Real Estate Sales Double in April 2012 from April 2011

Another strong month for real estate sales in Banff and Canmore; sales are down slightly from March but up 107% from April 2011. Month over month, townhouses were the only segment to see an increase in sales activity. The strong market has resulted in a decrease in average days on market for single family homes, townhouses, duplexes, and apartments. Average sale price for all segments is still lower than the spring of 2011. We are still seeing a number of properties go to multiple offers and well priced homes selling very quickly.

Active listings were up slightly month over month, which we typically expect with a spring market. We saw a 12% increase in active listings this past month, yet are still 17% lower than April 2011. When we remove the hotel units, there are just over 300 active listings currently on the market in Canmore. This is roughly eight months of inventory. Some segments of the market are still a buyer’s market while others are balanced.  Townhouses have four months of inventory (balanced leading to seller’s), single family homes have eight months of inventory (balanced leading to buyer’s market), and hotel condo market has forty months of inventory (buyer’s market).

May is looking like it will be another reasonable month, as the market cautiously continues to strengthen. As of May 5^th, there were 11 conditional sales in Canmore with three firm sales. Banff has seen some steady activity as the spring market progresses. The challenge with Banff continues to be the confidence of the service / tourism industry and the purchasing of the entry level home.

April Real Estate Market Update – Balanced Market…

March was the best month since November of 2009 with 41 sales; we have been averaging 23 sales per month for the past year. With current inventory levels, we are almost at a balanced market in Canmore. The month stated off very strong with a number of multiple offers on properties, as buyers came out for the spring market. Certain segments of the market are starting to get tight with inventory as we have not seen our expected surge in spring inventory. There are currently 343 active listings on the market and only 275 when hotel condo units are removed. Year over year, listing inventory is down 10% and sales are up 60%. If current inventory levels can remain steady and sales stay stable, Canmore’s real estate market might be out of the worst of it.

We are NOT seeing price increases as of yet, and homes still need to offer good value before buyers are putting in offers. Prices are stable and if a property is priced competitively, expect a sale within a reasonable amount of asking price.

This first quarter has started off 2012 well, being the best quarter since Q3 2010, renewed confidence in the Alberta economy and great values in the market have brought back buyers.  The segment that continues to struggle is the commercially zoned hotel condominium units with only two sales the entire quarter. We are seeing some more lending options, but prices continue to decrease and buyers are hesitant to enter the market.

Luxurious Canmore Real Estate

Silvertip Resort is located along the base of Mounts Lady MacDonald and Charles Stuart along the North Bench of Canmore. Surrounded by wildlife corridor with a world class golf course running through the heart of the community, Silvertip is an exclusive community in Canmore.  Real Estate properties located within Silvertip are custom single family homes, duplexs, townhomes, and apartment condominums. Virtually every property in the community has stunning views across the Bow Valley towards the Three Sisters, Ha-Ling, EEOR, and even Cascade in Banff National Park. The long term real estate development plan for Silvertip includes single family homes, condominiums, and a resort center.

If you are interested in a home with stunning views, long evening sun, quick access to downtown Canmore, golf, and kilometers of trails, contact Christian Dubois and Christopher Vincent your Canmore and Banff Real Estate Agents for more information.

South Canmore Townhouse – SOLD

Clients of ours have recently purchase this great South Canmore townhouse. The Canmore real estate market has really been picking up steam over the past few weeks, with multiple offers, sales in a matter of days, and some really strong activity. This townhouse was a fantastic purchase at $550,000 down from an original market price of $899,900 (March 2008). The era of great “deals” might just be coming to an end as we start to enter a more balanced real estate market in Canmore.

Our clients chose this home for the phenomenal location: two blocks to downtown, restaurants, and shops; two blocks to the Bow River pathway system; and an easy ride up to the Canmore Nordic Centre. With a South West exposure, this great townhouse gets plenty of natural light throughout the day.

If you are interested in real estate in Canmore or Banff, let Christian Dubois and Christopher Vincent REALTORS® (real estate agents) serve your residential real estate needs.

The Bow Valley has a long history with Britons either buying holiday homes in Banff and Canmore or falling in love with the area and moving here full time. Recently, the Sunday Express came and wrote and article on a few of the Britons calling the Bow Valley home.

Canmore Real Estate Article Page 1 Canmore Real Estate Article Page 2

There’s a spark in the air, when it comes to real estate in Banff and Canmore. Over the past few weeks, sales have been brisk; averaging over one sale per day since the beginning of February.  Year over year, since January 1^st, sales are up 22%. If you have been considering selling your home, now is an excellent time to considering listing.

This past week, the Bow Valley had one of the biggest snow storms in 40 years. To say the least, the skiing is fantastic!

Sales have been brisk over the past few weeks with a real excitement in the Canmore real estate market.  Month over month sales are up 50% over December and January and February sales are up 50% year over year. Values are generally holding steady and we are nearing a stable market.  We have not yet seen the expected spring surge in listing inventory and certain segments of the market are starting to get tight with inventory. Excluding hotel condominium units, listing inventory is down from 271 in February 2011 to 246 at the beginning of March 2012. Listing inventory is even down slightly from January (traditionally one of the slowest times of the year).

With the continued positive economic data for Alberta and strong real estate predictions for both Edmonton and Calgary, we expect to see a good trickle down to the Canmore and Banff market over the next number of months.

We are doing much better than even a few months ago with the world economic doom and gloom, but are still a long way from the heights of the market a few years back. That being said, there are a lot of buyers looking in the market right now and one had better be ready to act when they see the property they want.

Canmore Real Estate Agents Christian Dubois and Christopher Vincent, have recently sold the highest selling home of 2012 to date in Canmore. This luxury home at 132 Caffaro Court, is stunning example of a Three Sisters masterpiece. Over 4,000 square feet on two levels this home boasts four bedrooms, four bathrooms, a home office, large family room, gourmet kitchen, a double car garage and an additional single car garage.

We  expect the luxury market to remain strong over the coming months with the continued positive economic data for Alberta. If you are considering purchasing or selling a luxury property in Banff or Canmore, contact Christian and Christopher for your professional REALTOR® representation.

Are you getting your home ready for the spring market? A fresh coat of paint makes a big difference and can really freshen up a room. Even if you are not planning on selling your home, it is always nice to have a change. Curb appeal is a big deal when it comes to real estate in Banff, Canmore, or anywhere; freshly painted trim always makes a good impression.

Prepping before Painting is Paramount

An essential part of a painting project happens before you ever lay a brush or roller on the wall. The key is preparation.  Put in a little time and effort beforehand, and you’ll be rewarded with a professional looking finish afterwards.  Here are a few steps to ensure proper painting prep:
Patch & Repair
Fill small holes and hairline cracks with patching compound and sand when dry.  For larger holes, apply the compound in layers, making sure each layer is dry before applying the next.  For badly damaged plaster walls, apply a thin coat of plaster on top of the existing one by skimming, to achieve a nice, smooth finish.  Skimming is a bit of an art form, so don’t hesitate to get help from a professional plasterer.

A Clean “Canvas” is Critical
Just as you wouldn’t paint a picture on a dirty canvas, you don’t want to paint a room with dirty walls.  Remove dirt and marks by washing with mild detergent and water; grease marks with Trisodium phosphate (TSP); and floor wax build-up on baseboards with wax remover.  Mildew in damp areas such as bathrooms should be addressed and removed entirely.  Many find a solution of one part household bleach to three parts water works well.  Vacuum textured walls and ceilings to get rid of dust and cobwebs.

Prime the Walls
Paint primers help to ensure a professional-looking paint job. It increases the bond between the paint and the surface and it is particularly helpful to cover surfaces painted with semi-gloss or high gloss paints or bare surfaces such as wood, plaster or drywall. If you are painting with a deep colour, ask your local paint store to tint your primer with your paint colour. This technique will enable you to cover your walls quicker and with less paint.

Don’t Forget about the Outside!
Our outside walls don’t usually undergo the same scrutiny as our inside walls do, but spring is a great time to think outside the house!  Start by removing loose, peeling paint or dirt with a wire brush or power washer and repair and sand as needed.  Good quality surface preparation provides maximum durability, a must for outside paintwork.

A fresh coat of paint can really improve the curb appeal of your home, and proper preparation will ensure the best return on your investment.

Amazing Rates Out There

There are some rediciuosly good deals out there for mortgage rates. If you are considering buying a piece of Canmore or Banff real estate in the next few months, contact your mortgage broker to talk about rates.  Thanks to Heather Petecky from Banff Mortgage Solutions  for the rate sheet below.