Falling housing prices in Canmore is putting the popular mountain within reach for more buyers, according to a report released Thursday by Royal LePage Canada.
Over the past 12-month period ending Sept. 30, the median price for a single-family home dipped by 2.0 per cent year-over-year to $906,270, while the median price of a condominium decreased by 2.8 per cent year-over-year to $479,000.
“The modest decline in median price reflects more sales of smaller condo units as builders seek to meet buyer demand for relatively more affordable properties. This shift in the inventory mix offers new opportunities for buyers who thought they were priced out of the market,” said Brad Hawker, managing broker, Royal LePage Rocky Mountain Realty.
“With the slower Alberta economy, the upper-end single-family market had fewer sales this past year, leading to a lower median single-family home price. Tourism is strong and the overall local market is thriving. Visitors are attracted to our beautiful landscape and with bike and running paths cleared throughout the winter, Canmore is an attractive place for those who want to be active year-round.”
Hawker said a healthy demand for condominiums in the region to continue well into 2020.
“Land for development is limited as we are situated among protected park area and mountain terrain, which should stabilize single-family home prices in the long term,” said Hawker. “Condominiums will always be an important sales driver in the region as this segment’s lower price point and low maintenance lifestyle is very attractive to many buyer segments.”
Mario Toneguzzi is a business reporter in Calgary.
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