LOOKING FOR A DEAL?
Prices for recreational properties in Canmore declined over the past 12 months due to the sluggish Alberta economy, according to a new report.
The 2019 Winter Recreational Property Report, which measures price changes in winter recreational properties in specific markets across Canada, said the median price for a single-family home in Canmore decreased two per cent year over year to $906,270, while the median price of a Canmore condo experienced a 2.8 per cent decline to $479,000.
The modest decline in prices is a reflection of the provincial economy. The upper-end single-family market is seeing slower sales, while smaller condo units are selling more briskly as builders seek to meet buyer demand for more affordable properties, he said.
“This shift in the inventory mix offers new opportunities for buyers who thought they were priced out of the market,” Hawker said. “Tourism is strong and the overall local market is thriving.”
Other resort towns a bit farther afield from Calgary have seen an uptick in their vacation property markets, according to the report. The median price of a single-family home and condominium in Invermere, B.C. rose 10.4 per cent and 5.0 per cent year over year to $509,821 and $254,266, respectively.
Kimberley, B.C. — in the Kootenay Rockies — is experiencing a surge of younger buyers, which is contributing to demand for condominiums in the area. Over the 12-month period ending Sept. 30, the median price of a condominium increased 9.8 per cent year over year to $259,750. During the same period, however, the median price of a single-family home decreased 16.8 per cent to $434,500, partially as a result of fewer upper-end home sales.