Looking forward to 2017 we observe:
2) That Parks Canada is celebrating Canada's 150th anniversary in part by encouraging visitation to our awesome Banff National Park through free access all year, as is access to all National Parks in Canada in 2017. Visitation to Banff townsite moved from 3.6m in 2015 to 3.8m in 2016 and expected to top 4.0m in 2017. While traffic congestion is expected to ramp up, we welcome the many visitors to our area and hope they enjoy our surroundings as much as we all do. The unprecedented visitation expected will certainly enhance our reputation as a world class destination community, much as the 1988 Winter Olympics did.
Link to your free pass here.
3) That new development in Three Sisters Mountain Village will continue with the establishment of adequate and functional wildlife corridors. Of interest are single family home lots, the first available in many years priced in the $500's. Other significant developments include the Malcolm Hotel and Conference Center at Spring Creek Mountain Village, the first new Canmore hotel in over 20 years. As well Creekstone Lodge presents residential condos for purchase and expect to hear more from us about a 7th project development to be announced later in 2017, possibly with some Tourist Home zoned product available. Infill development continues in south Canmore and on Hospital Hill. New Visitor Accommodation condos are currently under construction on Bow Valley Trail, immediately behind Elevation Place.
4) The trend by Lenders to disallow residential mortgage financing of all Visitor Accommodation and some Tourist Home condos is expected to continue. All Buyers will need to come to market with cash to purchase these investment properties. The construction of this type of product between 2008-2010 has been sold off and with no new construction occurring since that time plus stronger than ever Buyer demand, we report that as at Jan.1, only 17 vacation condos are available. New listings are often sold day of list under multiple offer scenarios. We expect that prices for this type of product will increase in 2017 simply due to supply and demand pressures.
5) There is currently a shortage of all property types on the market in the Bow Valley, with high buyer demand. This indicates that it may be a great time to list your property for sale. Please contact us for a free property valuation.
Wishing You Well - We wish all established Clients and new contacts a wonderful New Year.
Please let us know if you require an updated search profile for Private Client Services (PCS). If you are not receiving PCS listing notifications, we suggest you call to discuss your property interests so we may provide this high tech advisory on a complimentary basis.
Please, allow us to Guide you Home and Beyond!