How is the Real Estate Market in Canmore doing?
A lot of people have been asking me this question since the beginning of the year. Obviously the dropping oil prices have created a lot of uncertainty in a market which is strongly influenced by buyers from Alberta. 2013 and 2014 were two strong years for Real Estate in Canmore with ongoing price increases and between 450 – 500 sales every year. But how about 2015?
While Jan 2014 saw 25 closings, Jan 2015 saw only 13 closings which is about 50%
While Feb 2014 saw 35 closings, Feb 2015 saw 25 closings which is about 70%
March 2014 has seen 52 closings. To date (16.03.2015) we have 13 unconditional properties and 14 conditional sales. Considering that we still have another two weeks, we might still catch up with the numbers of 2014.
At the end of January the Bank of Canada surprisingly decreased interest rates which in consequence made mortgages more affordable.
So what is happening?
The drop in oil price did have a significant influence....