Banff to Close Downtown to Vehicles this Summer

“First and foremost, this is about public safety and trying to ensure we don’t get a spread of COVID in our community. But we need to understand we have businesses that are hanging on by thread and we need to do everything we can," said Mayor Karen Sorensen.

BANFF – Most of Banff’s downtown core will be closed to vehicle traffic this summer.

On Monday (May 25), council decided to close the 100 and 200 blocks of Banff Avenue and a portion of Caribou Street from June 5 to Sept. 11 to provide more space for people to physically distance during the COVID-19 pandemic.

Municipal officials say it will also help struggling businesses meet health regulations, allowing expansion of sidewalk restaurant seating and perhaps outdoor retailing designed to be more inviting to visitors.

“First and foremost, this is about public safety and trying to ensure we don’t get a spread of COVID in our community,” said Mayor Karen Sorensen.

“But we need to understand we have businesses that are hanging on by thread and we need to do everything we can.”

Administration didn’t recommend closure of Wolf Street to vehicles because it’s considered a critical link through town from the west to Tunnel Mountain and the campground as well as The Banff Centre.

However, based on feedback from some businesses, council set aside $15,000 to allow for outdoor seating on Wolf Street “should administration deem it appropriate and safe to do so.”

Francois Pace, general manager of the Earls restaurant in Banff, said the plan for a downtown pedestrian zone as part of the economic recovery plan is the lifeline that all businesses need.

“If Wolf Street is not included, that will have a devastating effect for us and all other businesses on Wolf Street,” he told council during Monday’s meeting.

Given current provincial guidelines for safe operation of restaurants, including social distancing requirements, Pace said this means Earls would go from 270 seats to 96 seats, including the sidewalk patio, which would have four tables of four.

From the closure of Earls on March 16 to reopening May 15, he said there has been $1.1 million in lost sales and he expects to lose another $1.9 million over the summer compared to pre-pandemic predictions.

“Our restaurant has been hit hard and we are struggling, and closing the patio would be a paralyzing blow and akin to being kicked while we are down,” he said.

With creation of a pedestrian zone on Banff Avenue and Caribou Street, with outdoor merchandising and sidewalk seating for restaurants, Pace fears this will mean less foot traffic for Wolf Street.

“We deserve to be included in the plan for the recovery downtown because we are part of downtown,” he said. “If we are not, you will give businesses on Banff Avenue an advantage, creating an unfair playing field, which would affect our revenue.”

Traffic congestion, and the impacts on neighbouring residential streets such as Beaver and Muskrat, is a big concern this summer with closing the 100 and 200 blocks of Banff Avenue.

Darren Enns, the Town’s director of planning and development, said it’s also anticipated there will be much lower use of public transit because of perception around public safety, but added motor coach tour group traffic will be eliminated.

He said how busy tourist attractions are on the south side of the Bow River, such as the Upper Hot Springs, Banff Gondola, Cave and Basin National Historic Site and Banff Springs golf course, will also play a role.

“Their opening is usually a huge influence on Bow River bridge traffic and as an extension, the attractiveness of those destinations will have a huge impact on congestion this summer,” said Enns.

Councillor Corrie DiManno is keen to push traffic management this year, noting there are concerns that vehicles will be circling the downtown looking for parking and causing traffic backups.

“How do we divert as many vehicles as possible to parking at the Fenlands and the intercept lot at the train station and not even letting those cars downtown?” she said, asking if closing parking lots like Central Park and Beaver Street to visitors has been considered.

“I agree this is about public health and safety, but from what we’ve seen around the world, this will also be an attraction in and of itself. Even this weekend … Central Park parking lot looked like a summer day and that’s worrisome.”

Coun. Peter Poole questioned if it was possible close parking at various venues on the south side of the river, given bottlenecks associated with the Bow River Bridge and Buffalo Street-Banff Avenue intersection can cause huge traffic delays.

“There is concern for people who live on the south side of the river,” he said

Enns said the plan is to have full-time traffic flaggers actively controlling traffic at the west entrance parking lots and downtown, which makes up part of the $175,000 budget approved by council for this downtown pedestrianization initiative this summer.

“Our vision would be day visitors turn left now and get into the Fenlands and get into the Liricon lot, and almost assume there’s not an option to drive straight,” he said.

“It’s not so much to keep vehicles moving, but moving them to where we want them to go.”

The Town’s pedestrian counters show there can be as many as 25,000 to 35,000 pedestrians on Banff Avenue on a busy summer day, but officials say visitor numbers won't be anywhere near that this summer.

They say municipal enforcement and RCMP, and potentially cameras, will keep an eye open, and the economic recovery task force is looking to hire ambassadors to help guide visitors to be safe and keep the two-metre social distancing requirement.

“I think it’s fair to say that if we see a situation that is unsafe, we’re going to start adapting very quickly,” said Enns.

While the main thoroughfare of Banff to vehicles will have impacts, Mayor Sorensen said this summer will look nothing like previous summers.

“It just can’t be without international flights,“ she said, adding it also unknown when the U.S. border will open.

“The projections is if our businesses are 30 to 40 per cent that will be considered good.”

Banff National Park has had four confirmed cases of COVID-19, with three patients recovered and one case still active.

Article by: Rocky Mountain Outlook

Royal LePage Market Forecast: National Home Prices to Show Remarkable Resilience in 2020

• Best case scenario forecast shows Canada’s aggregate home price could grow a modest 1% by the end of 2020
• If the pandemic continues to heavily restrict business activity through late summer, a national home price decrease of 3% is expected by the end of 2020
• The aggregate price of a home in Canada climbed 4.4 per cent year-over-year in Q1 2020
• High demand and low inventory in Toronto, Montreal and Ottawa fueled rising home prices

TORONTO, April 14, 2020 – According to the Royal LePage House Price Survey and Market Survey Forecast released today, the aggregate price of a home in Canada is expected to remain remarkably stable through the COVID-19 pandemic.

If the strict, stay-at-home restrictions characterizing the fight against COVID-19 are eased during the second quarter, prices are expected to end 2020 relatively flat, with the aggregate value of a Canadian home up a modest 1.0 per cent year-over-year, to $653,800. If the current tight restrictions on personal movement are sustained through the summer, the negative economic impact is expected to drive home prices down by 3.0 per cent ($627,900) year-over-year. In December 2019, Royal LePage forecast the national aggregate price to increase 3.2 per cent by the end of 2020. Due to COVID-19, expected price growth has been revised down almost 70 per cent compared to Royal LePage’s base scenario.

“The impact of COVID-19 on the Canadian economy has been swift and violent, with layoffs driving high levels of unemployment across the country. While it is sad that these people skewed strongly to young and to part-time workers, for the housing industry, the impact of these presumably temporary job losses will be limited as these groups are much less likely to buy and sell real estate,” said Phil Soper, president and CEO, Royal LePage. “From our experience with past recessions and real estate downturns, we are not expecting significant year-over-year price changes in 2020. Home price declines occur when the market experiences sustained low sales volume while inventory builds. Currently, the inventory of homes for sale in this country is very low, matching low sales volumes as people respect government mandates to stay at home.

“It is easy to mistakenly equate a handful of transactions at lower prices to a reset in the value of the nation’s housing stock. Distressed sales that occur during an economic crisis are a poor proxy for real estate value,” said Soper.

Broad-based measurements of industry activity point to a sharp decline in the four or five weeks since all provinces declared states of emergency. Home search activity on popular real estate websites are down more than 20 per cent versus norms. Home showings are down by more than two-thirds, based on Royal LePage sampling. Open house gatherings of people at a property for sale have been reduced to almost zero nationwide.

“As we ease out of strict stay-at-home regimens, sales volumes will return; traditional home sales practices will not,” continued Soper. “The popular ‘open house’ gathering of buyers on a spring afternoon is gone, and it won’t be coming back any time soon. The industry is leveraging technologies that allow a home to be shown remotely and social distancing protocols, where we restrict client interaction with our Realtors to limited one-on-one or two meetings, will continue for months and months. This process is inherently safer than a trip to the grocery store.”

The aggregate price of a home in Canada increased 4.4 per cent to $655,276 in the first quarter. When broken out by housing type, the median price of a two-storey home rose 5.1 per cent year-over-year to $770,005 while the median price of a bungalow and condominium rose 2.1 per cent and 4.4 per cent to $541,040 and $493,917, respectively. Price data, which includes both resale and new build, is provided by Royal LePage’s sister company RPS Real Property Solutions, a leading Canadian valuation company.

At the start of 2020, Canada’s housing market was experiencing a surge in home sales with growing upward pressure on major market home prices. This resulted from pent up demand that was released in the second half of 2019 when federal mortgage stress test measures implemented in 2018 had largely been absorbed by the market and consumer confidence began to build.

“If the fight against the coronavirus requires today’s tight stay-at-home mandates to remain in place for several months more, with no semblance of normal business activity allowed, temporary job losses will become permanent and consumer confidence will be harder to repair,” said Soper. “This would place downward pressure on both home sales volumes and prices.

“Equally, if the collective efforts of Canadians slow the spread of the disease to manageable levels, and if promising science and therapeutic drugs are announced, people will return to their jobs, market confidence will bounce back quickly, and we could see Canada’s real markets roar back to life, with 2020 transactions delayed but not eliminated.”

REGIONAL SUMMARIES

Greater Toronto Area

Housing demand outstripped supply in the Greater Toronto Area putting significant upward pressure on home prices. During the first quarter of 2020, the Greater Toronto Area aggregate home price rose 7.5 per cent year-over-year to $866,211.

When broken out by property type, the median price of a condominium saw the highest appreciation, rising 8.8 per cent year-over-year to $580,508. The median price of a two-storey home and bungalow rose 7.7 per cent and 3.7 per cent to $1,010,004 and $826,186, respectively.

“Toronto real estate appreciated rapidly in the first quarter as the demand that began in the second half of 2019 kept its momentum while inventory remained low. However, by mid-March both buyers and sellers had pulled back to adhere to social distancing measures and gauge the impact of the pandemic on the market,” said Kevin Somers, chief operating officer, Royal LePage Real Estate Services Limited.

If business activity resumes by the end of the second quarter, the Greater Toronto Area may see a year-over-year increase of 1.5 per cent to its aggregate home price by the end of 2020, increasing to $861,100. If business activity resumes in late summer 2020, the region could see a decrease of 0.5 per cent year-over-year in aggregate home price to $844,200.

Greater Montreal Area

During the first quarter of 2020, the Greater Montreal Area aggregate home price rose 7.2 per cent year-over-year to $441,979, representing the second consecutive quarterly year-over-year record increase in almost a decade. However, a decline in sales and new listings was observed in mid-March due to COVID-19.

When broken out by property type, the median price of a two-storey home and bungalow rose 8.0 per cent and 6.9 per cent year-over-year, respectively, to $557,594 and $344,043, while the median price of a condominium rose 5.0 per cent year-over-year to $344,962.

“Historically, the financial and real estate crises of the past 50 years that have disrupted consumer confidence and the number of real estate transactions have had little effect on property prices when analyzed over a 12 to 18 month period,” said Dominic St-Pierre, vice-president and general manager, Royal LePage, Quebec region. “While sales will temporarily slow down during the current pandemic, we do not foresee a significant decline in home prices, at least not for a sustained period, as housing and shelter is an essential need. Additionally, we expect that the numerous buyers who have put their purchase on hold will create a surge from pent-up demand,” he added.

If business activity resumes by the end of the second quarter, the Greater Montreal Area real estate market should remain relatively stable, with a year-over-year decrease of 0.5 per cent to its aggregate home price by the end of 2020, decreasing to $434,500 by the end of 2020. If business activity resumes in late summer 2020, the region’s market could see a decrease of 3.5 per cent year-over-year in aggregate home price to $421,400. This forecast factors in that Quebec is the only province in Canada where real estate brokerage is currently not included in the list of essential services.

Greater Vancouver

Despite tightening inventory and a surge in sales, the aggregate price of a home in Greater Vancouver decreased 2.1 per cent year-over-year to $1,083,166 in the first quarter of 2020.

Broken out by housing type, the median price of a two-storey home decreased 1.1 per cent year-over-year to $1,402,395, while the median price of a condominium and bungalow decreased 2.5 per cent and 4.2 per cent to $636,012 and $1,182,420, respectively.

“While the region had not quite returned to the 10-year average in home sales, the Greater Vancouver housing market was on a path for a vibrant spring market. We were seeing consumer confidence grow from the healthy demand seen in the entry-level segment that was extending upwards through the mid-range properties. We expected this upward trend to continue,” said Randy Ryalls, managing broker, Royal LePage Sterling Realty.  “Amid COVID-19 concerns, Greater Vancouver’s real estate activity began to slow in mid-March. While we do not know the duration of the pandemic, demand is still there and waiting for regular market activity to resume.”

The aggregate price of a home in the City of Vancouver rose 1.0 per cent year-over-year to $1,245,608 in the first quarter of 2020, driven by a gain of 4.9 per cent in the median price of a two-storey home. Both the median price of a bungalow and condominium declined year-over-year during the same period.

If business activity resumes by the end of the second quarter, Greater Vancouver may see a year-over-year gain of 0.5 per cent to its aggregate home price by the end of 2020, rising to $1,086,800. If business activity resumes in late summer 2020, the region could see a decrease of 2.5 per cent year-over-year in aggregate home price ($1,054,400).

“Buyers had come back to the market after sitting on the sidelines for a couple of years. They could not have predicted the impact of COVID-19 on their ability to transact this spring and have found themselves on the sidelines again,” said Ryalls. “If consumer confidence is intact when we are able to resume normal market activity, I expect we will see a significant pent up demand and a bump in sales. Buyers are still able to access a mortgage rate below 3 per cent, which is very attractive to homebuyers.”

Ottawa

Low inventory and high demand in the first quarter of 2020 put significant upward pressure on home prices. The aggregate price of a home in Ottawa increased 8.0 per cent year-over-year in the first quarter of 2020, crossing the half million dollar milestone for the first time to $502,808.

Broken out by housing type, the median price of a bungalow and condominium in Ottawa increased 12.0 per cent and 8.1 per cent year-over-year to $519,827 and $343,998, respectively, while the median price of a two-storey home in the region increased 6.9 per cent year-over-year to $526,584.

“Until mid-March, about 60 per cent of our listings were seeing multiple offers. The first quarter of 2020 was the extension of a seller’s market that began 18 months ago,” said John Rogan, broker of record, Royal LePage Performance Realty. “The impact of the coronavirus on Ottawa’s real estate market was quick and only those who had to buy and sell remain active.”

If business activity in the region resumes by the end of  the second quarter, Ottawa may see a year-over-year gain of 2.5 per cent to its aggregate home price by the end of 2020, rising to $506,500. If business activity resumes in late summer 2020, the region’s aggregate home price is expected to remain flat ($494,100).

“There are many unknowns about the long-term economic impact of COVID-19 on real estate. However, low inventory is supportive of home price appreciation, or at least home price stability. While we are not expecting to see 2019 price gains this year, at this stage it’s not likely that prices will notably decline either,” said Rogan.

Calgary

While sales were more brisk in the first quarter of 2020 compared to last year, the aggregate price of a home in Calgary remained relatively flat dipping 0.1 per cent year-over-year to $469,156.

Broken out by housing type, the median price of a two-storey home increased 0.9 per cent year-over-year to $514,713, while the median price of a bungalow was flat at $485,984. The median price of a condominium decreased 7.2 per cent to $261,778 compared to the first quarter of 2019.

“Sales are up year-to-date despite the dip in activity during the last two weeks of March,” said Corinne Lyall, broker and owner, Royal LePage Benchmark. “With a decline in listing inventory, we had expected to see modest price gains this spring. Now we are waiting to see how long the pandemic lasts and how much damage the economy sustains.”

If business activity resumes by the end of the second quarter, Calgary’s aggregate home price is expected to see a year-over-year decline of 0.5 per cent by the end of 2020, rising to $463,000. If business activity resumes in late summer 2020, the region could see a decrease of 4.0 per cent year-over-year in aggregate home price ($451,300).

Lyall added that while low oil prices will also have a negative impact on Calgary’s real estate, the risk is lower than the 2014 oil crisis. This is primarily because the region’s real estate market has been adjusting to declining oil prices over the years and the current low level of housing inventory.

“Oil companies have learned how to operate very efficiently since 2014 and with the pipeline going ahead, there is optimism that Calgary’s real estate market will find the momentum that was building before the pandemic took hold. We are hoping in Alberta that everyone will take the correct measures so we will plank the curve sooner rather than later,” said Lyall.

Edmonton

The aggregate price of a home in Edmonton decreased 1.4 per cent year-over-year to $371,118 in the first quarter of 2020.

Broken out by housing type, the median price of a standard two-storey home increased 1.5 per cent year-over-year to $430,732. The median price of a bungalow and condominium decreased 6.3 per cent and 5.3 per cent year-over-year to $351,481 and $215,223.

“Edmonton’s softened real estate prices and continued low interest rates were attracting buyers to the market as they saw good value in larger homes,” said Tom Shearer, broker and owner, Royal LePage Noralta Real Estate. “Now that the market has been paused by the pandemic, consumer confidence and employment levels will determine the new norm when market activity resumes.”

Shearer added that prior to mid-March, when the pandemic began impacting real estate activity, his brokerage had noticed a surge in investors looking for single-family homes with legal suites.

“Investors watch the market closely because their decisions are purely financial. They saw prices come down to a level where the likelihood of profitability was good,” said Shearer.

If business activity resumes by the end of the second quarter, Edmonton’s aggregate home price is expected to see a 1.0 per cent year-over-year decrease to $370,800, by the end of 2020. If business activity resumes in late summer, the region could see a decrease of 3.0 per cent year-over-year in aggregate home price ($363,300).

Halifax

After two years of strong home price appreciation, the aggregate price of a home in Halifax decreased 1.8 per cent year-over-year to $317,064 in the first quarter of 2020.

Broken out by housing type, the median price of a two-storey home and bungalow in the region decreased 0.8 per cent and 1.7 per cent year-over-year to $338,057 and $266,593, respectively, while the median price of a condominium decreased 13.4 per cent year-over-year to $284,039.

“2018 and 2019 were exceptional years for Halifax’s real estate market and going into 2020, we were sustaining momentum without significant changes in price or unit sales. It was a typical first quarter of the year for Halifax,” said Matt Honsberger, broker and owner, Royal LePage Atlantic. “We were expecting the market to pick up again in the spring but like other cities across Canada, the only buyers and sellers who have been transacting since mid-March are those who must buy or sell. The shoppers have taken a necessary step back.”

If business activity resumes by the end of the second quarter, Halifax’s aggregate home price during 2020 is expected to remain unchanged compared to the end of 2019 at $316,600. If business activity resumes in late summer, the region could see a decrease of 1.0 per cent year-over-year in aggregate home price ($313,400).

Winnipeg

The aggregate price of a home in Winnipeg increased 1.8 per cent year-over-year to $303,523 in the first quarter of 2020 with all three reporting property-types seeing year-over-year increases in median price.

Broken out by housing type, both the median price of a bungalow and condominium in the region increased 2.3 per cent year-over-year to $292,532 and $241,048, respectively, while the median price of a two-storey home in the region increased 1.3 per cent year-over-year to $326,627.

“Winnipeg had an excellent first quarter. Sales were up 12 per cent in the first quarter compared to 2019. Demand was high and consumer confidence was soaring,” said Michael Froese, broker and manager, Royal LePage Prime Real Estate. “Understandably, activity has slowed at the tail end of March as Manitobans’ priorities have shifted to help flatten the curve. There are still many people needing help to buy and sell real estate. With strong safety protocols in place, we are helping our customers get through this challenging time.”

If business activity resumes by the end of the second quarter, Winnipeg’s aggregate home price is expected to remain unchanged by the end of 2020, compared to home prices at the end of 2019, at $310,900. If the activity resumes in late summer, the region could see a decrease of 2.0 per cent year-over-year in aggregate home price ($304,700).

“While no major urban city will be able to avoid the negative economic impact of COVID-19, Winnipeg is well-positioned to remain relatively stable through the pandemic due to our strong underlying market fundamentals. We are resilient,” added Froese.

Regina

The aggregate price of a home in Regina decreased 2.1 per cent year-over-year to $317,400 in the first quarter of 2020.

Broken out by housing type, the median price of a two-storey home increased 4.8 per cent year-over-year to $399,564, while the median price of a bungalow and condominium decreased 6.5 per cent and 12.9 per cent to $284,033 and $194,470, respectively.

“We were beginning to see signals of a market recovery, which was disrupted by the pandemic,” said Mike Duggleby, broker and owner, Royal LePage Regina Realty. “However, Regina’s real estate market has seen its share of challenges over the past few years and prices are not likely to significantly decline.”

If business activity resumes by the end of the second quarter, Regina’s aggregate home price during 2020 is expected to decrease 2.0 per cent year-over-year to $311,000 by the end of 2020. If business activity resumes in late summer, the region could see a decrease of 4.0 per cent year-over-year in aggregate home price ($304,700).

Royal LePage Home Price Data and Forecasts:

Royal LePage House Price Survey Chart (Canada’s largest 64 housing markets): rlp.ca/house-prices
Royal LePage Market Survey Forecast Chart: rlp.ca/2020-forecast

Full article here

Special Edition NewsGram - Canmore/Banff Real Estate Team

We Work Hard to Keep You Informed: Notes from Your Team ~ Jordy & Jim

Dear Clients:

In the midst of this current health emergency, we wanted to reach out and let you know that the Canmore Real Estate Team is still active in the market and working hard for you – our clients. Whether it be to find the ideal new home for you or the right investment, we are reviewing your parameters and keeping an eye on new listings entering the market as well as price reductions that may provide opportunities for you. For showings & meetings - in order to avoid unnecessary health risks to our clients and ourselves, we are taking all the recommended precautions to avoid and mitigate exposure, such as:

• Conducting pre-showing questionnaires to ensure buyers have not been exposed to high-risk situations (travelling, COVID symptoms, contact with COVID patient, feeling ill) and ensuring sellers are not in a high-risk situation either
• Ensuring that surfaces are wiped down pre-showing

• Ensuring that buyers at viewings either wash their hands thoroughly before and after a showing or wear protective gloves

• Enabling the use of a variety of technologies to allow for online showings and client meetings instead of personal meetings (although those can be accommodated as well under certain circumstances)

• Maintaining our own health and social distancing

We have some innovative ideas to allow buyers to check out properties, and still maintain a degree of social distancing and/or isolation as required – we are set up for virtual showings via Skype or Facetime (or other methods preferred by buyers) – and will be pioneering some other technologies to keep real estate activity going – please contact us for more details.

As a buyer, we understand if your current work/financial situation does not allow you to move forward at this time, we are still reviewing your client needs and keeping an eye out for suitable properties for you, so we can provide you with options when the time is right.

If you are experiencing more severe financial difficulties, we have included links to information and sources of help from the federal and provincial government below:

-https://www.canada.ca/en/department-finance/news/2020/03/canadas-covid-19-economic-response-plan-support-for-canadians-and-businesses.html

-https://www.alberta.ca/covid-19-supports-for-albertans.aspx

If your work/financial situation is stable and you are prepared to move forward or continue with your property search, keep in mind that interest rates are quite low at this time, and anticipated to remain low for quite some time. Also keep in mind that there have been price reductions on some properties.. e.g. 118-109 Montane Rd reduced by $50k to $449,900; 18 Streamside Ln reduced by $40k to $1,109,000.

As a seller, know that there is lower inventory at this time, so you may attract buyers who really need to move forward now (e.g. they have recently sold another home which they have to vacate soon) and you may be dealing with less competition. I think the number of buyers looking for discounts at this time may be counter-acted by the lower number of listings, resulting in prices remaining close to levels pre-Coronavirus days. The lowering of mortgage interest rates may help as well (although we are seeing a trend of some banks coming up from their lowered rates slightly to account for reduced cash flow after they allow temporary mortgage deferrals to some of their clients).

It is difficult to predict at this point how real estate prices will trend over the next few months in Canmore. We will be keeping a close eye on the market and analysing stats in order to understand the changes and better serve your real estate needs. Please feel free to contact us at any time by phone or email to discuss your real estate market questions and concerns. In the meantime, here is a link to a Zillow article with a fairly in-depth review on how epidemics can influence real estate price and transactions:

https://www.zillow.com/research/pandemic-literature-review-26643/

We also want to take this opportunity to sincerely thank the doctors, nurses, and first responders who are on the front lines helping those affected by this situation, as well as grocery store staff, pharmacy staff, town/city workers, volunteers, and all others who are helping us move forward.

Full NewsGram here