An absolutely wild quarter for Q3 in the Canmore and area real estate market. There was an incredible pent up demand heading into the late spring / summer market and sales skyrocketed in July. Between Q2 and Q3 2020, sales rose 189% to 246 sales; the strongest quarter ever in the market. Between January 1stand September 30ththere have been 439 sales, a year over year decline of 6% from 467 in the same time last year; there were 435 sales in both 2017 and 2018 during the same time. We would anticipate the strong October market to bring the market up to 2019 sales volumes.
The strong sales this quarter were a combination of pent up demand from the spring lockdown, buyers making a lifestyle choice and wanting to be out of urban centres, and the surging recreational market across North America. September had 78 sales, not far from the 85 totals in Q2 2020. Year over year sales in September were up 50% with the last three months being the strongest continues months for sales on record.
Now that we are well into the fall market, we did see a surge in new listings in September that have been absorbed by the market now. Active inventory is down month over month by 7.7%; year over year, inventory has risen 9.5%. Detached and semidetached homes decreased by 21.2% month over month; townhouses decreased by 18.2% and apartments decreased by 11%. The only increase in active listings has been in the short-term rental market of tourist home / visitor accommodation with an increase of 28.5%. The residential markets are all well into seller’s market territory, while the short-term rental market is in balance territory hovering on a seller’s market.
Moving towards the winter market, it remains anyone’s guess as to what happens in the local real estate market. There are a number of external factors including additional winter COVID shutdowns, the reopening of the border and return of tourism, the winter domestic tourism market, and the potential increase of US buyers once the border reopens or what happens with both the pandemic and the election.
We would anticipate the fall market to continue to show strength as buyers are now starting to think about being in a property by Christmas. As Canadians are couped up at home during the winter, we would anticipate a strong winter market this year. There are not many communities in Canada that offer the winter recreation opportunities that the Bow Valley does along with ease of access to a large airport. Inventory levels will most likely continue to drop for the next few months with the exception of the short term rental market.
Banff remains a different story altogether with sales remaining very sluggish and active listings levels creeping up. Depending on how the winter tourism season shapes up will really influence this market.
Quarterly Stats – Q3 2020 (Canmore, Harvie Heights, Lac Des Arcs, Exshaw and Dead Man’s Flats)
Total Sales Volume: $192,617,259
Total average sale price: $779,826
Total median sale price: $695000
Average sale price for detached and semi-detached homes increase 6.7% year over year to $1,134,482
Median sale price for detached and semidetached homes increased 14.3% year over year to $1.054,000
Average sale price for townhouses increased by 15.6% year over year to $739,937
Median sale price for townhouses increased 15.8% year over year to $695,000
Average sale price for apartment condominiums increased by 8.2% year over year to $552,159
Median sale price for apartment condominiums increased by 17.2% year over year $525,000