Canmore home buyers are a diverse group. Many are locals with changing housing needs, while others are newcomers from other parts of Canada. Those of international origins are also buying homes. Unlike in many countries, foreign nationals in Canada can qualify for mortgages. They face no purchasing restrictions due to their non-resident status.

Homes Market
Home prices have generally increased year-by-year since Canmore’s coal mine closed 30 years ago and tourism became the primary industry. The overall quality of residences has also improved with the growth of high-end neighbourhoods such as Three Sisters Mountain Village (east), Silvertip Resort (north) and Spring Creek Mountain Village (downtown). In older quarters, many small bungalows have been replaced.

Of course, Canmore has not been immune from the recent global economic recession. Prices for homes fell, and new development projects stalled. But there’s recent evidence that the real estate market in Canmore has stabilized both in terms of price and the ratio of buyers to sellers.

“We started to see activity pick up in August 2009,” says Drew Betts of Royal LePage. “Since then there have been multiple offers on properties. For winter and spring 2010, signs are pointing to the continued stabilization of the market.” Betts notes that the number of sales in the third quarter of 2009 were more than double the sales of the second quarter of 2008.

Townhouses, duplexes and apartment-style condos make up the bulk of Canmore’s homes for sale inventory, with 357 currently on the market (a jump from 250 in the summer). Prices range from the low $300,000s to $1.5 million.

The market is robust for detached single-family homes, with 81 available, down from a peak of 121. Sales are strongest for homes under $850,000. Many who have longed to own real estate in Canmore, but were sidelined by high prices, are now taking the plunge.

“There has been an overall increase in buyer confidence. People are more sure of what they want, but are still looking to get the best value,” says Betts.

Stone Creek Resorts Club

Resorts Club
The new Stone Creek Resorts Club in the Residences at Sil-vertip Resort offers a luxury second-home lifestyle for a fraction the cost and none of the hassle of full ownership. Membership options range from $120,000 for a 10-day plan to $425,000 for 60 days—80% of this fee is returned to members who leave the club.

Resorts Club members stay in 2 or 3 bedroom luxury condominiums that are valued from $1.5 to $2 million. At their service is a dedicated concierge who helps with vacation planning and other details. Marketing Manager Tim Zado suggests prospective members “can think of it as joining a country club with an initiation fee and annual dues.”

Stone Creek Resorts Club

Hotel Condos
Hotel condos, priced from about $140,000, are a real estate option for those on a more limited budget. These units cannot be lived in full-time and are commonly purchased as an investment with the benefit of occasional use.

Canmore’s enduring appeal as a desirable community is the primary reason its real estate market is recovering faster than most. So, if you aspire to owning a dream home in the mountains, the time may be right.