Canmore’s luxury home market stable so far this year
While Calgary’s luxury home market has seen sales plunge from last year’s levels, the sale of $ 1- million plus homes in Canmore has remained relatively stable.
According to Canmore realtors Chezlene Kocian and Kyle Pressman of MaxWell South Star Realty, sales at that price point reached 26 to Aug. 16. In the same period of 2014, there were 28. There have also been three sales over $ 2 million this year compared with four a year ago.
“In most instances, the luxury market purchasers in Canmore are making a lifestyle purchase that they also feel is a good long- term investment,” the realtors said in a statement. "Many of the buyers over the million- dollar mark are existing Canmore property owners who have enjoyed smaller properties in town for a number years, and have decided to upsize to a larger home as their opportunity to spend more time here has increased.
“The purchasers we are seeing are majority Alberta- based, although with the ongoing strengthening of the U. S. dollar, we are hoping to see a resurgence of American buyers as we’d previously experienced when the exchange rates were similar in 2003- 2004.”
In contrast to the Canmore market, luxury sales in Calgary have fallen significantly this year — with 349 sales through July, compared with 539 in the same period of 2014.
The strong market in Canmore is also evident in the Spring Creek development, where it recently launched its new limited edition collection of townhome villas. The development has accounted for more than one quarter of total luxury home sales in Canmore this year.
“We’re seeing a significant increase in pace of luxury home sales this year, not only at Spring Creek but also in Canmore," said Ross Jansen, sales manager/ broker with Spring Creek Realty, in a statement.
“Spring Creek has already sold four Creekside Villas in the past two months since we launched, which is more than we have sold in the last few years within the same time span. We’re doing exceptionally well.”