Is the Canmore Real Estate Market starting to recover?

 Comparing the sales data from 2019 with 2020 it sure looks like it! April 2020 shows a huge difference between 2019 and 2020 but May looks more promising. Interestingly prices have not come down except perhaps for a handful of hotel condo properties which sold quickly. Overall prices have remained rather stable. The amount of listings has not overly increased. 

                             I will keep you posted as soon as the data for June is in! 

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New Mortgage Rules starting Jan. 2018

Starting January 1st, 2018 all mortgages will be required to qualify at the posted 5 year rate, or at this time approximately 4.89%. Currently mortgages with 20% or more can qualify at the regular 5 year rate of approximately 3%. The difference can reduce mortgage amounts by approximately 20%.

If you are interested in buying and have not been pre-approved for the new stress test, now might be the time to do so to find out, what the difference would be for you and if you should make a move before the deadline at the end of this year.

Below is a link to the government's website detailing the changes. Feel free to call or email if you have any questions or concerns!

http://www.osfi-bsif.gc.ca/Eng/osfi-bsif/med/Pages/B20_dft_nr.aspx

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The Canmore Real Estate Market – Past, Present and Future

The decline of the price of crude oil which started internationally in August 2014 had a huge influence on the economy of Alberta and Calgary. While the price was previously at around $100US / barrel crude oil, the price dropped to its lowest at around $30 in February 2016 and has since started to recover to around $54 US in Dec. 2016.

Alberta’s economy which depends heavily on the oil industry has been hit with unemployment which lead to a negative net migration. People previously employed in the oil industry left Alberta and went back to their home provinces. The spending budget of many of those who stayed decreased sharply.

This development was also reflected in the Real Estate Market. With a lot of properties coming on the market but less people to look for properties, the Sales Volume in Calgary declined in Nov. 2016 by 3% year over year and was down by 17% when compared to long-term averages. Sales Prices decreased...

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Finance Minister Bill Morneau announced today that to "address emerging vulnerabilities in certain housing markets, while not overburdening other regions" the down payment requirement will be modified on purchases that exceed $500,000. 

Beginning in February, insurers will require a 10% down payment on the portion of any mortgage over $500,000. The five per cent rule remains the same for the portion under $500,000. This means that someone looking to buy a $750,000 home would need to have a total minimum downpayment of $50,000 (which is five per cent of $500,000 plus 10 per cent of the remaining $250,000). 
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Great performance by "hummingBird", a 2 girls Canmore Folk Group which played and sang own compositions and covertunes at a house party in South Canmore on Saturday, 17th of October. The stage to this musical highlight was a beautiful Half Duplex on 5th Avenue which is presently for sale. Guests enjoyed the great music, snacks and drinks and had a chance to look at
this fabulous house as well. A smashing evening for everyone!


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"hummingBird", Canmore's own Singers and Songwriters will play acoustic Folkmusic in a house concert on this Saturday, October 17th starting at 7:30pm.

The perfect stage for this casual fun event will be my listing at 510 - 5th Avenue a 5 bed/4 baths Half Duplex with great open spaces!

Suggested $10-15 as you are able. Please BYOB (bring your own beverages) and nibbles for sharing.

Enjoy the music and check out this fantastic half duplex while you are there! www.canmorethomas.com/properties.php/details/15

Follow "humming Bird" on Facebook: www.facebook.com/hummingBirdBowValley


See you there!





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People have been stopping me on the street, asking what "I Champion Your interests!" is all about. Hear it from a spot by radio 106.5 Mountain FM, our local Canmore Radio Station:
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