Real estate in Banff has long been desirable. However, post-COVID-19, it seems as though the recreational real estate market has been outpacing supply in many regions. Especially, in places like Banff. Over the course of the pandemic, many people took up remote work and outdoor hobbies. With tourism and the outdoors being two of the main economic drivers in Banff, homes are being snatched up at every opportunity. In this article, we will be going over a quick market update for houses for sale in Banff. As well as, providing some information about the main economic drivers in Banff. Continue reading below to learn more.
Economic Drivers in Banff
Banff has been established as an outdoor playground for adventurers around the world. And, many tourists who visit Banff end up wanting to stay more permanently. Skiers, climbers, hikers, bikers, and kayakers are all drawn to the desirable landscape that surrounds this famed mountain town.
Anyone who has been to Banff before would know that tourism is the town’s main economic driver. Roughly 90 percent of Banff’s economy is based on tourism. Each year over four million people make the trek to Banff to experience the outdoor paradise that this town has to offer. Banff National Park is one of the most popular destinations for tourists. Especially since it is home to numerous trails, hot springs, climbing routes, and ski runs. Because Banff is located within a national park, the amount of commercial space is very limited. The government works hard to ensure that commercial activities remain within the guidelines outlined in the Banff Incorporation Agreement. Despite the small commercial sector, Banff generates billions of dollars each year thanks to the booming tourism industry.
What’s New With Houses for Sale in Banff?
Now that we’ve exited the pandemic, many people are still hung up on their COVID lifestyles. Whether that be remote work or those who’ve made their outdoor hobbies a permanent habit. For towns close to outdoor amenities like lakes, beaches, or mountains, this has led to red-hot real estate markets. So, it comes as no surprise that the Banff market is moving rather quickly. Real estate professionals in the area are expecting things to get even busier as the weather warms.
Houses for sale in Banff and Canmore have been selling within windows as short as 72 hours! Many people are eager to get their hands on a property in one of these two areas due to their proximity to Banff National Park. Unfortunately for buyers, purchasing property in Banff isn’t an easy feat due to restricted homeownership. The federal government has put several rules into place to make sure that not just anyone can buy up real estate in the area. This is done in an effort to maintain the beauty of the park so that generations of people can experience all that there is to see!
Recreational property investors are looking to places like Banff and Canmore as a lucrative option to pad their monthly income. In addition to this, those who don’t need to be in the office every day are seeking secondary homes to work from during their days away. These types of buyers are a key factor in why real estate is moving so quickly in places like Banff and Canmore.
Tips for Buying in a Hot Market
For those looking to purchase real estate in one of these towns, it will be important to act quickly. Given the fast-paced climate of the market, buyers will need to be ready to make a decision about a home at a moment’s notice. This means that buyers need to have their priorities in order ahead of time. Some of the advice that we often give to buyers during a hot market includes:
- Understanding what you need out of your new home and what you can sacrifice.
- Coming to terms with the fact that there is no such thing as a perfect home when buying a new property.
- Having your finances in order (e.g. getting a mortgage pre-approval, creating a solid budget, etc)
- Knowing your limits
Contact us About Houses for Sale in Banff!
If you are interested in purchasing houses for sale in Banff, contact us today! Banff 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 Banff. For more information, feel free to message us with any questions or concerns you have about living in this amazing city. 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 the near future!