Move over Airdrie and Cochrane. There’s another red-hot bedroom community in the region, only a bit farther afield.
Canmore has been experiencing strong sales throughout the summer and into the fall, according to Multiple Listing Service data.
“Our market has been extremely busy since July,” says Richard Greaves, broker/owner of Re/Max Alpine Realty in Canmore.
Even September was strong with 72 sales taking place. That’s up from 47 the same month last year.
The sales strength has also translated into strong price appreciation, as Calgary Real Estate Board figures for September show. The benchmark price in Canmore increased 8.9 per cent last month over the previous year to $1,082,400.
Greaves cites strong demand from city dwellers as one driver.
“We’re certainly seeing buyers saying, ‘My company has figured out we can now work from home, so I’d prefer to live in the mountains.’ ”
Pent up demand from spring when the market dried up over pandemic concerns also drove prices in the summer through the fall.
“Cheap interest rates” are another tailwind, allowing buyers of all kinds to enter the market, including first-time buyers and move-up families, he adds.
Despite the surge in activity sales are down slightly, year to date ending Sept. 30.
“Coming out of the second quarter, we were 100 units behind 2019, and coming out of the third quarter, we were just 20 units behind.”
But prices over are up 3.5 per cent YTD.
Unlike other markets, falling inventory is not a factor in Canmore. Rather Greaves notes: “It’s just demand — high demand.”