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Canmore’s challenged Real Estate Market in the Third Quarter of 2022

What you need to know to navigate the market right now!

A raging virus,  a war in Europe, rising inflation;  investors, politicians and decision makers worldwide are finding it more and more challenging to navigate our fast-changing worldwide economies. What is happening worldwide and nationwide also has a direct effect on every single person locally. We are all past, present or future homeowners and a real estate transaction can easily be the biggest transaction of our lives. More than ever, we need to know what’s happening in our local markets to make the right decisions. Decisions today are harder to make than in the past, but will have lasting consequences in future years.  


The Governor of the Bank of Canada, Mr. Tiff Macklem held a speech on October 6th, 2022 before the Chamber of Commerce in Calgary. During his speech he stressed the necessity of another interest increase to slow down...

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People from all over the world are moving to Canmore, Alberta.

Read more to find out why!

The secret is out on Canmore’s beauty, amazing lifestyle, and heavenly setting. Nestled in the mountains just one hour away from Calgary and right on the border of Banff National Park, this charming mountain town in Alberta has it all.


In summer, visitors come to spend time hiking the absolutely stunning mountain trails, but they soon discover that Canmore has so much more to offer! The curious adventurer will discover more sports, life music and arts. Canada Day, The Highland Games, The Canmore Folk Festival, Canmore Uncorked or Xterra Canmore Triathlon are just a few of the events which represent Canmore’s versatility.


Sport enthusiasts can’t get enough of living here once they discover the multiple activities available so close to their homes. Golf lovers can choose between three golf courses, kayakers and stand up paddleboarders can paddle down the Bow River or in the reservoir....

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Canadian Legislation Bans Foreigners From Buying Homes

Update: Prohibition on the Purchase of Residential Property by Non-Canadians Act

On June 23rd, 2022, the Parliament of Canada passed legislation called “The Prohibition on the Purchase of Residential Property by Non-Canadians Act”, which will come into force on January 1st, 2023. 

The Government is now working to finalize certain details in regulations under the Act. These details include selected definitions, exceptions and enforcement elements. Additional revisions may still affect this new actm but stakeholders are advised to check early if the Act could apply to them and the implications. 

The Act prohibits non-Canadians from purchasing, directly or indirectly, residential property in Canada for a period of two years. Canadian Citizens and Permanent Residents are not subject to the prohibition. 

The act defines residential property to include any real property or immovable property of not more than...

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Underused Housing Tax (UHT)

What you need to know if you own real estate in Canada

On June 9, 2022, Canada’s Bill C-8 was enacted. The bill implements certain measures including Canada’s new 1% “Underused Housing Tax”. This new law is retroactively effective January 1, 2022. The stated purpose for introducing this national tax was to ensure that non-resident owners who were using Canada as a place to passively store their wealth in housing pay their fair share.


Some details have not been confirmed yet thus regulation and additional revisions may still affect this new tax regime. Real Estate owners are advised to check if this new Act applies to them and / or if they have a tax filing requirement.


The Underused Housing Tax which applies on a calendar year basis is an annual 1% tax on the value of vacant or underused residential property directly or indirectly owned by non-Canadians and non- Residents on December 31 st of the particular calendar year.

Residential...

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Interest Rates in Canada have been going up

Find out how this is influencing the real estate market in Canmore!

On September 7th, 2022, the Bank of Canada raised interest rates by 75-basis points. The benchmark rate increased from 2.5% to 3.25%, a 14-year high. This was the fourth consecutive outsize rate increase and hit a level not seen since April 2008.


Given the outlook for inflation, the Central Bank is anticipating that the policy rate will still need to increase further.


The Bank’s next rate announcement is on Oct. 26th, 2022. It will also publish its quarterly monetary policy report, which lays out the central bank’s latest inflation and economic growth forecasts.


Raging inflation, Covid still around the corner, a War in Europe …. in a globalized world, these international crises influence real estate even in such small and remote places like Canmore. Predictions on future market developments are dependent on multiple factors and become more and more challenging....

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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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Getting a dream house is often on everyone’s bucket list. Now that you have decided to buy a house, you need to be really careful so that you get what you really want. Many places may look totally attractive and you may think it’s the one, with a much deeper evaluation you may come to realize certain faults. Here are a few tips to prioritize in your property hunt:

Which part of your dream you can live without?

Nothing is really ever pure perfection, something’s we get others we don’t. The important thing is to prioritize what it is that you want and what is not so essential. Relax this does not mean you have to quit on that one thing; you could do some construction work and fix it into your dream house. A house like this means you go beyond imagination, way and way beyond what your current life can term as normal.

Things that you love

Some of us love water, they thus prefer waking up to the oceans morning breeze and taking walks on the beach at night, burying your...
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Every once in a while, maybe once in a year, we feel like running away to escape reality. Vacations mostly involve lying in hotels and skipping from place to place. This however comes with some disadvantages though we get to escape we do get to achieve full relaxation. Hotels involve large bills, from charges per night or just room service orders. Your vacation ends up harming you pockets.

This does not have to be the case you could easily buy a vacation house. If you do not consider buying as an option you could also rent out. Renting gives you the idea that you own a place for while that way you will get settled in quite easily. Buying however, is the best option, it seems as a waste of money, but you need to consider the fact that you could rent it out when you are not using. The house may even end up paying for itself.

Before you buy any real estate there are several factors to consider. If you are smart you get the best out of your money. Your vacation house becomes a home away from...
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This is one of the biggest steps we make in life. Renting out gets tiresome at a point and worrying about rent every month is not so great. So you decide to buy a house, you are ready but remember that being a home owner also comes with responsibilities so are you ready to take them up? The process is not only a physical aspect but also emotional. To ensure you do not make any reckless mistakes you will need a team of professionals to walk the path with you. Several things to do before signing that check are:

Come up with a workable budget

Review your finances and come up with the amount of money to spend in the whole process. When buying a house you not only need money for the purchase, hiring realtors and visiting the houses also costs you money. So establish the approximate cost and all will be okay.

Get a realtor

You cannot always be aware of all the houses on offer and what they cost. Hiring a realtor provides you with a person to do research for you. You need a professional to take...
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As the peak selling season is in full swing, you need to make sure that you don’t miss the bus when the slow summer days come, the heat rises and you are left with your property firmly stuck in your hands. As you consider your disappointment, you need to accept that you cannot realistically sell your house in Canmore until the autumn.

Any plans you may have had to move permanently to your next destination will need to be put on hold. If you have had to move away for work, most likely, you will need to find temporary accommodation while you have to wait for your home to be bought.

While you want to sell your home quickly, there should be no reason to drop the price very much below your property’s achievable market value to get a fast sale. If you want to maximize your return play the smart game, follow these smart moves to ensure that you get the best deal and can make your sale as fast and as profitable as possible. Now even if you are not able to sell in the high season, even...
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