Canmore Real Estate Sales Pick Up After a Slower Start to 2018
The Spring Canmore Real Estate market continues to pick momentum, our year to date sales volume is the 6th highest over the last 16 years (when we started collecting data) while our listing inventory has risen close to 8% over last year allowing for enough supply for buyers to find the right property after educating themselves on the market. The first 3 months of the year showed slower sales volume, but the market picked up dramatically with April 2018 being the 8th strongest Sales volume by month of units sold in the past 16 years.
Our market has seen new construction developments with product ranging from apartment style condos, townhomes, duplexes to single family homes and while it has been some time since we have seen development like this, the market is holding quite steady with inventory even with these new projects grabbing some buyers as they enter the market. Please know we can represent buyers with the builders to guard the buyer’s interests. Depending on the particular market segment we are still seeing many buyers ready to buy if the right property comes to market however our market is seeing more than 41% of the current active listings be on the market already for more than the average days on market over the last year (64 days).
Summary - Very strong sales data shows a steady enough flow of new inventory purchase options available for buyers and in some cases, buyers need to be ready to move on quickly as evidenced by the 43% drop in days on market stat and I do not see that changing in the near term.
Building Intentions Tick Higher
Posted on: 5/9/2018 | Author: ATB Financial's Economics + Research Team
Contrary to popular mythology, economists possess no crystal ball. We do, however, have a series of indicators that do a reasonably good job in foretelling what's to come. They’re known as “leading indicators” — and among the best one is building permits. These point to the direction in which construction activity will move in the coming months.The value of total building permits in Alberta climbed to $1.31 billion in March, an increase of more than nine per cent compared to March of last year. The increase in permits over the last year, however, was split down the line between residential and non-residential.Residential permits in March were $850 million, matching the level set in February.
Over the last complete 12 months, residential building permits are higher by 7.3 per cent compared to the same period a year earlier.Non-residential construction intentions, on the other hand, are moving in the opposite direction. They did pick up a bit in March to $460 million, but over the last 12 months, total permits for non-residential projects are down 7.8 per cent compared to a year ago.The increase in residential permits over the last year is a bit of a concern, particularly given the growing number of unabsorbed homes (especially in Edmonton and Calgary). Home builders may find themselves with a glut of inventory on their hands unless demand for new homes picks up in 2018. And given the stricter mortgage lending rules and higher interest rates, that may not happen quickly.