View this recently sold Duplex or see all my home sales

The Canmore Market finds itself in an exciting situation. With a very busy 2020 behind us, we see January with a low number of listings. As with any Real Estate Market, once we see a large amount of activity and sales, most buyers feel that all of the “Low Fruit” has been picked over and purchasing looks a little less attractive than 6 months ago. The challenge for me as your agent is to help you navigate the Market.

Demand from the late Fall and early Winter Market remains strong. We see a society that has reevaluated their priorities. Now, more than ever, embracing the mountain environment becomes paramount in the minds of active individuals and their families. I would think that if you are reading this, you are one of those individuals.

Here’s the question. “How, with these challenges, can I best find a good real estate purchase?”

Here are a few rules I follow to help my clients find a Property in the Canmore Market.

Be loyal to your Client, not the Deal

The biggest fear a Real Estate Purchaser has is, “AM I OVERPAYING FOR THIS PROPERTY?” It’s a genuine concern and a good one. How many of us have purchased a large item only to see it go on sale 2 weeks later? Most fortunately for my buyers, the Canmore Market has been just the opposite. The added values in the Canmore Market have created some outstanding equity for my clients. I think it’s best to protect you, the Client, by doing the proper Market Analysis before making an offer on a property. If the property is overpriced, too expensive to restore or has a lousy condo association, I am prepared to let you know, and sometimes I have to say hard words............................. NOT THIS ONE.

Look for Opportunities

Time on the Market is a significant statistic to look at. In many cases, this is the Market telling the seller that something is wrong with the offering. Wrong location, wrong price, wrong property condition… it all goes into the time a property sits for sale. Pricing too high often results in no offers at all. In that case, I am able to sit down with my clients and say

“Here is a property that is overpriced for these reasons… This property has sat on the Market for a significant period of time however, it meets the criteria that you are looking for. Here is my evaluation of what you should pay for this property. “

This has proven to be a winning strategy for my clients. Using strong negotiation skills, I can approach a seller at a time when they are more open to “listening to reason”. If a seller and their agent see reason and logic in your valuation, buyers get what they want at the right price. If not, I have to say the hard words…….NOT THIS ONE.

Be Patient but Ready to Strike

Here is a little secret about any Real Estate Market. REAL ESTATE IS LIKE BUSES; ONE COMES ALONG EVERY 20 MINUTES. Patience will be your best friend. Do not get discouraged. I monitor the Listings on our Market several times a day. Working closely with my clients, I have a firm idea of what they are looking for. Using many tools to keep my clients informed about new opportunities enables them to act quickly when the right property comes on the Market.

Having your ducks in a row in terms of financing, and other conditions enables you to respond quickly with a robust, clean offer that is attractive to a seller. Having been in this Market for a long time, gives me the ability to have a fair amount of background information on many properties here and to guide you on the right property to purchase.

I help people every day to navigate this market and find fantastic Mountain Homes. Putting the right plan in place for the current Market allows me to say the Three Easiest Words.

YES! THIS ONE!

IF YOU ARE THINKING OF A MOUNTAIN HOME IN THIS FANTASTIC MOUNTAIN TOWN, GIVE ME SHOUT OR AN EMAIL. I’D BE HAPPY TO PUT THESE STRATEGIES TO WORK FOR YOU.

Victor Henning is a Partner with the Canmore Real Estate Group and a long time Real Estate Agent

Phone : 403.803.8472

Email: victor@victorhenning.ca

Winter Forecast 2020-2021

Let do a bit of a recap on the Spring Market first.

Unless you were in a cave or a Chinese prison for the last 9 months, you have probably witnessed one of the most socially changing times in our lives. We saw the beginning of an excellent spring market, and mid March, the doors slammed shut, and our world shut down. Uncertainty reigned supreme, and a lot of people sat on their hands. We saw a few clear-thinking clients that saw the benefit of having an escape to a place like Canmore take advantage of some excellent pricing.

As we moved out of April, a whole new world opened for the Canmore market. All of a sudden, the value of escaping the large population became paramount in people's minds. Companies found out that it was ok and productive to have employees work remotely. Executives and high skill professionals began to turn their attention to markets where they felt safe, and the activities and community suited their active lifestyle. A quiet market for 2 months began to light up. We began to see a corresponding increase in listings.

Ask to get prices, the difference between asking and selling, began to show a smaller spread. While the Market fluctuated slightly, we remained very close to a balanced market for most of this time. For sellers, we saw those who priced their property "Sharp" see a very successful outcome.  They had few days on the Market and a very close "ask to get" percentage. In many cases, we saw multiple offers. From May 1st – June 30th, we saw an average ask to get of 97%, with 26% of those properties selling at full or above asking price. Average Days On Market was 76 Days

Summer Market

From July 1st, we saw a final closing price at 98% of the asking price. 25% of those sales were at full or above asking price. This number contained some developer pre-sales. In most cases, the developer was asking and getting, the total asking price.

The Market was bustling during the summer period with around 224 properties, either Sold or Unconditionally Sold. Price pressure continued to be a factor, but, as always, in a Real Estate Market, those who priced too high for the Market saw long days on Market. This, combined with the frustration of not seeing acceptable offers during a very active time of the Market, often resulted in the Seller ultimately accepting less for their property versus it being appropriately evaluated to start with.

Winter Outlook

The Canmore Market continues to be robust, driven by a strong desire to live and work here as well as low-interest rates. Our recent health crisis has resulted in a refocus by many on what is essential for their families and well-being. Canmore presents a unique setting that allows people to achieve those goals and live in a safe, proactive community. Sitting at a home office looking at the snow-capped mountains seems a lot better.

For others, a healthy market means it's time to execute their exit strategy. Some are looking to downsize, and others are looking to take the equity out of their property.

We see a continuing trend in our Market and strong demand for property; while listings have been keeping up as far as numbers are concerned, we do not see an adequate supply in certain product areas where we have clients actively looking.

Single Family homes in the "Core" areas (South Canmore, Lions Park, Benchlands, Homesteads, Rundle View) are in high demand, as are Townhouse properties. While pricing is not rapidly increasing, the time on Market is short and will continue that way into the winter.

We will see strong demand for revenue-related property; it's critical to remember that pricing and purchasing of these properties are affected by the availability of financing for them. While interest rates are low, we find the financial institutions are very conservative with their lending portfolio these days, and purchasing this property type should be thought of as a cash purchase. At the very least, high cash to mortgage scenario.

Due to travel restrictions from the COVID-19 outbreak, we will see a robust local tourist market. Many Albertans will be looking to Canmore as a healthy "get away" market, so we anticipate our clients seeing good returns on these revenue-producing properties.

Due to a significant increase in building costs, the luxury market is offering some great opportunities. At present, we see some fantastic high-end property priced below

building costs. Savvy high-end buyers are seeing this as an excellent time to get into the Canmore Market. We can anticipate a continuing trend with the near tripling of lumber wholesale prices and tariffs on certain building materials as these costs are passed on to the end-user.

Here at Canmore Real Estate Group, we have achieved below average "time on Market" by employing a details analysis of the property, proper pricing strategy, and innovative marketing strategies for our clients selling property. This strategy also pays off for our buyers, as we can counsel them away from overpaying for a property.

Recap

• The Canmore Market remains very active
• Canmore continues to be a desirable location as our Clients refocus and

prioritize

• All Market areas are robust
• Revenue Property remains in demand due to lack of 'Rubber Tire' travel choices
• Single Family Home demand in core areas (South Canmore, Benchlands, Rundleview, Homesteads, Lions Park) is strong.

We See These Market Trends Continuing Into The Spring of 2021

If you are looking to List your property in this strong real estate market, give Victor or Devin a call. We are happy to advise you on the current Market and how to get your property ready to sell. We'll also share with you some of our marketing secrets that get RESULTS.

View this recently sold Duplex or see all my home sales

View this recently sold Duplex or see all my home sales

View this recently sold House or see all my home sales

Question...What do South Facing Street View Duplex's in South Canmore and Unicorns have in common? Answer...you hardly see either. This 3 Bedroom plus a Den Duplex is located smack in the middle of Canmore's most desired location. Views of Three Sisters off this south facing deck are amazing. Imagine spending one of Canmore's awesome evenings here.. wow! The ground level features a 2 car garage and a welcoming entry and a bedroom, full bathroom and a roomy den/tv room. Up one flight of stairs is a gorgeous vaulted ceiling living room with an adjacent dining area and wood burning fireplace, A roomy kitchen features Granite counter tops and stainless appliances plus a huge Pantry. Also a spacious bedroom complete with a full bathroom is on this floor. Upper level has a fantastic large lounge area and a great Master Suite complete with a full bath. Easy walking distance to Main Street and quick access to all the great things Canmore offers. Make this one at the top of your list.

View this recently sold Townhouse or see all my home sales

A masterpiece that is constructed to capture the most amazing panoramic views available in Canmore. This European inspired two story home is perfect for a buyer that appreciates exquisite attention to detail. A chef's kitchen w/custom cabinetry, pot fillers, top-of-the-line appliances, large pantry, impressive island & access to the dining room + wrap around deck w/tranquil south exposure. The vaulted living room w/picturesque mnt view windows & heavy timber beams is centered by a floor to ceiling stone fireplace to provide a dramatic & warm beauty. On the upper level, a quiet den with amazing views out 3 sides & a balcony offers you the ultimate space to remain productive while you enjoy this mountain paradise. The master suite w/2 tranquil balconies allows you to enjoy both sides of the valley. As well, you will find a luxury spa ensuite & a generous walk in closet. A full walk out lower level w/2 bedrooms, full bath, steam room, separate cedar sauna, and a rec room w/FP complete this amazing home.

Panoramic views span the Three Sisters to Cascade mountain from your spectacular main living space. This timber-framed mountain modern luxury duplex w/over 3600 sq.ft of living space, perched on the mountainside in Silvertip, is a convenient 5 minutes to town. The kitchen of custom Cherry wood cabinets is equipped w/the highest-end appliances and is open to the light-filled dining gallery & grand living room w/vaulted ceilings, floor-to-ceiling wood-burning fireplace wrapped in stone & a nano glass folding wall system which is the most innovative way to experience indoor/outdoor living. Wake in your upper-level master suite w/private patio & spa-like master bath feat; his & hers vanities, slate stone shower, soaker tub & an additional walk-in closet. Relax in your theater room w/gas fireplace & wet bar. This 4 bed/ 4 full baths retreat is spread through 3 levels to ensure privacy for all of your friends and family. Built with the highest quality of finishings & no expense spared.

Question...What do South Facing Street View Duplex's in South Canmore and Unicorns have in common? Answer...you hardly see either. This 3 Bedroom plus a Den Duplex is located smack in the middle of Canmore's most desired location. Views of Three Sisters off this south facing deck are amazing. Imagine spending one of Canmore's awesome evenings here.. wow! The ground level features a 2 car garage and a welcoming entry and a bedroom, full bathroom and a roomy den/tv room. Up one flight of stairs is a gorgeous vaulted ceiling living room with an adjacent dining area and wood burning fireplace, A roomy kitchen features Granite counter tops and stainless appliances plus a huge Pantry. Also a spacious bedroom complete with a full bathroom is on this floor. Upper level has a fantastic large lounge area and a great Master Suite complete with a full bath. Easy walking distance to Main Street and quick access to all the great things Canmore offers. Make this one at the top of your list.

View this recently sold Duplex or see all my home sales

This street side, 4 bedroom, townhouse is ideally located close to all best of Canmore. The large deck has excellent views of the surrounding mountains. Inside you will find beautiful kitchen with granite countertops and an upgraded appliance package as well as a separate dining area. A fantastic Master Bedroom with a walk in closet off the bathroom is not to be missed. With vaulted ceilings and great light, it makes a fantastic retreat at the end of busy Canmore day. The additional 3 bedrooms makes this the perfect place to accommodate your family and friends. Don't miss out on this very rare property.

Uniquely designed 3 bedroom Townhouse located less than a block away from river pathways and a short walk to Main Street. A rare find as this property Is geothermal heated and cooled, talk about low energy costs! The ground level features low maintenance concrete floors with a beautiful entry and bedroom complete with ensuite. The main level features a beautiful kitchen complete with stainless appliances and granite countertops. The living room is highlighted by a beautiful wood burning fireplace. A separate dining area and powder room are also on this level. Hardwood floors throughout this level. Upstairs has 2 large bedrooms both with ensuits. There are 3 balconies and decks here that allow you to enjoy several views of the surrounding peaks.

View this recently sold House or see all my home sales

View this recently sold House or see all my home sales

This executive built custom home is in one of the Rocky Mountain’s most desirable locations. The river side of Prospect Heights has renowned views of both the incredible Canadian Rockies and the majestic Bow River. This is a premium lot because the designer allows for incredible views up and down the river valley. A grand entry takes you into a beautiful open concept that features a world class kitchen. The living room wraps around the river bank to allow you the most inspiring views. Walking out on the large deck you are afforded the best that nature has to offer. The emerald green waters of the Bow River & towering mountain peaks are all for you to enjoy thanks to a thoughtful layout and superior construction. A beautiful master suite & 3 additional bedrooms all with their own bathroom, plus a 3 car oversized garage give this home rare features. The walk out basement had a large media room, gym, walk in wine cellar, and rec area. 4,800 sqft + of developed space makes this home an absolute gem.

You know the feeling, it’s a busy week. The phone and bombastic emails never seemed to quit. Deadlines, ultimatums have all been in your face all week. Now you must pack a bag, organize the kids, get the ski/bike equipment in the car and try to get on the road before traffic turns into gridlock. As you hit the outskirts of the city the magic starts to happen. Your grip on the steering wheel starts to relax, your teeth unclench, the kids start talking nice to each other. The transformation begins.

Thoughts turn to a nice fire, a nice glass of wine, and dinner with your family. It’s almost an instant transformation. Planning the next day becomes you focus. A bike ride in the morning, a family hike up Grassi Lakes in the afternoon. Friends for dinner on Saturday. POOF! The bombastic emails become a thing of the past.

There are others of us who look for more… or wish for more. It’s a very romantic idea. And some find the reality of being completely off grid a little too much. There are a few opportunities to have space from neighbour, to have a dark sky at night and look at the stars. You don’t have to be off grid to get those things. For individuals who look for this I often point them to some of the Hamlets that surround the Canmore area.

There are 4 I often point to, Lac Des Arcs, Harvie Heights, and Dead Man’s Flats and Exshaw. All offer some advantages and disadvantages but they all give you that feeling of mountain living without the neighbour pounding on the unit next door. Purchase opportunities are rare in the areas. Having lived in one of these areas for over 10 years, I know that there are lots of questions that one should ask when looking a property here to make sure it really fits your bucket list.

“More Bliss Per Square Foot” has always been my mantra living here in the Bow Valley.. why not make it yours.