March 2008, Canmore Market Update...
 With several market changes over the past year, here is a brief overview to help you make sense of it all.
Canmore’s market as a whole experienced a slow down between August of 2007 to the end of the year. This has created a situation where buyers could take their time buying and drive harder bargains with many buyers doing exactly that during this time period. Since the beginning of 2008 , there has been a notable elevation in buyer interest and activity for most of Canmore, as well as a robust increase in inventory on the market. Heading into March 2008, we are still seeing increased buyer activity along with higher than normal inventory.
Average Market Prices for 2007 are as follows:
Single Family Home $915,000
Multi-Family Home $536,000
Median Market Prices for 2007 are as follows:
Single Family Home $775,000
Multi-Family Home $458,000
The Canmore market is influenced by large numbers of Alberta recreational property owners. Historically, Canmore has been quite separate from the rest of the Alberta real estate markets, due to our recreational market equally divided between Albertans, Americans and UK purchasers. Now with the growing number of individuals moving to Calgary and Edmonton, Albertan owned vacation homes in Canmore is on the rise.
The rapidly growing populations of Calgary and Edmonton created an especially steep appreciation of home pricing during the summer months of 2006, by approximately 45% in Edmonton and 25% in Calgary. The increases were swift and unsustainable, which resulted in the correction experienced in the entire province in the later part of 2007.
Canmore seems to be headed towards a more balanced market and we may reach it before our neighbouring cities. Edmonton and Calgary are more likely to take longer to reach equilibrium, as they adjust to their more dramatic fluctuations of the previous year.
For sellers out there, be prepared for a slightly longer selling period and, be kind to yourself, don't list a penny above market value.
For those who have wanted to buy in Canmore, now is the time!
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Canmore, Alberta is located 106 kilometres west of Calgary on the Trans-Canada Highway. On the west the town borders Banff National Park, Canada's oldest and best known park. To the south and east lies Kananaskis Country, a million-acre preserve set aside by the Province of Alberta for recreational use.
Since its founding in 1883, Canmore was traditionally a railroad divisional point and a mining town. The mining is long gone and today the freight trains roll right past the town on the main CPR line. Now the service centre for the Bow Valley, Canmore is recognized world-wide as an outdoor recreational and adventure centre.
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