Slower Summer = Hot Fall ?
This past summer slipped into a more traditional sales pattern that we haven’t seen in the Bow Valley in about a decade; a slower July and August after an impressive spring. We expect to see sales pick up steam again as we head into the fall market through to November. The number of homes on the market is up slightly with 8 more homes on the market now than at this time last year. Sales fell significantly from August last year to 42 this year from 65 last year. However, when we look at the market as a whole we are just touching a balanced market in terms of the number of properties currently on the market. Apartment condominiums and townhouses remain firmly in seller’s market territory; detached / semi-detached homes and hotel condominiums are in a balanced market, and vacant lots are in a buyer’s market.
Year over year, the three-month median sale price for detached / semi-detached homes has risen by over $100,000 over the same period last year. This is due to both a return of the luxury market as well and upward pressure on values throughout the lower and middle range of the market. The average three-month sale price of an apartment condominium has increased from $378,000 to $459,000; townhomes have seen a similar increase from $619,000 to $669,000.
Over the past few months, we have seen a steady trend of an increasing number of homes coming to market. We expect this trend to continue through the fall market and stagnate before Christmas. The recent increase in mortgage rates may have some effect on buyers in the lower end of the market as values continue to outpace the increase in wages in the Bow Valley. Another interesting piece to watch will be the change to the Canmore Landuse Bylaw allowing suites and accessory dwellings in more communities throughout Canmore. A conforming suite and the potential income become a major boost to buyers looking to make their next step in the market an use the income for qualifying.