Canmore's recreational properties selling for an average $1.67 million: report
CBC
After heating up for the past year, Canmore's recreational property prices will rise even further in the next 12 months, a new Royal LePage report projects.
The median price of a single-family detached home jumped 4.4 per cent in the first nine months of this year to $1.67 million, and is projected to increase another 3.5 per cent in the next 12 months, according to Royal LePage's 2024 Winter Recreational Property Report. The report also found the price of standard condos in the town rose 9.8 per cent in that same time period, to $765,000.
Canmore's thriving housing market saw this increase even as the report found housing prices in winter recreational properties in towns across British Columbia, including Whistler and Sun Peaks, dropped last year. For the six B.C. towns included in the report, the median price of a single-family detached house and a standard condo both dropped 2.6 per cent.
Canmore prices are being driven up by two main factors, high demand and low supply, influenced by the town's limited land base, according to Royal LePage Solutions associate broker Brad Hawker.
"We're between Bow Valley Provincial Park and Banff National Park and mountains on either side, so very limited land base and that's where the markets at," Hawker said.
He added the high demand for recreational properties in Canmore is driven by people from Calgary, Edmonton and other Alberta communities, but since the COVID-19 pandemic, the region has also received more interest from people in B.C., Ontario and Quebec.
Hawker noted that the community's efforts to appeal more to pedestrians, by becoming more walkable and bike-friendly with lower speed limits for motorists and an improved trail system, has helped encourage new short-term rental projects.
He projects more local buyers to move into the market during the first half of 2025, especially if interest rates fall by mid-year.
Canmore Mayor Sean Krausert told CBC News that, while the rising price of recreational properties in the town is staggering, it isn't surprising to him.
He noted the median assessed value of a single-family Canmore home is currently nearly $1.4 million, and the median assessed value of all residential properties in the town is just over $1 million.
"The high cost of land here and the high cost of housing is a considerable issue for our community," Krausert said. "Obviously the average worker in town ... cannot afford those prices."
The mayor added it has become increasingly difficult to attract and retain employees due to the high cost of homes in the town, saying there is a strong demand for affordable homes as well as affordable rental properties.
"We are taking bold steps to increase the numbers and pace of non-market housing, both ownership and rental, that we will be building over the next number of years," Krausert said.
"And we are also requiring that every resident be part of the solution, either by housing a primary resident or paying higher taxes to pay for the affordable housing."
Snow and freezing rain could affect morning commutes on Tuesday, according to a special weather statement issued by Environment Canada.
Daniel Jolivet, 68, had his first taste of freedom this weekend after spending the last 33 years behind bars.
Peguis First Nation is suing former chief Glenn Hudson over allegations he failed to act in the best interest of the band and financially benefitted from breaches of duty — including claims that he enriched himself, his family and supporters.
The Saskatchewan NDP's pace in 2025 has been frenetic.
If you’re ever walking down this east Hamilton neighbourhood during the holiday season, there’s a festive house that just might grab your attention.
It was just a few months ago that U.S. President Donald Trump told the world he doesn’t want Canadian cars.
Flu cases across Canada are on the rise and may push hospitals to their limits over the holidays and into the new year, leading health officials in regions across the country to warn people not to visit emergency rooms unless it's absolutely necessary.
More than 30 years after Canada's military allowed women to serve in combat roles, it's now specifically designing uniforms and body armour to fit their bodies.
The holiday season has arrived in Thunder Bay, and that means reduced hours, or closures, for businesses, city offices, and other amenities.
As Toronto’s food scene continues to grow, some in the industry say the pool of professional chefs hasn’t kept up with demand.
Police have charged a truck driver from the Hamilton area in a hit-and-run crash that killed a tow truck operator who had been stopped while helping a driver on the side of Highway 401 outside Woodstock, Ont.
Power has been restored to most of Haines Junction after a problem earlier on Monday at the local generating station.
A 56-year-old man will return to court on Tuesday for a charge of second-degree murder, laid in a case London police have called an act of femicide.