REAL ESTATE MARKET UPDATE

The Canmore real estate market continues to experience low inventory, high demand, and price increases although the pace of sales has slowed to a small degree. The slight decrease in sales activity may be due to lack of inventory and/or buyer fatigue. Some buyers have chosen not to engage in multiple offer situations and have taken a step back from the frenzied climate. Regardless, Canmore remains in a seller’s market with no signs of moving.

The recent rise in interest rates has had little effect on the Bow Valley real estate market. The interest rate hike returned percentages to pre-pandemic numbers and when compared to historical data reveals that interest rates still remain low. Most buyers purchasing in the Bow Valley are in a strong equity position thus the interest rate hike has had little impact on sales. Those requiring a mortgage are still securing low interest rates.

The Town of Canmore has raised property taxes for non-residential tourist homes to align with the tax of commercial businesses. The more than 600 tourist homes in town will see their rates adjust to 3.1 times the residential rate or approximately $200 per year. Most of these tourist homes are utilized as short-term rentals, essentially a business, which justifies the tax increase. The changes will appear on the next cycle of tax bills.

If you are considering selling your mountain home or property or would like to enter the Canmore market, please reach out to our team. Barry and Jack have a wealth of knowledge and experience and will assist you in formulating a smart plan to make your maneuver in this challenging market.