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Robb Aishford
Royal Lepage Solutions
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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.

Canmore

The seller’s market remains, but we’ve seen some “balance” added to the equation.

Cochrane

Generally more affordable, market conditions remains tight.

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Why Cochrane is the Best of Both Worlds

Location – from the City

The number one rule in real estate has often been, “location, location, location”. Cochrane’s less than 20 minutes from NW Calgary, via Highway 1A.

Location – from the Mountains

If you’re needing your, “mountain fix”, Canmore is less than an hour away, and your mountain escape begins! Whether you’re choosing to go the more scenic route through the Stoney Nakota First Nation, or via the Trans Canada, Cochrane has it all.

Nature

Did we mention the location? How about your closeness to nature, that is Mother Nature, the Great Outdoors, and the boundless adventures that await, literally just outside your doorstep. Cochrane’s got an amazing trail system, parks, and other great outdoor spaces. Whether you’re choosing to walk, run, drive or take COLT. Don’t forget to check out the Cochrane Ranche Historic Site, it’s an amazing “getaway” without leaving Town!

Looking for a slight drive, wanting to “get out of town?”. Head to Big Hill Springs Provincial Park, Glenbow Ranch Provincial Park and if you really love Glenbow, consider supporting Glenbow Ranch Park Foundation. If you’re up for a bit more adventure, or a bit more out of the way trip, check out Bragg Creek Provincial Park, Kananaskis Country, and the most famous of them all, Banff National Park.

Quality of Life

The Town of Cochrane proudly calls itself, “How the West is Now”. They couldn’t be more right. Cochrane’s a thriving, bedroom community just outside of the City of Calgary and it really does offer it all. We’ve got the location, we’ve got nature at our doorsteps, and we’ve got the perfect place for you to call home, raise a family and even start a business. We’ve also seen significant growth in the past 20 years, where the population has more than tripled. Situated along the Bow Valley, if you’re looking for a community that has it all, and where you can afford to live, work and play, we’d better talk.

Cost of Living

Cochrane continues to see increases in the cost of living. That’s a reality borne by many communities. Low-interest rates, increases in immigration, a shortage of housing, and demand for housing have all contributed. According to the Calgary Real Estate Board (CREB), the average cost of residential real estate in Cochrane is now $491,200.00.


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Your February 2022 Canmore Market Update

Going, going, gone.

Trend’s haven’t changed and Canmore’s strong seller’s market continues to tighten with continual low levels of inventory. Hotel condos, that is properties zoned for short-term rentals continue to see the strongest price appreciation year over year. Where the average sale price has now climbed 40 percent from a year earlier to $692,900.00. Apartments and townhomes follow closely behind with 36 and 37 percent increases year-over-year. Continued low inventory, strong demand, and a desire to own in Canmore create a perfect storm.

I’ve highlighted some of the most important statistics below, for I’ve long believed that knowledge is power, and given the complexity of Canmore’s real estate market, you need and deserve access to timely data.

Average Days on the Market

With tight inventory, the average DOM (Days on the Market) has also dropped.

Average Sold/Asked Ratio

A Market in Prospective

What to Expect Going Forward

Does the biggest question remain what to expect going forward? Absolutely. The easiest answer? More of the same, at least for now. Low-interest rates may not last forever, but at least for the Bow Valley, the other challenge remains land. We only have so much space by which to develop, build and inhabit. The rest, don’t forget, is protected space.

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Canmore’s Million Dollar Market

Setting the Stage

It likely (hopefully) isn’t a shock to someone reading these blogs, that Canmore real estate is not your average real estate. We’ve got it all. Remember that famous saying, “location, location, location”. Well, we’ve got that in spades.

Don’t forget, Canmore was the host community for the 1988 Winter Olympic Nordic events, with many arguing, that little event put us on the map.

Canmore’s also surrounded by protected spaces. Banff National Park directly to the west and Bow Valley Wildland Provincial Park immediately surrounding the community. So there really is only so much dirt available to build on and develop with. This brings us to Canmore’s Million Dollar Market.

What’s a Million Dollars?

While a side from the obvious answer of a six zeros, increasingly, it’s the cost of real estate in Canmore. Here’s a look at the volume of sales, by price, of over a million dollars going back to 2019. Our market, our destination as a resort community, and the allure of the lifestyle here in the Canadian Rockies, well that’s clearly not dampening or cooling down.

The Breakdown

Here are the stats about sales over $1M comparing 2019, 2020 and 2021:

2019 we had 86 sales over $1M

  • 77 sales $1M to $2M
  • 7 sales $2M to $3M
  • 2 sales $3M Plus

2020 we had 109 sales over $1M

  • 98 sales $1M to $2M
  • 8 sales $2M to $3M
  • 3 sales $3M plus

2021 we had 193 sales over $1M

  • 165 sales $1M to $2M
  • 20 sales $2M to $3M
  • 8 sales $3M Plus

So we had a 44% increase in sales over $1M from 2020 to 2021.  Sales over $3M we’re up 63% year over year. 

Sales between $2M and $3M were up 60% and sales between $1M and $2M were up 40%.

Thinking Canmore real estate? It’s never too late to have a conversation.

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Posted in Canmore, Canmore Real Estate
I have sold a property at 116 173 Kananaskis WAY in Canmore

I have sold a property at 116 173 Kananaskis WAY in Canmore. See details here

Experience luxurious mountain living in this stunning two-bedroom, two-bathroom alpine-styled resort condominium in the heart of Canmore, Alberta. This highly-rated unit in Solara is a must-see, offering unparalleled comfort and style. Recently upgraded with all-new electrical fixtures, freshly painted walls, new wall art, and a brand new washer and dryer, this condo is move-in ready and perfect for those seeking a modern and inviting retreat. Dog lovers will appreciate that this pet-friendly unit allows you to bring your furry friends on your mountain adventure. Enjoy the convenience of on-site amenities such as the Wellness Spa, Take a Hike Market, indoor pool and hot tub, and a conference/theatre room, providing endless entertainment options for you and your guests. The unit's southwestern-facing position allows plenty of natural light, creating a bright and welcoming atmosphere. The open-concept living and dining areas complete with a warm electric fireplace are perfect for entertaining, while the fully equipped kitchen features high-end stainless steel appliances and granite countertops, making cooking a delight. Retreat to the spacious bedrooms, each with its luxurious bathroom, electric fireplaces, and high-quality finishes. Step out onto the balcony and take in the stunning mountain views. This Solara resort condominium is a rare find with a highly sought-after location and exceptional amenities. Take your chance to own a piece of paradise in Canmore, Alberta. Book your showing today and prepare to fall in love with this breathtaking mountain retreat. Prospective buyers, please enquire with your tax professional on how you could defer the GST. List price is $824,900 + GST.

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Posted in Cochrane, Cochrane Real Estate
I have sold a property at 155 Willow PLACE in Cochrane

I have sold a property at 155 Willow PLACE in Cochrane. See details here

Welcome to this BRAND NEW house listed in "The Willows" community of Cochrane, right in the middle of nature. This beautiful semi-detached house comes with a single front garage. At the main floor this house comes up with a large living area, a separate dining area and a large Kitchen which comes with stainless steel appliances. Upstairs, this house comes up with 3 bedrooms, 2 bathrooms and a large bonus area, with the primary bedroom having its own 3pc ensuite and the other 2 bedrooms comes with another 4pc bathroom to share. Basement is unfinished. This house comes up with a large deck as well.

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Posted in Canmore, Canmore Real Estate
I have sold a property at 4 810 4th STREET in Canmore

I have sold a property at 4 810 4th STREET in Canmore. See details here

Looking for that perfect Canmore property? Want to be close to downtown? Walking distance to everything (parks, shopping, restaurants, the Bow River?) Quiet? Spacious? A garage for all your gear? Room for your friends and family - you know they'll visit! This property might just check YOUR boxes. Here's YOUR opportunity to call South Canmore home! This 4 bedroom, 3 bathroom, townhouse offers it all including pride of ownership immediately noticeable in this immaculate residence. The main floor offers prospective buyers a spacious main living area complete with a three-sided gas fireplace, beautiful french doors and a kitchen just ready to entertain. Your laundry and 2 pc bathroom are just around the corner. Upstairs you'll find a tastefully appointed master bedroom and ensuite and 2 equally good sized bedrooms with their own shared bathroom. The lower level adds to the generous space with additional storage, a den/guest bedroom, your utility room and even more storage; all within reach of the garage for those grocery runs. Don't miss out on your opportunity to call this property home! Properties in South Canmore with onsite parking and a garage aren't always easily found! Contact your Associate for a viewing.

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Posted in Canmore, Canmore Real Estate
I have sold a property at 117 155 Crossbow PLACE in Canmore

I have sold a property at 117 155 Crossbow PLACE in Canmore. See details here

This pristine 2 bedroom home is your opportunity to enjoy Crossbow Point. The open concept floor plan features a generous sized kitchen with ample cooking & storage space, as well as a large pantry. Awake in your spacious master bedroom, complete with ensuite & walk-in closet. The large second bedroom also has a generous sized walk-in closet. The second full bath & large laundry/ storage room finish off the interior of this great home. An underground, heated parking stall & storage locker complete the package! A fantastic location, with riverside trails just outside the door. Feel like a swim? Enjoy the fabulous private clubhouse with pool, indoor/outdoor hottub, steam/sauna, fitness room, movie theatre & games room complete with billiard tables and shuffleboard.

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Posted in Canmore, Canmore Real Estate
I have sold a property at 224 107 Armstrong PLACE in Canmore

I have sold a property at 224 107 Armstrong PLACE in Canmore. See details here

Calling all investors! Looking for a future escape to the mountains? Thinking Canmore? Do you want a long-term rental with proven tenancies, this unit is currently rented at $2045/month. Look no further than the Portals! Real opportunity here for a buyer to purchase at a discount. This 2 bedroom + loft, 2 bath unit is priced below other comparable units. The Portals', is a High Efficient Architectural masterpiece that you'll feel relaxed the moment you walk into the unit. The kitchen features granite counters, stainless steel appliances & pantry. The spacious peninsula w/functional eating bar is open to the dining/living area, featuring 9' ceilings, Rundle stone wrapped gas f/p, engineered hardwood, & patio doors leading to the huge balcony complete w/built in Vermont Castings BBQ set in Granite. In-suite laundry room, secure storage & 2 underground parking. Surrounded by mountains views and greenery, this unit has it all! Call today.

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Posted in Cochrane, Cochrane Real Estate
I have sold a property at 39 Riverview CLOSE in Cochrane

I have sold a property at 39 Riverview CLOSE in Cochrane. See details here

| OPPORTUNITY FOR INNER COCHRANE LIVING IN RIVERVIEW | Backing onto Cochrane Golf Course | 5 Bedroom Bi-Level Home | Located in a quiet cul-d-sac, 39 Riverview Close may check the boxes! This home sits on a large pie lot backing onto the 1st fairway. Through the front entry you will notice the vaulted ceilings creating a feel of space and natural light. Hardwood floors accent the Living Room w/ gas Fireplace & the Formal Dining / Flex area. The Kitchen w/island overlooks the back yard and exits onto the large deck. The Primary Bedroom is bright and allows for Large furniture . Large closet space & a private pocket office / sitting area is tucked away. 3 pce ensuite completes. Bedroom #2 & Bedroom # 3 are flanked by the main 4pce Bathroom. Double attached garage w/double doors, oversized & finished. Side man door too. The Lower Level is open concept holding a Family Room w/ second gas fireplace next to the large Rec Room . The updated Bathroom and separate Laundry areas are bright and private. Bedroom #4 and Bedroom #5 are on the other side and easily accessed. The large Storage Room can easily convert into a Home Office or a Home Gym space. The Backyard is a large great space for your pet and for the kids or grandkids to play OR just ENJOY your summer evenings on the deck. This Home is designed for many different lifestyles from 1st Time Homebuyers, Family Living, Empty Nesters who would enjoy Living in a Inner Cochrane Community. Close to the Bow River Pathway system and Downtown Cochrane Shopping. See for yourself and book your showing today!

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