In this challenging time, we want to let our clients know that we are here and open (albeit very differently) for business. Real estate has been deemed an essential service in the Province of Alberta and we continue to be your trusted advisors during this time. For a number of years, we have been using matterport virtual technology which allows buyers to tour a home from the comfort and safety of theirs. We are happy to schedule facetime of zoom showings for clients and have undertaken new strict COVID 19 protocols for anyone physically entering a home.
If you have any questions about the market or just want to chat, please do not hesitate to reach out.
We are all in this together.
What started out as a strong first quarter for the real estate market in Canmore and Banff, came to a very quick slowdown in mid-March. As the closures and restrictions came into effect in mid-March, the market shifted to volumes we would typically see the first week of January. We have not yet seen an influx in listings and many people are taking a wait and see approach. In the first 17 days of March, there were 18 sales; followed by 11 between the 18th and 31st. This time of year, we would typically expect to see sales gaining strength as we head into the spring market. Time will really be the factor as to the impact both COVID 19 and the oil price war have on our Bow Valley real estate market.
ATB’s Chief Economist – Todd Hirsh had some valuable insights this morning
We could argue for days about whether the ancient Greek philosopher Socrates actually said “I know that I know nothing” and not be any wiser. The insight embedded in the saying is, however, extremely wise—we need to be aware of what we don’t know about a subject. This is very much the case when it comes to the economic implications of COVID-19.
We know we are in the midst of an unprecedented event. There are parallels to the Spanish Flu of 1918-20, the SARS outbreak of 2002-04 and the global financial crisis of 2007-08, but none of these are sufficient guides to what is happening now. We are learning as we go.
Overall, March started off on a strong foot as the market hovered between a balanced and buyer’s market. We would have expected some segments to transition into a seller’s market over the next few weeks. A look at Q1 2020 for the Canmore and Bow Valley real estate market:
Detached and Semi-Detached Homes
Average Sale Price Q1 2020 $950,803 ¯ 6.9% vs Q1 2019
Median Sale Price Q1 2020 $837,000 ¯ 4.3% vs Q1 2019
Quarterly Sales Q1 2020 32 18.5% vs Q1 2019
Active Listings April 2020 76 ¯ 1.3% vs April 2019
Average Sale Price Q1 2020 $712,194 ¯ 7.5% vs Q1 2019
Median Sale Price Q1 2020 $702,500 ¯ 0.8% vs Q1 2019
Quarterly Sales Q1 2020 28 27.3 % vs Q1 2019
Active Listings April 2020 63 3.1 % vs April 2019
Average Sale Price Q1 2020 $543,748 4,1% vs Q1 2019
Median Sale Price Q1 2020 $486,764 6.1% vs Q1 2019
Quarterly Sales Q1 2020 28 ¯ 12.5 % vs Q1 2019
Active Listings April 2020 47 4.4 % vs April 2019
Hotel Condo – Short Term Rental
Average Sale Price Q1 2020 $503,204 6.4% vs Q1 2019
Median Sale Price Q1 2020 $522,900 16.2% vs Q1 2019
Quarterly Sales Q1 2020 19 26.7% vs Q1 2019
Active Listings April 2020 42 162.5% vs April 2019