While it is definitely not an exodus, the re-location trend across the Canadian housing market is real. Based on anecdotal evidence in Canmore, about 28% of clients buying in Canmore are now “work from home and move away from big-city crowds".
With all this action in the market, RE/MAX Canada expects average residential prices to rise 4% to 6% in 2021. In my opinion, Calgary will likely be on the lower side of the scale but for Canmore, I believe, will be the upper side.
“Despite the tragic impacts of the pandemic, our optimism in the strength of Canada’s housing market has always remained,” says Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada. “While we’ve seen a significant shift in buyer preferences this year, we believe factors such as the supply issue, pent-up demand, and historically lower interest rates will continue to fuel activity in 2021.”
You can find the full report here:https://blog.remax.ca/canadian-housing-market-outlook.
There is a clear, growing interest in recreation-friendly communities. Canmore is an excellent example! While statistics will be less reliable for a couple of months due to COVID-19 shutdowns and interference, I expect a return to a housing market like Summer 2020, with rising prices and increasing sales volumes..
Currently, we have a problem with quality listings. I would say about ⅓ of the current Canmore listings are overpriced and are just wishful thinking. The market in Canmore is very healthy and going up, but I do not expect the price change to be dramatic enough to “mop up” the overpriced properties. Therefore it is extremely important to be on a high alert with your Realtor® for new listings. I am ready to snatch the new listings, as I recently did for my client at Silvertip Ridge. I clinched it in less than one hour after posting!
As always, Cheers!
Now more than ever, be cautious, stay safe, keep your chin up, and most importantly do not let fear mongers get you down!