Doom and Gloom?
Yes I said it. I’m also not just talking about the weather but of countless media reports about the market cooling, big challenges to buyers and sellers. But is this the case? Here’s the real deal.
Banff is not your typical community, it’s in a national park. Different rules apply.
Canmore is not Banff, it’s not in the national park, but between zoning, limited land* and a mix of things (higher interest rates, higher costs to renovate/access to trades, buyer fatigue and some newer inventory) we are seeing some changes.
Cochrane is not Banff, it’s also not Canmore. But it too is seeing some shifts, supply remains tight. Alberta’s jobless rates continues to improve and the demand continues to outpace supply. Overall pricing remains 18% higher year over year at $521,000.00.
What’s Really Happening?
Everything. The Bank of Canada raised its key overnight lending rate. The war in Ukraine continues to cause challenges – everywhere. WCS (Western Canadian Select) and WTI (West Texas Intermediate) otherwise known as crude oil prices continue to drive higher gas prices.
Canada’s also on track to welcome a record number of new Canadians to this country. After all we are a country of immigrants (we also wish to acknowledge the traditional territories of the people of the Treaty 7 region in Southern Alberta, which includes the Blackfoot Confederacy (including the Siksika, Piikuni, Kainai First Nations), the Tsuut’ina, and the Stoney Nakoda (including the Chiniki, Bearspaw, and Wesley First Nations). This region is also also home to Metis Nation of Alberta, Region III).
So demand remains robust, but the costs involved with housing continue to increase (so too for, well everything in life).
Cost of Living
Generally, the cost of living continues to increase (thanks inflation and, well everything). Housing becomes more expensive, in order to carry a mortgage, qualifying becomes more challenging, and so on, so forth.
The seller’s market remains, but we’ve seen some “balance” added to the equation.
Generally more affordable, market conditions remains tight.