Real estate news for Canmore and Banff brought to you by RE/MAX Alpine Realty.

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! 

Throughout 2023 we wrote several blog articles about all things to do with houses in Canmore and Banff. From real estate career information to specialty property content, we wrote it all! As we get closer to the end of the year, we thought it would be best to continue with tradition and give a brief recap of our blog content from 2023. This way you can get caught up on any missed posts from the year. Follow along below to see everything that we wrote over the past eleven months. 

Houses in Canmore

Houses in Canmore – Winter and Spring Recap

Jan – New Year’s Resolutions for Those With Jobs in Real Estate!

To kick off 2023’s content, we decided to write an introductory post with some New Year’s resolution inspiration for those with jobs in real estate! If you are an agent who is looking for some goal-setting inspiration for 2024, check out this post!

Feb – How to Get Careers in Real Estate in Alberta?

One of the biggest questions that we receive about becoming an agent, is what the process is like to get your real estate license. In this post, we covered the most up-to-date information about the initial process of becoming a real estate agent. 

Mar – How to Get Real Estate Jobs Canmore Part 2

In this post, we covered the last steps in getting your real estate license. Be sure to read part one of this series first, if you have not already!

Apr – All About Buying a House for Sale in Banff

With endless amenities and jaw-dropping, 360 degree views, it’s no wonder that so many people want to call Banff home. In this article, we answered all of your most common questions about buying a house for sale in Banff. 

May –  Houses for Sale in Banff are in High Demand!

In this article, we went over a quick market update for houses for sale in Banff. As well as, provided some information about the main economic drivers in Banff. Check out this post if you haven’t already.

Looking Back at Fall and Summer in Canmore and Banff

Looking Back at Fall and Summer in Canmore and Banff

Jun – Inheriting Family Cabins in Canmore & Market Outlook!

Over the last few decades, many recreational buyers have looked to areas like Banff and Canmore as ideal places to invest in cabins/cottages. In this article, we went over the Canmore cabin market outlook for 2023! 

Jul – Tips on Moving to Houses for Sale in Canmore!

In this article, we wrote about our top tips for relocating to a new neighbourhood. Here, you can find essential advice on how to transition from your old home to your new home, how to make friends, and how to get familiar with your new location. 


Aug – Buying Canmore Houses For Sale in a Competitive Market

With interest rate hikes and the growing needs of homeowners, it has become difficult for Canadians to find a home. In this article, we discussed some tips for buying Canmore houses in a competitive market. 

Sept – Pros & Cons of Making an All-Cash Offer on a Property in Canmore

Making an all-cash offer on a property in Canmore can be a tempting decision. To help you better understand the pros and cons of buying a property in cash, we outlined some of the key details you need to know. 

Oct – Moving to a Small Town: Pros & Cons of Buying Canmore Homes for Sale

If you’re considering buying Canmore homes for sale, we encourage you to read this article! In the post, we took it upon ourselves to list some of the benefits and drawbacks of living in a small town like Canmore. 

Nov – Preparing Homes in Canmore for an Alberta Winter!

Whether you are a winter veteran or a total novice, this post will provide you with some insightful tips about how to get homes in Canmore ready for an Alberta winter. Check out this article if you haven’t already!

Contact us Today!

Thank you to all of our clients for another incredible year in real estate! For more information about buying or selling houses in Canmore or Banff, contact us today! We’d be happy to help you find the perfect real estate for the new year. Be sure to check out our social media for the latest news and updates. And, stay tuned to our blog for more real-estate-related information. We look forward to working with you in the new year! Happy Holidays everyone.

Fall is almost over! And, if you’re anything like us, you’re eager for the 2023/24 ski season. But, before we can enjoy the winter activities that Canmore and Banff are renowned for, it’s a good idea to prep your home for the change in weather ahead. Winterizing your home is an essential step in preserving its value. Not to mention, a great way to safeguard yourself from unexpected repairs. Whether you are a winter veteran or a total novice, we hope to provide you with some insightful tips about how to get homes in Canmore ready for an Alberta winter. Follow along below to learn more!

How to Winterize Homes in Canmore

  1. Clean Your Gutters

Cleaning your gutters is a must-do task that every homeowner should complete before the seasons change. While it is good practice to empty your gutters a few times per year, it is especially important to do so before winter. During the winter months increased precipitation and freezing temperatures can pose several risks to your home. Namely, water damage. If your gutters are clogged with debris, this can prohibit drainage. Thus, increasing the probability of household leaks. If you are not comfortable with doing this yourself, consider hiring a professional to get the job done. Most service providers can have the task completed in two hours. 

  1. Check Your Roof

Besides your foundation, the roof of your home is one of the most important features. As the weather cools and snow begins to fall, the integrity of your roof will be tested. To make sure that your roof can handle Old Man Winter, it’s a good idea to get outside and inspect it. When checking your roof be sure to keep an eye out for missing, loose or broken shingles.  Furthermore, you’ll want to make note of any damaged, rusted, or missing metal flashing. If you have a flat roof check that: there are no tears/holes in the surface, it’s free from mould, and the seals are in good shape. 

  1. Blow Out Sprinkler Lines

Another item you won’t want to forget is blowing out your sprinklers. If your home has an underground sprinkler system, you’ll want to make sure that these lines are free of water before temperatures dip below zero. Failing to do so can cause the pipes to crack or break, which means your irrigation system will not work come spring. If you’re not sure how to do this, contact a local landscaping company for help! 

More Ways to Prepare

  1. Make Sure You Have The Right Equipment

Before winter arrives, make sure that you take inventory of the winter tools you have on hand and what you need to replace/invest in. For example, you’ll want to ensure that you have a snow shovel, snow brush, the appropriate tires for your vehicle and new batteries in your alarms and detectors. Having the right equipment will make the winter season that much more manageable! Visit your local hardware store to stock up.

  1. Don’t Leave Any Gaps

When you winterize your home, it is a good idea to look for gaps in the sealant around your doors and windows. If you find any, make sure to patch them up before the cooler weather hits. Adding weather stripping to doors and caulking any gaps around your window will make your home all the more insulated. By completing these tasks, you can help to reduce your heating costs and make sure that your home is free of drafts. 

  1. Test Your Heating System

Last but not least, while preparing your home for winter, it is a good idea to test out your heating system. After all, no one wants to experience an Alberta winter without heat! Call an HVAC specialist to come and check out your furnace to ensure that it is fully operational. Typically, as part of this service, HVAC professionals will clean your furnace and change the filter for you. 

Contact us Today About Homes in Canmore!

If you are planning on buying homes in Canmore, contact us today! We are happy to help you determine if Canmore is the right place for you to settle down. 

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 the near future! 

Moving to a small town certainly has a charm to it. With more and more remote work options, it has become much easier to live outside of large city centres. The flexibility to live where you want has left many Canadians wanting to escape big city life. However, moving to a small town comes with its pros and cons. If you’re considering buying Canmore homes for sale, but not sure if it’s the right move for you, we encourage you to read this article! In the post, we’ve taken it upon ourselves to list some of the benefits and drawbacks of living in a small town like Canmore. Be sure to consider the following factors before making the decision to uproot for a smaller community.   

Cons of Small Town Living: Canmore Edition

  1. The Price of Living in Canmore Isn’t Much Cheaper Than in the City

One of the reasons that people decide to live in a small town is because it tends to be cheaper than living in the city. However, in Canmore, this is not the case. Buyers will quickly notice that the cost of living in Canmore is very high. This is because of the demand for housing, incredible local amenities, and strict housing regulations. If you’re interested in moving to a small town for cheaper real estate opportunities, Canmore is not the right place to settle down.

  1. Fewer Transportation Options

Another downside to living in a small town like Canmore is the fact that public transit options are limited. Nearly all residents who live in Canmore rely on their own vehicles to get around. If you don’t already own a car, you’ll want to think about investing in one. Preferably something that can handle the long Alberta winters. For those who are currently getting by without a car in the city, this is a cost you’ll want to factor in before your move. Be sure to account for maintenance, gas and insurance prices in addition to the total cost of the vehicle. 

  1. Long Winters

Albertans will be the first to tell you about the long winters across the province. From icy temperatures to snow that just doesn’t go, winter can be dreadful. However, if you enjoy skiing and other snowsports, the long winter might be just what you’re looking for. Make sure you think about your tolerance for winter before making the move to a town like Canmore!

Pros of Small Town Living in Canmore Homes for Sale

  1. Location & Access to Nature

Living in Canmore gives you access to some of the best outdoor experiences in Canada! From world-class ski resorts to awesome restaurants, Canmore has it all. In the summer, enjoy hiking, biking, mountaineering, or rock climbing. You can also head to the Bow River for an epic canoeing experience. Once winter arrives, ski and snowboard until your heart’s content! There are also a number of cross-country ski opportunities, skating, and other winter activities. The location and access to nature are Canmore’s biggest draws!

  1. Low Crime Rate

Living in Canmore, you can feel safe knowing that the crime rate is very low. Crime rates in Canmore have consistently been ranked below the national average. In fact, they are among some of the lowest in the whole country. The only thing you need to be on the lookout for is wildlife. Thankfully, most wildlife in the area is not naturally aggressive and will normally avoid human contact. 

  1. You Aren’t Far From the City

Another pro to living in the Canmore, is that you are only a hop, skip and a jump from one of Alberta’s biggest cities—Calgary! If you’re worried about missing out on big city attractions like concerts, sports games, and nightlife, don’t fret. Calgary is only an hour’s drive from Canmore. Thus, making it a short trip back into the city. This way you can still reap the benefits of big-city living without actually having to live in the hustle and bustle. 

Contact us About Canmore Homes for Sale

If you are planning on buying Canmore homes for sale, contact us today! We are happy to help you determine if Canmore is the right place for you to settle down. 

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 the near future! 

Making an all-cash offer on a property in Canmore can be a tempting decision. Especially, if you have the funds to do so. By making an all-cash offer, buyers can forgo the lending process and stand out against the competition. In a market like today’s, this can be incredibly advantageous. However, it is important to understand that making an all-cash offer is not all sunshine and rainbows. In fact, without proper consideration, an all-cash purchase can be a detriment to your financial well-being. To help you better understand the pros and cons of buying a property in cash, we’ve gone ahead and outlined some of the key details you need to know. Follow along below to learn more. 

What’s an All-Cash Offer?

An all-cash offer is pretty well what you’d expect—an offer on a home where the buyer plans to pay for the home without external funding. Thus, removing the need to secure a mortgage. Since buyers who pay in cash do not need to go through the mortgage process, the sale of the home can be processed much quicker. It is important to note that not all buyers who pay in cash intend to live on the property they are purchasing. In many cases, buyers will purchase in all cash with the intent of using the property for income. 

What are the Pros of Buying a Property in Canmore in Cash?

If you have the financial stability to make an all-cash offer, there are several pros. However, regardless of how financially able you are to buy the property without a mortgage, it is still a smart idea to weigh the advantages and disadvantages involved. So, let’s take a look at some of the benefits of an all-cash offer:

  1. Long Term Savings

It should go without saying that buying a home in cash will lead to immense long-term savings. This is because you won’t need to pay interest on your purchase. Factor in current Canadian mortgage rates, and it’s easy to see how a cash purchase can save you thousands!

  1. Stand Out From Other Buyers

Besides saving money on interest, making an all-cash offer is a great way to stand out from other buyers. In a competitive market, this can make all of the difference in you getting the home of your dreams! Not to mention, sellers will be more attracted to your offer since there is less that can go wrong. Thus, giving you the upper hand in negotiating. 

  1. Cheaper Closing Costs

Another perk of paying in cash is that you’ll lower your closing costs. Not having a loan means that you won’t have to pay any of the fees that lenders require at closing. For instance, reviewing your application, checking your credit score, processing your application, etc. 

  1. Faster Transaction

Finally, buying a home without a mortgage will speed up the transaction. Instead of waiting for lenders to process your application and make final considerations, you can skip to the important stuff. 

What are the Cons of Making an All-Cash Offer?

While buying a home in all cash may seem like a no-brainer, some serious cons can arise if you aren’t careful. To get a better idea of this, let’s take a look at some of the disadvantages of buying without borrowing:

  1. Not Enough Liquid Assets

Even if you’re financially able to purchase a home in all cash, you must consider how it will impact your financial situation. For some, buying a house in all-cash could mean that all of their money gets tied up in their house. This can be incredibly dangerous/risky. Having few liquid assets can make it difficult to afford the additional expenses that go along with owning a house. For instance, repairs, maintenance, property taxes, and renovations. If you are planning on buying in all-cash it’s a good idea to speak with a financial advisor to make sure that you aren’t putting yourself in a position you’ll regret. You should also have a substantial emergency fund to ensure all of your bases are covered. 

  1. It’s Easy to Skip Steps

When buying a home in cash, it becomes a lot easier to forgo key steps in the buying process. This is especially true since no lender is forcing you to complete tasks like appraisals and home inspections. Even if you are buying without borrowing, you must complete all the necessary steps to ensure you are making a sound investment. 

  1. No Mortgage Tax Deductions

Another disadvantage of buying a property in cash is that you skip out on the mortgage tax deductions. When tax season rears its head, homeowners with a mortgage can write off the taxes on their interest payments. For those who pay in cash, this deduction is not applicable. 

Contact us Today!

If you are planning on buying a property in Canmore in cash, contact us today! We are happy to help you determine the best course of action when it comes to buying a new home. 

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 shortly! 

Over the last few years, the Canadian housing market has become increasingly competitive. With interest rate hikes and the growing needs of homeowners, it has become difficult for Canadians to find a home. Demand for housing has driven up prices while supply, in many areas, continues to rest at an all-time low. These conditions are especially true for those who live in amenity-rich areas like Canmore and Banff. If you’re hoping to buy a home in today’s competitive market, it is important that you have all of the information. In this article, we are going to be going over some tips and advice for buying Canmore houses for sale in a competitive market. Follow along below to learn more!

How to Buy Houses for Sale in Canmore in a Competitive Market?

  1. Get to Know the Market Conditions

Before you start hunting for homes, it’s crucial that you get familiar with the market you are buying in. This is especially important for those who are buying from out of town. In Canada, the housing market is influenced by a number of factors. For instance, the economy, the population, and interest rates. Keeping these factors in mind will allow you to stay ahead of the game. It can also provide you with some insight into what affects supply and demand. Being knowledgeable about market conditions is a must when buying a home in a competitive market. 

  1. Nail Down Your Budget

Once you’ve got a strong grasp of the market conditions, it’s time to nail down your budget. Having a solid understanding of what you can afford is critical when searching for a home. Many people assume that determining your budget is limited to the price tag of the home. However, coming up with a sufficient buying budget means planning out the costs of homeownership as well. For instance, you’ll need to account for items like property taxes, insurance and maintenance. Crafting a realistic budget will give you a clear understanding of what homes you can afford and what homes are out of reach. A concrete budget is a foolproof way to narrow down your home search. 

  1. Get a Mortgage Pre-Approval

Another item you’ll want to tick off before starting your home search is getting a mortgage pre-approval. Mortgage pre-approvals are designed to give you a clear depiction of what you can afford. In addition to this, they also let sellers know that you’re serious about buying a home. Not only this, but pre-approvals can also help speed up the home-buying process since your lender will have already evaluated your financial situation. 

canmore houses for sale

More Tips & Advice!

  1. Hire a Real Estate Agent

Working with a real estate agent is a great way to ensure your success when buying in a competitive housing market. Great agents are knowledgeable about the market in your desired area and can provide you with helpful information. Furthermore, when it comes time to put in an offer, your agent will ensure that your price is right. Hiring a skilled real estate agent will make a difference in your home-buying experience. 

  1. Get Ready to Make Decisions on the Fly

In a competitive market, property tends to move fast. This is why it is essential that buyers are prepared to make decisions on the fly. One way to do so is by staying informed about new listings and not being afraid to put in an offer. It is during this step that having your finances in order can make all of the difference. Timing is a big part of buying in a competitive market, so talk with your agent about when the right time to put in an offer on a house is.

  1. Have an Open Mind

To successfully buy a home when the market is hot, it’s best to keep an open mind. Being flexible will provide you with more possibilities to find the right property for you and your family. This means being open to looking at homes in different neighbourhoods, price ranges, and property types. By keeping an open mind, you can up your chances of finding the perfect house that meets both your needs and your wants. 

Contact us About Canmore Houses for Sale

If you are planning on buying Canmore houses for sale, contact us today! We are happy to help you during the home-buying process. 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 the near future! 

Moving to a new neighbourhood can be daunting. However, with the right preparation, relocating to a new area can be a breeze! If you can afford to, using a professional moving service will help take a lot of the burden of moving off of your shoulders—both literally and figuratively. But, what happens once you’ve settled in? How do you make friends? How do you make your new neighbourhood feel like home? In this article, we will be going over our top tips for relocating to houses for sale in Canmore. Below we cover essential advice on how to transition from your old home to your new home, make friends, and get familiar with your new location. Follow along to learn more!

What to do When Relocating to Houses for Sale in Canmore?

  1. Forward Your Mail/Update Your Address

When moving to a new home, it is important that you forward your mail to your new address. This way you avoid any letters or packages arriving at your old home. In addition, you’ll want to change your address listed on any subscriptions like food delivery services. You’ll also want to update this field with your healthcare practitioners, veterinarian (if applicable), government accounts, and any other places/services where your address is required. It’s best to do this step 2-3 weeks prior to your move. 

  1. Take Security Precautions

After you’ve moved into your new home, it is important to take a few safety precautions. Even if you are living in a place as safe as Canmore. After being handed over the keys to your new home, you should visit the local locksmith and change all of the locks on the doors and windows of the home. After all, you never know who the previous owner may have given a key to. In addition to this, you may consider installing security lights, a camera, or a household alarm for added protection. Simply having these devices installed can be enough to deter suspicious personnel. 

  1. Figure out Local Utilities/Services

Moving to a new home means getting familiar with the local utilities and services. For instance, when you move, you’ll need to get in touch with a new cable and internet provider. You’ll also want to determine who your electricity, water and gas providers are. This way if you have any questions or concerns, you know who to reach out to. Lastly, you will want to figure out when garbage day is and where to take your recycling.

canmore-houses-for-sale

How to Make Your New Neighborhood Feel Like Home

  1. Meet Your Neighbours

In order to make your new neighbourhood feel like home, it is best that you get to know the people living there. Meeting your neighbours and exchanging pleasantries is a great way to bond with those around you. Plus, if you’re moving from out of town, making friends with your neighbours is a good idea. This way if you go out of town, they can watch over your home or help you out in the event of an emergency. So, don’t be afraid to say hello and introduce yourself next time the opportunity arises!

  1. Throw a Housewarming Party

Another great way to get used to your new area is by throwing a housewarming party! Housewarming parties provide an informal opportunity for you to meet people in your neighbourhood. Send out invites to your neighbours, parents at your kids’ schools, coworkers and any other people you want there. A great housewarming party provides you with the chance to relax after a tiring move and get to know your new area!

  1. Resume Your Normal Routine

One of the best ways to get adjusted to your new home is by falling back into your old routine—whatever that may look like. The process of moving can easily disrupt your regular schedule. However, it is important that you jump back into this routine so that you and your family can settle in faster. To get back on track, make sure you’ve unpacked everything and set things up how you want them. This will make it simpler for you to shift your focus from moving to getting back on track. 

Contact us Today!

If you plan on relocating to houses for sale in Canmore, contact us today! We are happy to help you out during the moving process. Canmore is an incredible area to own a recreational 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 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 the near future! 

Over the last few decades, many recreational buyers have looked to areas like Banff and Canmore as ideal places to invest in cabins/cottages. With such stunning landscapes and endless outdoor activities, it’s no secret why so many buyers chose these areas for their vacation properties. According to RE/MAX Canada, it’s projected that over the next three years, nearly 900,000 Baby Boomers will retire in Canada. At the same time, a much-awaited one trillion dollar transfer of wealth from Boomers to Gen X will continue. The majority of this wealth transference has to do with real estate changing hands from Boomers to Gen X. From vacation properties to primary residences, there’s a lot to know if you are going to become a beneficiary. 

In this article, we will be going over the Canmore cabin market outlook for 2023 and what to do if you will be inheriting cabins in Canmore! Follow along below to learn more. 

Cabins in Canmore –  Market Outlook 2023

In Canmore, the 2023 market projections indicate that sellers will have the upper hand. This is due to the low inventory in the area. It is told that these conditions will remain for the duration of 2023. The majority of buyers in this market are Boomers, Gen Xers and Millennials who are moving from within Alberta. 

In Canmore, the cottage and cabin market has seen an 8.2% increase since last year (2022) from $900,000 to $974,000. Furthermore, the average number of properties sold went down by nearly half (49.7% year-over-year) from 173 to 87. Despite this, the average sales prices are forecasted to increase by 8% for the remaining portion of the year. Most real estate professionals and Albertans are concerned about the low inventory, as this is expected to cause sales to decrease by 20% in 2023.

Canmore and Banff are not only popular among locals. In fact, these two towns have been known to draw in buyers from various international markets. However, now that Canada has put the foreign buyer ban into place, many international investors have been deterred. This is mostly due to the confusion surrounding the rules of the ban. 

Overall, the market in Canmore for recreational property is out of reach for many Canadians. With minimal inventory and a lack of affordable listings, Canmore’s market is catering to the 1 percent of Canadians who can afford the steep cost.

Canmore cabins

What to Know if You’re Expecting to Inherit a Family Cabin in Canmore?

Over the last few years, succession planning has become more and more popular. Put simply, succession planning is the act of arranging how people will inherit certain assets or roles within your family. Because so many Canadians are interested in succession planning, nearly half of all recreational property owners in Canada are holding onto their properties with the goal of passing them on to their family members. Moreover, those who are in the market for a recreational property have noted that the opportunity to pass it down to family is a large factor in wanting to buy. 

So, what happens if you’re next in line to inherit the family cabin? Will you be able to afford the cost of it? Is it worth it to sell the property? What about taxes? 

For many families, inheriting your family’s cabin/cottage will require being aware of taxable capital gain. Taxable capital gains are the part of your capital gain that you need to report as income on your income tax and benefit return. Below we’ve used data from RE/MAX Canada to outline the average price in Canmore’s recreational property market, the capital gains between 2016 and 2023, and what inheritors can expect to pay in capital gains tax. 

As we mentioned earlier in this article, the average price in Canmore in 2023 is $974,000. Along with this, the capital gain tax amount is $105,818, while the capital gain amount is $440,910. 

Contact us Today for More Information!

If you are planning on inheriting cabins in Canmore in the coming years, contact us today! We are happy to help you understand how your inheritance will affect your financial situation. Canmore is an incredible area to own a recreational 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 great 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 the near future!

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. 

houses for sale in Banff

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!

Owning a house for sale in Banff is a desirable investment for nearly all Canadians. With endless amenities and jaw-dropping, 360-degree views, it’s no wonder that so many people want to call Banff home. But, how does one acquire real estate in Banff? And, is it really all that worth it to make Banff your permanent home? In this article, we hope to answer all of your most common questions about buying a house for sale in Banff. Follow along below to learn more about real estate in this famed national park. 

Why Choose Banff? The Pros.

  1. Outdoor Paradise & Lots to Do

One of the best advantages of living in Banff is that you get to experience its outdoor landscape every single day. For example, head to one of Banff’s numerous renowned ski hills like Norquay or Sunshine Village for an afternoon of hitting the slopes. Or, take your pick of one of many hiking, biking and running trails and explore the environment around you. Besides the paradise in your backyard, Banff is a cure-all for boredom. Since it is a tourist hotspot, there’s always something to do—especially, if you love being outdoors!

  1. Sense of Community

Another perk of living in Banff is the incredible sense of community. Since living in Banff is no easy feat, there is a very minimal permanent population. This helps to foster a tight-knit community.

  1. Great Business Economy

As you may have suspected, Banff’s biggest economic driver is tourism. Tourism is the primary factor in why the Banff economy has been able to do so well over the past few years. 

Why Not to Choose Banff? The Cons.

  1. Need to Reside Clause

The Need to Reside clause is something that all prospective buyers must understand. The government of Alberta has made it incredibly difficult for just anyone to purchase property in Banff. This is all with the goal of preserving the natural environment. However, unfortunately, this pushes out even the most well-intentioned buyers. In order to satisfy the Need to Reside Clause, you must have an active or planned business within the town, a blood relation to another person in the town, or have lived in the park since 1981. 

  1. Abundance of Tourists

Banff is a lot of things, but big isn’t one of them. This small mountain town gets millions of visitors every year, during all seasons. If you aren’t into the tourist town vibe, then perhaps Banff isn’t right for you. 

  1. High Cost of Living

In addition to all of this, Banff also boasts a high cost of living. Its desirability and prestige make Banff real estate in high demand. So, naturally, you can expect the price of housing and everything else to be above average. 

How to Buy a House for Sale in Banff?

Buying a house for sale in Banff is no easy feat. And, buyers must understand that owning a home in a national park like Banff comes with some caveats. So, let’s say that you meet the Need to Reside Clause and are able to now purchase a property in Banff: how do you do it? 

Well, buying a home in Banff is similar to buying a home anywhere else in Canada—with the exception that all properties in Banff are held in a leasehold title ownership. This means that those who buy a home in Banff will only have ownership over the structure(s) on the property, but not the land itself. Contrastively, when you buy a home in other cities in Canada, your ownership is generally fee simple. This allows you to own both the land and buildings on it. 

Who Can Live in Banff?

The only people who can live in Banff are the ones who are eligible by the Need to Reside clause. Some of the reasons that you may be permitted to live in Banff include:

  • Business owners who operate a business in the park that is necessary for day-to-day operations
  • Those who live in the park for five successive years directly before they retire. 
  • Anyone who is a full-time student at a school within the park
  • Any person who is a spouse, common-law partner, or dependent of an employee of the park
  • Anyone who has primary employment in the park

Contact us About Buying a House for Sale in Banff!

If you are interested in purchasing a house 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!