The Canmore and Banff real estate market has experienced a steady increase of activity since the first stage of Alberta’s relaunch, with a surge occurring through June. The number of new listings and sales rose substantially in June with sales volume only slightly lower than this time last year. While inventory is high due to the flood of listings that arrived to market in June, we expect those to be absorbed through late summer and early fall.
Properties continue to close near pre-COVID-19 prices and sold anywhere from list price in multiple offers to 5% below list. In other words, while the Bow Valley real estate market stalled during the closure of the province, this is the second month in a row that indicates real estate is moving forward from a near pre-COVID-19 state. With the announcement that Genworth and Canada Guaranty will not adopt CMHC’s new and rather draconian rules, borrowers will continue to have good mortgage options and can be confident in moving forward with a purchase.
We expect real estate transactions to remain steady and perhaps dip slightly over the next month due to summer holidays but increase when the public returns from vacation and everyone becomes increasingly comfortable with the new manner in which one may buy and sell real estate.
If you wish to buy or sell at this time, learn more about how I may assist you in navigating your real estate transaction safely, by visiting my blog articles.
Whether you wish to discuss the real estate market, have questions or concerns about your current financial situation, would like to prepare for a future real estate maneuver, or anything else, feel free to contact me and I would be happy to assist you!