Where is the Canmore real estate market going in 2022?
This is a question that has been on a lot of my client’s minds lately. With soaring prices and record low inventory, the dynamics of our market are shifting in the same way other markets across Canada may be, too. Almost daily I have new Buyers reaching out to me from even hotter markets, looking for a piece of the Canadian Rockies. Sellers also look to cash in – but then the question becomes, “where do I move to next?”
As we enter into Q2 2022, it seems like we’re heading in a new direction. Possibly a direction we’ve never been before. So what does this mean for the average Buyer? How about property Sellers here in Canmore & Banff?
That’s what I’d like to talk about today.
As we head towards the spring and summer, more Sellers in our locale are considering their next move. They wonder: is now the time to cash in on years (or even decades) or price gains on my property? Some home prices in Canmore are up 20%-30% in just the past 18 months alone. Gains like this are tempting for any owner to take advantage of – even those who have only just recently bought.
In terms of new entrants to Canmore, we are already starting to see work-from-home migrants to our town sell. Yes – some of last spring’s buyers are already pulling up stakes. For some transplants, the unbearably hot summer of 2021 was a bit too much. For others coming from milder climates, our double-digit negative temperatures around Christmas proved to be not their cup of tea!
But for many, the prospect of realizing a steep gain on their newly purchased home was all they needed.
From the perspective on the ground here in Canmore, what I’ve been hearing from most sellers is that they wouldn’t know where to go to next. In the market we have today, of course its great to be a seller – but as soon as you sell, you then become a buyer in the same market. So it’s a bit of a double edged sword – unless you’re moving to a completely different market (say, Cochrane or Calgary).
Demand from Buyers in the Canmore real estate market has always been strong. Thats because the appeal of Canmore extends far beyond our borders. Our town & economy isn’t based around a mill or factory; its based around our international appeal and stunning scenery!
Consistent, high demand coupled with constrained supply has always made Canmore competitive for Buyers. Being with the right local real estate agent can help you get the property you want. Increasingly, we are seeing above-asking bids and multiple offer situations. But don’t let this discourage you: we aren’t quite in the “madness” of Toronto, etc. just yet. Often when properties go over-asking, its only by a matter of a few percentage points (1% of $1M = $10K). And when you choose me as your agent, I will never coach you to go in without key conditions that allow you time to do your due diligence and cover your best interests!
Definitely not! Just because Sellers feel like they have the upper hand, doesn’t mean they do. Sure, some agents will make a big hype about when they are expecting offers by. But unless the property is worth it and the hype is real, its not uncommon to see this arbitrary date-they-want-your-homework-due pass by. And once it does – it might be your perfect time to strike!
Your guess is as good as mine – no one could ever tell you with 100% certainty where a free market is headed. But there are a few strong trends we see no sign of abating:
As a Seller, this means the value of your property will remain strong. And as a new Buyer looking for a great market to park some dollars or buy that dream mountain home – Canmore is a top tier location for protecting and ideally growing your investment.
Let’s get in touch. With tons of data at my fingertips, I’m always happy to assist and no question is too small! If you’re a homeowner or property investor looking to sell, I can help you maximize the value of your property and get it in front of the most qualified buyers possible. If you’re new to the Rockies and looking for your first home (or vacation home) – I specialize in helping Buyers parse through the options and get their offer accepted on their terms. I’m always just a call, text or email away.
Like this article? Check out these posts for further reading:
Feel free to call, text, or email Dan today for no-pressure advice,
tips and insights into the Canmore, Cochrane & Banff real estate market.