Alberta’s mountain resort community of Canmore has seen condo prices jump by close to 10 per cent this year, according to real estate firm Royal LePage.
In a report released on Wednesday, the company said the median price for a condo year to date to the end of October has surged 9.6 per cent to $472,000. But the price for a detached home has dipped by 1.1 per cent to $918,500.
“We’ve seen more sales activity in the entry-level market this year,” said Brad Hawker, broker and owner of Royal LePage Rocky Mountain Realty.
“While most buyers in Canmore are from within Canada, we have seen a slight increase in international demand from the United States and mainland China.”
With limited land for future development keeping values intact, it’s likely that baby boomers and generation Xers will continue to purchase recreational retirement properties in the region, added Hawker.
Across Canada, Royal LePage said prices in many key winter recreational real estate markets are experiencing healthy year-over-year price appreciation, as retirees, investors and buyers looking for winter getaways continue to spur demand.
“Canada boasts the world’s most spectacular winter experiences. Across our vast land are recreational regions that offer adventure, opportunities for creating priceless family memories and a simple refuge from the hustle and bustle of city life,” said Phil Soper, president and CEO of Royal LePage.
“The number of buyers shopping for a four-season recreational property, be they travelling a modest drive from the local metropolis or a jet-setting trip across the pond, is again on the rise, and recreational property values are rising as a result. This is particularly true in the mountainside condominium market as more and more investors seek the convenience of lock-and-leave living.”
In Western Canada, the median price of a condominium in winter recreational regions rose at a faster pace compared to detached properties, while the median price for the latter dipped.