
  3. Potential for Real Estate Market Diversification
    • The construction of a mix of rental and ownership units, especially in planned developments like Palliser Lane and Stewart Creek Rise, will diversify the types of properties available in Canmore. This diversification could attract a broader range of buyers. Most of which, include those looking for investment properties or long-term rentals. In turn, this could stimulate real estate activity.

Challenges and Considerations for Buyers and Sellers of Real Estate in Canmore

  1. Market Saturation Concerns
    • While an increase in housing supply is generally positive, there is a potential downside if the market becomes oversaturated. If the new developments lead to an oversupply of homes, particularly in the affordable housing segment, it could put downward pressure on home prices. For current homeowners looking to sell, this might mean lower returns on their property investments.
  2. Waitlist and Demand Imbalance
    • Despite the planned construction, CCH’s waitlist remains long. There are 264 people waiting for homeownership opportunities and 189 waiting for rental units. This ongoing demand suggests that even with new developments, there may still be a significant gap between housing supply and demand. Buyers may continue to face stiff competition for properties. Particularly in the affordable housing sector, leading to longer wait times and potentially higher prices in the short term.
  3. Impact on Property Values in Canmore
    • The introduction of more affordable housing could have a complex impact on property values in Canmore. On one hand, increased supply could stabilize or even reduce property prices, making homes more accessible to a wider range of buyers. On the other hand, if the market perceives the influx of affordable housing as lowering the overall value of certain areas, it could negatively affect property values, particularly in Canmore neighbourhoods adjacent to these developments.

Understanding the Changing Landscape and How Canmore REALTORS® and RE/MAX Alpine Realty Help

For real estate professionals, buyers, and sellers in Canmore, the activities of Canmore Community Housing under the leadership of Kristopher Mathieu represent both opportunities and challenges. The increase in housing supply and the focus on community sustainability are likely to bring long-term benefits to the area. However, careful attention must be paid to market dynamics, including potential oversaturation and the ongoing imbalance between supply and demand.

As Canmore continues to grow and evolve, staying informed about these developments will be crucial for anyone involved in the real estate market. For real estate agents at RE/MAX Alpine Realty, this period presents a unique opportunity for us to guide our clients through a changing market. We are committed to helping buyers and sellers to capitalize on new opportunities while understanding potential risks. If you have questions about buying or selling real estate in Canmore, please reach out to us today!

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Banff Houses for Sale Spark Debate Over Housing Density

Becoming a permanent resident of Banff is no easy feat. To live in the area, you must meet the various eligibility requirements the government has implemented. For aspiring residents of Banff houses for sale, this means you must either:

  1. have primary employment in the park;
  2. operate a business necessary for day-to-day operations;
  3. live in the park for five consecutive years before retirement;
  4. be a full-time student attending a school in the park;
  5. or be the spouse, common-law partner, or dependent of an employee of the park. 

Anyone who meets one or more of these requirements can buy property and live in Banff. These requirements are intended to protect the park from development and careless residents. However, recently, the Town of Banff has proposed changes to the land use bylaw that would allow greater housing density over time. This has sparked a heated debate amongst residents. Follow along as we unpack the housing density debate and what it could mean for the future of Banff real estate.

Housing Density in Banff to Rise After Town Council Proposal

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Residents and council members of Banff have reached a crossroads when it comes to increasing housing density in the famed national park. On one side of the debate, community members argue that more housing is needed to boost the current rental vacancy rate. Sitting just below one percent, renters find it nearly impossible to find a property to call home. However, on the flip side, other residents are concerned that higher-density housing would pose a risk to the national park. The fear is that increased numbers of homes would result in a loss of character, livability and green space in Banff residential neighbourhoods. 

The Town of Banff proposes changes to the land use bylaw which would allow more housing density over time. This would be made possible by forgoing residential parking requirements and increasing the allowable size of buildings in neighbourhoods. The proposed changes would affect low, medium and high-density residential areas. Dave Michaels, manager of development services in Banff, noted that land use bylaws needed to be changed to encourage the private sector to develop. This is a trend that has been seen amongst a variety of Canadian towns lately as many areas struggle to keep up with the demand for residential real estate. 

The municipality has received $4.66 million from the federal government as part of the Housing Accelerator Fund. The town council hopes these changes will create at least 240 new housing units by 2027. This will include the construction of 43 affordable housing units. Buildings under the new legislation will be permitted to be up to 14.5 meters tall in high-density areas, with a reduction in setbacks and an increase in total floor area. 

During the first public consultation, most residents were in favour of zoning changes.

What Does This Mean for Banff Houses for Sale?

over tourism in banff national park

The proposed zoning changes in Banff could have far-reaching effects on the local real estate market. By increasing housing density and allowing for larger buildings with reduced parking requirements, the town is positioning itself to accommodate a growing population. This influx of new housing units will likely attract a broader range of buyers and investors. For individuals who meet Banff’s stringent residency requirements, the increase in available housing could make it easier to find a suitable home, potentially easing the current housing crisis.

However, these changes might also lead to a more competitive real estate market. As more people become eligible to buy property, demand could drive up property values. This could make it even more challenging for buyers and renters to enter the market. Investors might see this as an opportunity to jump on rising property values, further intensifying competition.

On the other hand, greater housing density and the potential reduction of green spaces could impact the park’s allure. Residents who cherish the town’s natural beauty and open spaces might find the changes unappealing. The shift in the town’s character, from a serene national park setting to a more densely populated area, might deter some potential buyers or tourists who prioritize these qualities.

Moreover, the development of larger buildings and the reduction in parking requirements could lead to logistical challenges. For example, increased traffic and pressure on existing infrastructure. This could affect the quality of life for current residents and might require additional investments in public services and amenities to keep pace with the growing population.

Contact us Today!

If you are interested in learning more about zoning changes to Banff houses for sale, get in touch today! 

Banff is a one-of-a-kind town to live and work in. Contact us today to learn more about all of the amazing opportunities that come with living in Banff. For more information, feel free to message us with any questions or concerns you have about this area. Be sure to check back next month for more real estate-related content! We look forward to working with you in the near future!

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All About Vacation Homes in Canmore

Owning a cottage or vacation home in Canada offers its own bragging rights. Vacation properties in Western Canada are now scarce. During the pandemic, many buyers purchased cottages to escape city life, and numerous recreational homes have since become primary residences. This shift to rural living has driven up prices in Canada’s vacation real estate market. Combined with the popularity of short-term rentals, it’s no surprise that these properties are highly coveted assets. If you’re considering purchasing vacation homes in Canmore, it’s important to ensure your financial readiness. On the other hand, if you’re looking to cash in on your investment, keeping up with market trends is critical in choosing the right time to list.

In this article, we will be covering a market update on vacation homes in Canmore. Follow along below to learn more!

Are You Financially Ready to Buy Vacation Homes in Canmore

Deciding to buy vacation homes in Canmore is exciting. However, it’s important to determine your financial readiness before making the choice to purchase. According to RE/MAX Canada’s Cottage Trends Report, recreational property prices are expected to rise by 6.8% in 2024. However, this figure is higher for vacation homes in Canmore, with an expected price increase of 10% year-over-year. As such, it is important to assess your financial situation carefully. This includes evaluating your budget, securing financing, and considering ongoing maintenance costs. 

With the current interest rates, many Canadians find it challenging to own even one home, let alone a vacation property. However, this wasn’t always the case. Not too long ago, Canadians could afford their primary residence as well as a cottage or vacation home. It wasn’t until the pandemic struck that prices began to skyrocket, driving up the average market cost of a typical vacation home. In today’s market, owning a cottage can cost as much, if not more, than a person’s primary residence.

Is a Vacation Home in Canmore/Banff Right For You?

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Once you’ve determined that you’re financially able to purchase a vacation home, it’s a good idea to evaluate your lifestyle compatibility with such a property. Additionally, you’ll want to consider how much investment potential the asset holds. One of the first questions that you should ask yourself is how often you intend to use the property. If you only anticipate visiting a few times per year, it may be more cost-effective to rent during those specific periods. Another factor to keep in mind is how far your primary residence is from the secondary property. A vacation home that is too challenging/time-consuming to access may not be practical for regular use. You’ll also want to make sure that the location supports the recreational and lifestyle choices that you seek from your vacation property. 

Beyond general lifestyle compatibility, it’s also important to check the investment potential of the property. This is especially important for those who plan to rent out the property during their time at home or resell in the near future. A good way to gauge a property’s investment potential is to research local market trends and look at historical data from years past. This will help you better understand current trends as well as common factors that influence property values in the area. 

For those who plan to use their property for short or long-term rentals, be sure to check the zoning of the vacation home. Zoning in Canmore has become much stricter to eliminate short-term rentals and improve long-term housing options for locals. Finally, you’ll want to evaluate your future plans. Do you plan on retiring in your vacation home? Will it be passed through the family for generations? Or, is it simply a way to grow your investment portfolio?

Market Insights on the Recreational Property Market in Canmore

Given the steady price increases in Canmore, now could be a favourable time to cash in on your vacation investment. Of cottage owners who aren’t choosing to sell this year, the majority will be holding on to their properties despite high interest rates and affordability concerns. Cottage prices have gone up in 83% of Western Canada’s recreational markets. As we noted earlier, a year-over-year price gain of 10% was recorded in Canmore during Q1. 

Compared with last year’s conditions, Canmore’s cottage market is continuing to favour sellers. The main driver of recreational property sales in Canmore are retirees, followed by families, and investment buyers. Among buyers purchasing vacation homes in Canmore, the most favourable amenities include access to outdoor recreation, proximity to water, and close-knit communities. 

Contact us About Vacation Homes in Canmore Today!

If you are interested in learning more about vacation homes in Canmore, get in touch today! 

Canmore is an incredible area to live and work in. Reach out today to learn more about all of the amazing opportunities that come with living in Canmore. For more information, feel free to message us with any questions or concerns you have about living/working in this incredible area. Be sure to check back next month for more real estate-related content! We look forward to working with you in the near future! 

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The Benefits of Working as a REALTOR® in Banff or Canmore

Banff and Canmore attract several buyers from across the world. Our picturesque landscapes are not something that many are quick to forget. As such, homes in either of these markets are extremely desirable. For REALTORS®, a career in one of these mountain towns can be especially rewarding. As an agent, you’ll get to call the heart of the Canadian Rockies your home and show others what an incredible place it is! In this article, we will go over some of the key benefits that working as a REALTOR® in Banff or Canmore offers.

Follow along below to learn more!

Why Work in Banff or Canmore as a REALTOR®?

  1. Diversity in the Market

One of the main reasons to work in Canmore or Banff as an agent is for the market diversity. From vacationers looking for luxury getaways to permanent residents looking for the perfect home, you’ll never have a dull day on the job. Furthermore, working in such a fluid environment will lead to skills growth and a greater understanding of the local market. Since Banff and Canmore attract a wide variety of buyers/sellers, many agents have a broad client base. This is great for expanding your network and building your brand.

  1. Opportunity for Growth

If you’re looking to grow as an agent, Banff/Canmore could be the right location for you. Especially, if you’re interested in getting into the luxury real estate market. Homes in Banff and Canmore are characterized by their high demand. This demand provides numerous opportunities for agents to work with motivated buyers and sellers. In addition, agents with a passion for luxury real estate will be right at home in Banff/Canmore, as many of the transactions that occur in this market are high-value.

  1. Demand for Property

If you know anything about the Banff/Canmore economy, you’d know that it thrives on tourism. As a bucket-list destination for many global citizens, the demand for property is always strong. Consequently, there are plenty of professional opportunities to grow your client base, make new connections, and find your niche. For instance, those who want to grow their career in luxury property for sale in Canmore will discover that extravagant vacation homes in Banff are in high demand among buyers. Another potential avenue is to help retirees find a relaxing place to settle into their golden years!

More Reasons to Consider Working as a REALTOR® in Banff

  1. For the Scenery

If you don’t want to join a Banff/Canmore brokerage for the work opportunities, at least let it be for the scenery! As a real estate agent living in one of these areas, you’ll have the unique chance to capitalize on all that both Banff and Canmore have to offer. From epic outdoor adventures to breathtaking daily views. Enjoy everything from skiing and skating in the winter to and hiking and biking during the summer. Living and working in one of these towns will show you exactly why so many people want to call themselves a Banff/Canmore resident. 

  1. The Local Community

In Banff and Canmore, the local community is everything. As a real estate agent at Alpine Realty, you’ll get to know this fairly quickly. By engaging with residents, business owners and community organizations, you’ll help foster better relationships with the town. Not to mention, you’ll get to experience all that the community has to offer. Banff and Canmore both boast incredible social scenes with an abundance of coffee shops, pubs, restaurants, and social clubs. 

  1. To Partner With a Great Brokerage

If for none of the reasons above, you should consider working as a REALTOR® in Canmore/Banff so that you can join a brokerage like Alpine Realty. Our firm provides agents with access to training resources, a flexible commission structure and global brand recognition. We also pride ourselves on having an open-door broker policy and well-situated brokerage for walk-in clients. Agents who seek professional growth will be happy to discover our unparalleled support for development both inside and outside of the office. 

Contact us Today!

If you are looking to join a new brokerage, get in touch today! We are happy to help you achieve your career goals. 

Canmore is an incredible area to live and work in. Reach out today to learn more about all of the amazing opportunities that come with working in Canmore or Banff. For more information, feel free to message us with any questions or concerns you have about living/working in this incredible area. Be sure to check back next month for more real estate-related content! We look forward to working with you in the near future! 

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Banff Pedestrian Zone and Its Impacts on Real Estate

The Banff pedestrian zone has been trending in the news lately for its controversial impact on the community. While some residents are happy to see its return to Banff this summer, others are not as thrilled. The Banff pedestrian zone has long been a point of contention since its start during COVID-19. Originally, the pedestrian zone was put into place as a pilot project in 2020. This was to ensure that social distancing could happen safely during the initial heights of the pandemic. Four years later, this project remains in full effect, raising questions about its influence on the local real estate market. 

The presence of a car-free zone in downtown Banff can significantly alter the desirability of properties in the area. Thus, impacting property values and investment opportunities. To help you better understand the ongoing debate surrounding the pedestrian zone, and how it relates to the real estate market, we wrote this blog post.

Follow along below to learn more!

All About the Banff Pedestrian Zone

As mentioned above, the Banff pedestrian zone began in 2020 during COVID-19. The project served as a way to monitor physical distancing and maintain tourism in Banff during the pandemic. This pilot project was supported by many local businesses on Banff Avenue and frequent visitors. Each year between May Long Weekend and the end of Thanksgiving, Banff closes off Banff Avenue. This occurs between the 100 and 200 blocks and disallows all vehicle traffic.

When Banff Avenue is closed off during the summer, residents and tourists can access Banff’s main attractions on foot. It also reduces the number of cars in the area and makes Banff Avenue a central plaza for pedestrians. In 2023, Banff’s elected officials voted in favour of maintaining the pedestrian zone on an annual basis. Nearly two-thirds of business owners in Banff were in favour of this decision. Moreover, numerous residents were excited about the pedestrian zone’s annual return. This was mainly because it made the town more accessible and promoted greener ways of transportation. However, the decision to make the Banff pedestrian zone a yearly occurrence did not come without backlash.  

Many long-time residents have come forward since the onset of the pedestrian zone. They have noted their concerns about how it changes the dynamics of the community. While a major purported benefit of the pedestrian zone is less traffic, residents have clarified that the pedestrian zone is not effective in this regard. Instead, it diverts traffic to local side streets and residential areas where permanent residents live. This has caused unwanted noise and traffic to make tourist areas more appealing. As such, this year, a petition to cease the pedestrian zone has come about. The town is now preparing to rescind its 2023 decision at its May 13th meeting. 

How Does the Pedestrian Zone in Banff Affect Real Estate?

With the uncertainty of the Banff pedestrian zone hanging in the balance, questions have risen about how the local real estate market will be impacted in the event of its removal. One of the main impacts that we foresee will be a change in property value. The removal of the pedestrian zone will likely restore the quiet that is usually present during the off-season in Banff. However, it could also reduce property values that have been buoyed by the attraction of a pedestrian-friendly downtown area. 

For those who own the remaining short-term rental properties in Banff, the elimination of the pedestrian zone could take away some of the appeal that these investments hold. Banff’s pedestrian zone has quickly become a main attraction for tourists visiting the town. By getting rid of the pedestrian zone, some tourists may not return or participate in town activities in the same way that they once did. Conversely, properties that were less desirable for short-term rentals may become more attractive for long-term tenants seeking a quieter living environment.

As for commercial properties, ceasing the pedestrian zone will likely mark a major shift in how commercial businesses operate during peak season. Without the pedestrian zone, businesses that rely heavily on foot traffic from the pedestrian zone may need to adjust their strategies to attract customers. The return of vehicle traffic to Banff Avenue could mean that businesses need to focus more on traditional storefront advertising and parking accessibility to draw in customers. It’s also worth considering the impact on businesses that have invested in outdoor seating and other amenities specifically designed for the pedestrian zone. The removal of the pedestrian zone could result in these businesses needing to reevaluate their outdoor setups and potentially make costly adjustments to adapt to the new traffic patterns.

Contact us Today to Learn More!

If you are interested in learning more about the Banff pedestrian zone, get in touch today! 

Banff is an incredible area to live and work. Reach out today to learn more about all of the amazing opportunities that come with living in Banff. For more information, feel free to message us with any questions or concerns you have about living/working in this incredible area. Be sure to check back next month for more real estate-related content! We look forward to working with you! 

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How to Get the Best Sale Price for Real Estate for Sale in Canmore?

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When selling your home, it can be hard to find the right listing price. As a homeowner, you want to ensure that you get the best return on your investment. However, this can sometimes lead to biased feelings about what the price tag of your home should be. As you look toward selling your property, it’s critical that you find a price that is both accurate and satisfying. To help you achieve the best ROI, we wrote this article on how to maximize your profit. This way you can keep moving up on the property ladder! Follow along below to learn more about finding the best sale price for real estate for sale in Canmore.

Get the Best Value for Your Real Estate for Sale in Canmore With These Tips

When it comes time to list your real estate for sale in Canmore, it’s important to do your due diligence. Especially, if you have plans of purchasing a better home. Getting a thorough understanding of the current market will help you in your success as a seller. By taking the time to gather information about the current market trends, you’ll be able to craft a better listing strategy. From pricing to marketing, there’s a lot to keep in mind when selling your property. 

To get a better feel for the market, consider setting up a meeting with a qualified Canmore real estate agent. Alternatively, you could consult the expertise of a market analyst. Either way, meeting with an expert in the field can help you attain a deeper understanding of current real estate trends in your area. For example, average sale prices, comparable properties, sale-to-list price ratios, number of homes on the market, average days on the market, and so much more!

To get the best value for your home, it’s also a good idea to get a home inspection done. Enlisting a professional to complete a pre-listing home inspection can benefit the sale of your home. Not only does it convey a sense of transparency to buyers, but it also speeds up the selling process. This is because buyers won’t need to worry about potential issues and trust will be established from the get-go. Generally, you can expect to budget between $250-$700 depending on the size of your home and what you need to have inspected. Anything that can be seen and safely assessed is typically included in the inspection. For instance, most inspectors will cover the roof, appliances, electrical systems, plumbing, foundation, and interior features. 

Strategies for a Successful Listing!

Marketing is an essential part of selling your home. However, it’s important to recognize that marketing isn’t always about advertising and taking great photos. It’s also about how you prepare your home to be present in these campaigns. Effectively preparing your house is just as important as your digital marketing. Before you have listing photos taken or an in-person showing, it’s important to get your home in tip-top shape. Performing tasks like decluttering, re-landscaping and applying a coat of paint, can all do wonders for the look of your home. Many sellers also opt to stage their property when it comes time to list for an even better impression. 

Once your home is looking its very best, then you can start to think about physical marketing—for example, photography, videography, 3D tours, brochures and more. With increasing numbers of buyers beginning their search online, having high-quality digital assets to market your property is critical. Hire a professional photographer/videographer to get some unique shots of your property. This will help you stand out from the crowd on listing platforms. It’s also a good idea to write engaging descriptions so that you attract the attention of potential buyers. 

When you’re ready to put your home on the market, make sure that you price your property accurately from the start. Pricing too high or too low can detract interest from your listing. Work with a trusted real estate professional to help you determine the most appropriate price for your property. After all, a great price can make all the difference in how much you make off of your home. 

Contact us Today

If you are planning on selling real estate for sale in Canmore this spring, get in touch today! We are happy to help you achieve this year’s real estate goals. 

Canmore is an incredible area to own a property. Reach out today to learn more about all of the amazing opportunities that come with living in real estate in Canmore. For more information, feel free to message us with any questions or concerns you have about living in this incredible town. Be sure to check back next month for more real estate-related content! We look forward to working with you in the near future!

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Canmore Real Estate for Sale will Soon be Subject to Vacant Home Tax

Over the past few years, Canada’s cost of living has significantly increased. With the price of housing steadily on the rise and interest rates at all-time highs, affordability is a hot commodity. In Canmore, the average home price has gone up. So much so, that it is now rivaling major Canadian cities like Vancouver and Toronto. Because of this, the city is now looking for ways to tackle housing affordability and availability. In 2023, the Town of Canmore began to outline a housing action plan that would begin to find solutions to the housing crisis. More recently, recommendations were made to the town’s council on January 9th, 2024 about how to move forward. In this article, we will be going over some of the details about what’s to come for Canmore real estate for sale and housing affordability. Follow along below to learn more!

The Present Reality of Canmore Real Estate For Sale

Since the beginning of 2023, residents of Canmore have been grappling with a lack of housing availability and affordability. Locals note that many homes are often vacant during the weekdays. 2021 census data indicated that 26% of homeowners in Canmore did not live there full-time. However, it is difficult to pinpoint just how many part-time residents have homes in the town. 

While Canmore has long had the reputation of being a pricey place to settle, many individuals still choose to make it their home. Since 2006, the cost of owning a home in Canmore has gone up 65%. This is about 37% higher than the provincial average. This combined with the fact that more units are termed “tourist homes” than rental apartments, makes the situation even more challenging for permanent residents. In Alberta, the average full-time occupancy rate for housing is 92%. However, in Canmore this figure is substantially lower, sitting at 74%. 

According to CBC, “to keep up with population demands by 2030, a consultant calculated Canmore would need 2,156 units for full-time residents and 500 units to accommodate those with second homes in the town”. Evidently, there is much work to be done to meet the demand for housing and create more affordable opportunities for residents. 

Given this information, Canmore’s livability task force discussed several ways to help reach these goals.

Potential Solutions to Improve Affordability and Availability of Housing in Canmore

  1. Removing Tourist Home Designations

Tourism, while important to the town’s economy, has caused an imbalance in the housing market. This phenomenon is not unique to Canmore, as many other provinces have been dealing with similar issues. For example, in British Columbia, new rules surrounding short-term rentals (STRs) have been introduced to create more housing options for locals. In Canmore, removing the tourist home designation would prevent new tourist homes from being approved after a set date. However, existing tourist homes would remain with this designation. Anyone who continues to operate STRs in Canmore after the date would face a commercial tax rate, regardless of whether the home is being used personally. 

  1. Tax Tools to Support Locals

Another potential solution suggested by the tax force included introducing new tax tools to motivate people to live in their homes full-time. This would come in the form of a rebate program and those who do not qualify would face higher taxes. Officials note that higher tax rates would be introduced gradually so that the town can monitor how the real estate market responds. 

  1. Purpose-Built Rental Incentives

Finally, it was suggested that purpose-built rentals receive some kind of incentive to encourage the development of new projects. Purpose-built rentals are properties that are developed with the sole intention of offering each unit as a rental home. This sort of housing has become increasingly popular in recent years as more young people look to find flexible housing options. One of the proposed incentives was a grant or tax relief program that would exempt new purpose-built rentals from 75% of municipal residential property taxes for 10 years. However, this will come with some conditions. 

Get in Touch Today!

If you are planning on buying or selling Canmore real estate for sale, get in touch today! We are happy to help you achieve this year’s real estate goals. 

Canmore is an incredible area to own a property. Reach out to Alpine Realty today! Learn more about all of the amazing opportunities that come with living in real estate in Canmore. For more information, feel free to message us with any questions or concerns about living in this amazing town. Be sure to check back next month for more real estate-related content!

We look forward to working with you soon! 

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Vacation Homes for Sale in Canmore: 2024 Market Outlook

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Are you looking to buy or sell a property in Canmore in 2024? If you are, you must have all of the information before starting to chip away at this year’s real estate goals! Homes for sale in Canmore and Banff make great lifetime investments. With access to such incredible outdoor amenities and a strong sense of community, it’s no surprise that so many Canadians want to call these towns home. To help you get started with your new year’s real estate goals, we decided it would be best to provide you with a 2024 market outlook. Here, you will find key information about national trends, local insights, and a general idea of what to expect from the market this year. Follow along below to learn more!

Trends and Insights on the 2024 Canmore Real Estate Market

To get a complete understanding of the real estate market in Canmore in 2024, we must examine national trends and their impact on the local market. Recent market forecasts released from RE/MAX and Royal LePage have indicated that Canada will return to near-normal conditions in the months to come. Moreover, the Canadian aggregate home price is anticipated to rise by 5.5% year-over-year to $843,684.

As for interest rates, most experts predict that the Bank of Canada’s key lending rate will remain stable at 5% through the first half of 2024. During the second half of the year, it is expected that modest cuts will be made by the central bank. For this reason, several lenders are already offering discounts on fixed-rate mortgages. This year will likely mark the start of a general acceptance from Canadians towards the new normal for interest rates. For those looking to enter the market, 2024 could present more stability and affordability compared to previous post-pandemic years. 

Major housing markets in Alberta like Calgary and Edmonton are gearing up for a year of high demand. With home prices in provinces like Ontario and BC as high as they are, affordability is hard to come by. Because of this, 2024 will see numerous move-over buyers relocate to Albertan cities. Increased numbers moving to the province could bring more demand to recreational markets like Canmore and Banff. Inventory may become stringent as a result of the influx of new residents looking for places to call home and investors looking to capitalize on cheaper real estate. 

Buying and Selling Vacation Homes for Sale in Canmore in the New Year

Canmore’s epic location in the Rockies has long attracted those seeking a mountain retreat or second home. The town’s proximity to Banff is an added benefit that makes Canmore such an incredible destination. Whether you’re looking for a permanent home or a recreational property, Canmore has plenty to offer. In 2024, the demand for second homes and vacation properties is expected to remain strong. Nearly 40% of the Canmore housing market was made up of recreational properties in the fourth quarter of 2023.

Despite rising interest rates, buyers looking for vacation homes in Canmore have not been dissuaded. In fact, most buyers coming to purchase properties in the area are buying houses without financing. The continued demand for properties in Canmore has resulted in local home prices growing steadily. Canmore’s median home price for recreational detached properties is roughly $1.7 million. On the other hand, recreational condos are sitting just below $700,000.

At the end of 2023, Canmore’s Town Council approved a 7.6 percent increase in municipal tax for the new year. This was done to collect $77 million to run all municipally-led tax and utility-supported services in the area. Consequently, for homeowners who own a property in Canmore valued just under $1M, the annual tax increase would be approximately $150. Between new mid-single-digit interest rates and higher taxes, buyers should be wary of the cost of living. In markets like Canmore where properties are largely comprised of luxury vacation homes, affordability is hard to come by. 

Contact us Today!

If you are planning on buying or selling homes for sale in Canmore, contact us today! We are happy to help you achieve this year’s real estate goals. 

Canmore is an incredible area to own a property. Reach out today to learn more about all of the amazing opportunities that come with living in real estate in Canmore. For more information, feel free to message us with any questions or concerns you have about living in this amazing town. Be sure to check back next month for more real estate-related content and visit our social media page!

We look forward to working with you in 2024! 

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