We Work Hard to Keep You Informed:
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Notes from Your Team ~ Jordy & Jim
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Year to Date Sales Numbers up 14%
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We hope that you have been enjoying your summer. After a tough start weather wise Canmore and Banff are enjoying long warm days, perfect for all your mountain adventures. 2019 has continued to be very strong with year to date number of sales being 14% higher than last year, and 9% higher than July 2017.
Our listing inventory is rising which can be typical for this time of year, but we are seeing the majority of this increase in the Single Family Homes and Townhomes. Residential Apartments and Hotel Condo inventory is low, and staying quite stable.
The reports are coming in for the Hotel Condo market and it looks like this summer is going to be very strong again. While it is hard to view these properties through the summer it can be a good time to get your groundwork done so you can act when the time is right.
The local market is continuing to be very competitive with some multiple offer situations occurring for the most coveted options. Typically the local market picks up in Fall as many local Bow Valley Residents along with Albertans can take their eyes off of their work a little to make some plans before Winter.
Contact us to determine when properties are available to be viewed. Please let us know if you would like a valuation on your Bow Valley property, you might be surprised, as values have continued to rise.
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402 B 1818 Mountain Ave
SOLD
Very Spacious 1/4 Share Condo!
2 Bedrooms, 2 Bathrooms
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402 D 1818 Mountain Ave
SOLD
Very Spacious 1/4 Share Condo!
2 Bedrooms, 2 Bathrooms
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57 Lakeshore Drive, Kananaskis
Luxury Chalet - Mountain & Lake Views!
5 Bedrooms, 3.5 Bathrooms
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419C - 101 Montane Road
SOLD
Excellent 1/4 Share Revenue Condo!
"D" week is also for sale, giving you half ownership!
2 Bedrooms, 2 Bathrooms
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4 - 1061 Evergreen Circle
SOLD
Mountain Views near CNC & Quarry Lake!
3 Bedroom, 4 Bathroom
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210 - 901 Mountain Street
SOLD
Rare Vacation/Revenue Condo!
2 Bedroom, 2 Bathrooms
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204 - 707 Spring Creek Drive
SOLD
Creekstone Mountain Lodge Condo!
2 Bedrooms, 2 Bathrooms
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6D Otter Lane, Banff
SOLD
Plenty of Sun & Privacy!
3 Bedrooms, 2 Bathrooms
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402- 3&4 - 191 Kananaskis Way
SOLD
1/2 Share Fractional Ownership!
3 Bedrooms, 3 Bathrooms
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433 - 160 Kananaskis Way
Top Floor with SW Views!
2 Bedrooms, 2 Bathrooms
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300 2nd Avenue, Dead Mans Flats
SOLD
Secluded Condo!
2 Bedrooms, 1 Bathroom
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6 - 200 Elk Run Blvd.
SOLD
On the Sunny Side!
3 Bedrooms, 3 Bathrooms
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311 - 160 Kananaskis Way
CONDITIONALSALE
Sunny West Facing Views!
2 Bedroom, 2 Bathroom
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419D - 101 Montane Road
SOLD
Excellent 1/4 Share Revenue Condo!
"C" week is also for sale, giving you half ownership!
2 Bedroom, 2 Bathroom
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9-216 Three Sisters Drive
SOLD - $40,000 Above Ask Price. 4 Days on Market!
50+ Living - Walking Distance to Main St
2 Bedroom, 2 Bathroom
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107C - 1818 Mountain Avenue
SOLD
1/4 Share Fractional Ownership No GST!
2 Bedroom, 2 Bathroom
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The graph above shows the rolling one year average sales price for all Banff and Canmore property types (single family, duplex, townhouse, apartment, hotel condo & lots) from 2016 - 2019 (August 1 - July 31).
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BANK OF CANADA LOWERS RATE USED IN MORTGAGE STRESS TEST
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A key Canadian interest rate used by lenders to determine who can qualify for a mortgage has dropped for the first time in almost three years, potentially giving the country’s housing market a near-term boost.
The Bank of Canada lowered its 5-year conventional mortgage rate on Wednesday to 5.19%, from 5.34%, where it had been since May 2018. It’s the first decrease since August 2016. The rate is an indicative measure based on average price quotes from financial institutions.
Lenders must use the benchmark, which is usually higher than the contract mortgage rate, to determine who can qualify for a mortgage. Borrowers are required to prove they can afford monthly payments at the benchmark rate or higher.
The so-called stress tests are part of tougher guidelines imposed by Canada’s banking regulator to ensure the quality of new loans after sharp price increases in some cities such as Toronto and Vancouver. The guidelines have come under fire for causing an outsized slowdown in the housing market.
The lower rate means someone who earns C$50,000 ($44,400) a year can afford to pay C$2,800 more for a home, assuming a 5% downpayment, according to Rob McLister, founder of RateSpy.com, a mortgage comparison website which first flagged the drop in the rate. With a 20% downpayment, someone earning C$100,000 a year can afford to pay C$8,300 more, he said.
“Will this buying power stimulus turn the housing market around?” McLister wrote on his blog. “Hardly. But it’s an incremental psychological boost for buyers that adds a modicum more support for home prices.”
Copyright Bloomberg News
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CANMORE/BANFF REAL ESTATE TEAM
REAL ESTATE ADVENTURE SERIES
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Hike & Real Estate
ALPINE HOME HIKE:
THURSDAY SEPTEMBER 5th, NEAR CANMORE
Join us for a day of hiking in the Canmore area. You will be able to ask questions about selling and buying, and we will provide an overview of current and forecast market conditions; all while enjoying hiking with a Mountain guide and ex-Park Wardens! All abilities and ages welcome. Please
contact us
for more information! Space is limited.
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Update: Rock & Real Estate
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Thanks to everyone who attended the Real Estate Adventure Series: Rock & Real Estate on Sunday July 7th.
Our group climbed at Sunshine Crag in Banff National Park. The climbing area lived up to its name, with some very nice sunshine! One participant had never climbed before, AND she loved it! We enjoyed great conversation and shared climbing techniques. Thanks to the other ACMG guides who assisted to make this day a success!
Contact us
to get put on our list for upcoming Real Estate Adventure Series events.
Click here
to see more photos!
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COME MEET US FOR VODKA/GIN TASTING, AN INFO SESSION ABOUT AN INVESTMENT OPPORTUNITY AT A NEW DISTILLERY, AND A BUYER/SELLER INFO SESSION ON THE BOW VALLEY REAL ESTATE MARKET! IT WILL BE A FUN AND TASTY EVENING AT THE IRON GOAT PUB IN CANMORE - DETAILS BELOW
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Come down to Iron Goat Pub & Grill in Canmore Thursday September 19th from 7-9pm.
We will co-host an information open house with the Canmore/Banff Real Estate Team, and an investment presentation and vodka/gin tasting with our partner Bragg Creek Distillers/Snoday Spirits.
We will have realtors and representatives of Bragg Creek Distillers on hand to answer questions.
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Update: What is your favourite season in the Bow Valley?
The winner is Autumn!
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THESE RENOVATIONS WILL BOOST APPRAISAL VALUES THE MOST
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Homeowners wanting to maximize the appraisal value of their home should think about outside space.
Even though kitchens and bathrooms will have an upward effect on values, the Appraisal Institute says outdoor improvement projects will have a larger benefit.
"The latest research shows that home renovations focused on the exterior of a property are most likely to generate a positive cost-to-value ratio," said Appraisal Institute President Stephen S. Wagner, MAI, SRA, AI-GRS. "However, not all home improvement projects offer a full return on investment – cost doesn't necessarily equal value."
Replacing a garage door or adding a deck will also provide additional value for sellers
However, Wagner says that sellers should also consider how they can make their home stand out from others in the neighbourhood.
“Renovations that move a property well beyond community norms are typically not worth the cost when the owner sells the home, and likely will be considered excessive" Wagner said.
By Steve Randall
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WHAT'S HAPPENING IN CANMORE
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Canmore Highland Games (Since 1991)
The mandate of our Society is to foster and encourage our Celtic culture and tradition in all its forms – dance, music and sports, and to establish the Canmore Highland Games as an entertainment/cultural destination event.
“The Highland Games have become an integral part of our community identity over the years – and a well loved event at the end of the summer.” says Mayor John Borrowman, “As well, the games continue to bring visitors here to enjoy our beautiful mountain town, and add to the sustainability of many small businesses.”
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Canada The Musical
A great way to end an incredible day in the mountains! Don't miss this evening of exhilarating music and hilarious story telling as three incredible vocalists take you on a musical journey through over 400 years of music history in just over an hour at the Carter-Ryan on Main Street! Starting with the first documented song in Canadian history, you'll sway through the folk era (with artists like Cohen, Mitchell and Murray), the 60's & 70's and then delight in the 80's (who doesn't love some Rush, Hart and Adams to name a few) and then it's all the ladies of the 90's....Alanis, Shania and of course, Dion - to the hits of today! This show is sure to have you and your entire family on your feet by the end!
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Here’s a scenario that likely happens to you every once in a while. You’re at work, at a house party, or just walking through the neighborhood when someone asks, “Do you happen to know a good…?” You can fill the blanks. A good Dentist; A good Landscaper; A good Accountant.
How do you respond?
You probably want to help, so you provide the names of one or two professionals in that industry that you know or with whom you have worked. You understand how difficult it can be to find a solid, reputable professional, so you’re happy to give the gift of a referral.
Why are we bringing this up?
Well, the next time you’re asked to recommend a good Real Estate Agent, we hope you’ll feel comfortable giving that person our names. As you may know, we build our business on referrals from Clients like you. That’s why taking care of our valued Clients ~ before, during and after the transaction ~ is so important to us.
So if you get a chance to do someone a favour and give them our names, you’ll have our appreciation ~ and our thanks!
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Jordy Shepherd & Jim Mamalis,
Associates
Lana Nashchuk,
Assistant
403.493.4663
www.BanffRealEstate.ca
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