The Canmore and Banff real estate market has been hot this summer! The number of new listings and sales rose substantially in June and continued to climb with July sales outpacing the same month last year. Properties have sold anywhere from list price in multiple offers to 3% below list, a decrease from 5% earlier this summer. While real estate transactions tend to dip slightly in the summer months due to holidays, we are not experiencing that trend as pent up demand as well as those that have expedited their move or chosen to make a move to Canmore, drive the current market activity.
New types of buyers are emerging due to COVID-19; some have learned they have the ability to work from anywhere and are no longer required to visit an office, choosing to move permanently to Canmore while others are cashing out of the U.S real estate market and selecting a second home in Canmore to avoid border travel logistics and other issues. It will be interesting to watch how the Canmore real estate market evolves as COVID-19 plays a role in some of the considerations and decisions made in real estate maneuvers.
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.
If you wish to discuss current market conditions, buying or selling a home, investment opportunities, new home builds, or have any real estate questions, please contact me. I would love to assist you or your family and friends with real estate in Canmore, Banff, and the surrounding communities!