The Canmore Real Estate Market 2019

Dear friends of Canmore,

I am sitting here in my office looking out onto an absolutely stunning Winter wonderland with an incredible blue sky, crystal clear cold air and the sun turning everything bright and golden. What a joy and blessing to be able to live here!

Last year at this time I predicted that Canmore 2019 would see a “stable price level with no or very little price increase and perhaps some more supply”.

I was only partially right: Since 2010, the numbers of listings have been decreasing in Canmore and 2019 is the first year that sees this tendency turn around with a significant increase of supply over 2018 by 20% from 155 listings on average to 186 listings on average throughout the year. This turned only partially into 12% more properties sold in Canmore in 2019 than 2018 (518 Sales). However – average price/sqft above grade still increased by 7% (10% from 2017 to 2018) for the whole of Canmore. The numbers are very different...

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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!

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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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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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Five things to watch after the Bank of Canada's latest rate cut


The decision that practically gripped the nation came down this morning, as Bank of Canada Governor Stephen Poloz decided to cut interest rates once more. The first of his cuts came more abruptly when in January of this year, the BoC shaved 25 basis points off what was thought to be a stable 1 per cent; it was the first rate cut since April, 2009, and was a direct response to the steep drop in oil prices.


Wednesday's rate cut to 0.5 per cent was less of a surprise as the economy has not rebounded as the central bank expected. Now, not only did the BoC cut its rates, but it dramatically lowered its growth projections for the rest of the year.


Below are five things to watch out for after the interest rate cut.


How will the banks react?


The question now is whether the banks will follow suit and cut their own prime rates in response to the rate cut - and by how much. Toronto-Dominion Bank was the...

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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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