Real estate sales remain strong in the Bow Valley and are probably being held back by the overall lack of properties for sale. April sales were down from March while inventory remains relatively unchanged. Year over year, April sales were down; however, at this point in 2016 there were 272 properties for sale and we are currently at 180. The low level of homes for sale especially in the lower end of the market is leading to consistent price increases and often multiple offer situations.
A note on a change to our graphs, detached and semi-detached (duplexes) have now been merged together. This was due to the overall small sample size in terms of sales and aims to give an overall more consistent average and median price.
The median sale price for detached / semi-detached homes in April was $999,999 while the average price was $1,012,000. There were 11 sales this month up from 9 last month. We expect to see continued increases in both asking and sale prices in the lower to mid-range end of the market.
We are now well into the spring market and there has only been a slight increase to homes coming to market. For those buyers who have been sitting on the sidelines and waiting to “see what else comes up”, there will not be a surge of new listings coming to the market.
With the hold on approvals for the new ASPs in Three Sisters the chance for relief of low inventory is now further into the future. The challenge is creating a community that can keep our young families, working class and other members of the town while balancing wildlife and environmental issues. One of the biggest challenges we are seeing in the market is affordability and the long-term viability of the communities in the Bow Valley.
The cooling markets in Toronto and Vancouver may have some effect on the Bow Valley as investors look for regions to park money that does not have additional tax implications. In speaking with colleagues of other resort communities in Alberta and BC sales are starting to pick up throughout ski and resort towns. Whistler has seen a surge in values across the board. Both the Okanagan and Whistler area are seeing an influx of buyers from the lower mainland who have either cashed out of the market or have been priced out of the market.
