Listing 304 - 1001 6th Ave - Luxury Penthouse Condo

Luxury Penthouse Condo - 2 bedrooms + den, 2 bathrooms - on the top floor of Mistaya Place. Spectacular mountain views from the generous sized deck. Granite counters in kitchen & bathrooms, slate & hardwood flooring, skylights, vaulted ceilings in the dining and living area with 9 ft. ceilings everywhere else. Single car garage with security elevator to your condo. Great Downtown location - steps to cafes & restaurants. This condo is being sold fully furnished.

$999,000 ∣ 1,636 sqft ∣ MLS #51653 ∣ 304-1001 6th Ave Listing

Click the link below for a video tour of this listing.

Listing 1712 11 Ave - Lion's Park Custom Built Home

Lion's Park custom 6 bedroom 3 bathroom home. Gorgeous custom-built & carefully designed home with the best location and views in the Lion's Park neighbourhood, backing right onto the Park. The installed solar panels easily attain "net-zero" status, eliminating electricity bills! The energy efficient design means your heating bills will be very low. The open concept living/dining/kitchen area has a vaulted ceiling for tons of light and views. Three massive decks allow you to enjoy almost 360 degree mountain views at any time of day. Huge master bedroom on main level has panoramic views of the Rundle Range, there's also 2 more bedrooms on this level, with 3 more bedrooms and a family room on the lower level. Ski tuning room/workshop has multiple work benches and space for all the skis and gear. Double garage provides space for all the bikes and gear you could need. Step out your back door Lion's Park with tennis courts and kids' park.

$1,599,000 ∣ 1,944 SQFT ∣ MLS# 51236 ∣ 1712 11 Ave Listing

Click the link below for a video tour of this listing.

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

Canmore/Banff Real Estate Team Newsgram March/April 2020

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

Steady Market & Sales Rise Towards Spring

As we move into March, we see steadily increasing activity with new buyers excited about entering the market. Our listing inventory is staying quite stable at just over 200 listings. There have been steady sales but a noticeable increase in new listings, which is great news for many buyers who are patiently waiting for the right home at the right price to hit the market.

Sales in February 2020 were 40% higher than Feb 2019, with corresponding increases in active listings and average price, and a decrease in average days on market. We expect to see the activity level continue to rise with the seasonal push as we move towards spring. Having passed the Family Day weekend and with April just around the corner, we often start to see an increase in buyers to the market, excited and looking to spend the spring and summer in our mountain paradise.

The short-term rental segment remains strong, with many units making a solid profit whether they are in a rental program or self managed. Please call us for more details on these strong rates of return. Although financing is still very challenging for these properties, there are a few financing options we can talk about. We hope you enjoy the upcoming spring, with all the amazing opportunities for adventure we have in the Bow Valley. If you want to call this area home, or simply have a place to enjoy on the weekends, we can help you make that a reality.

We are never too busy for your referrals, please let us know if we can help your friends and family with all their real estate needs.

REAL ESTATE STATISTICS

BANK OF CANADA CUT TO MEAN CHEAPER BORROWING & LOWER INTEREST ON SAVINGS

Borrowing costs for mortgages, auto loans and other lines of credit are set to head lower after the Bank of Canada cut its key lending rate by half a percentage point.

James Laird, co-founder of Ratehub.ca, says homeowners with variable rate mortgages should see rates start to fall this week, though it remains to be seen if banks will pass on the full rate cut to borrowers.

Read more: BoC's tricky balance of rates vs debt explained

Ratehub says a full 50-basis point cut to a $450,000 mortgage on a 2.6 variable rate would shift the mortgage rate to 2.1% and mean about $115 per month in savings per month.

Laird says the cut will also likely mean lower interest rates for savings accounts and guaranteed investment certificates, putting pressure on retirees and other savers.

Doug Hoyes, a licenced insolvency trustee at Hoyes, Michalos & Associates Inc., says the rate cut is a good opportunity to pay down debt, but said potential borrowers should be cautious.

He says the Bank of Canada lowered rates because of concerns about the economy from the coronavirus, so borrowers should consider an extra buffer and be mindful of the potential that future income could be impacted.

Article by: Canadian Real Estate Wealth

THE PRICE OF A HOME IN CANADA INCREASED 2.2% IN Q4 2019

According to the Royal LePage House Price Survey1, the aggregate price of a home in Canada increased 2.2 per cent year-over-year to $648,544 in the fourth quarter of 2019. Similar to the third quarter, potential buyers are continuing to come back to the real estate market. In the first half of 2019, buyers had remained largely at the sidelines waiting to gauge the potential impact of the federal mortgage stress test. "The federal government has signaled that changes could come to the mortgage stress test mechanism in 2020," said Phil Soper, president and CEO, Royal LePage. "The stress test pushed people out of real estate markets across Canada temporarily. For the most part, buyers have adjusted, yet it still represents a significant hurdle as families pursue the dream of owning their own home."

Soper added that the impact of the regulations-driven drop in demand is felt very differently in different parts of the country.

"We believe policy makers have the necessary experience to modify the tool to meet the reality of today's Canada – that we have very different and varied economies, and by extension housing policy needs, from region to region," said Soper.

The Royal LePage National House Price Composite is compiled from proprietary property data in 64 of the nation's largest real estate markets. When broken out by housing type, the median price of a two-storey home rose 2.3 per cent year-over-year to $761,817, while the median price of a bungalow increased modestly by 0.7 per cent to $537,622.

Across Canada, condominiums remained the fastest appreciating housing type, with the median price rising 3.3 per cent year-over-year to $487,525. Largely, condominium data is weighted towards the country's largest urban centres where the majority of them are found. The median price of a condominium rose 7.8 per cent year-over-year to $565,919 in the Greater Toronto Area and 4.4 per cent year-over-year in the Greater Montreal Area to $338,148 during the fourth quarter. However, national price gains were offset by year-over-year declines in Greater Vancouver's real estate market where the median price of a condominium decreased 3.4 per cent to $645,607.

For more regional analysis, visit rlp.ca/mediaroom.

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Buy first and then sell or sell first then buy?

Photo by: Terra Mallorca

Which is better? To make an offer and then put your house on the market? Or, get an offer before looking for your next dream home?

Moving from one property to another may be a much-needed step in most homeowners’ live—if upsizing isn’t inevitable, downsizing may be. A homeowner must be educated and armed with a bit of strategy to find their homes happy new owners, while once again filling that role themselves.

Most people have three main goals when buying and selling a home at the same time:

• To get the highest price possible for their current house
• To buy a new house as cheaply as possible
• To get through the process with as little pain as possible

The first step you may have to take before putting your home on the market is making some improvements. You may also have to ensure that you have paid off as much as possible on your current mortgage so that the equity in your home can be converted into cash. Consider making extra repayments if your mortgage allows it.

Some other strategies that may help you pay as much as you can for your mortgage are consolidating your debts to avoid paying higher interest rates and saving money by forgoing luxuries.

Once you’ve prepared your property and finances, you may still be left wondering whether you should sell your home first and then buy a new one or buy your new house and then sell your current one.

Different markets, different approaches
From a logistical perspective, closing on a new property should occur a few days before closing on the old, minimizing the hassles involved in moving your possessions from one home to another—but this may cause dire financing issues.

In a buyer’s market, it may be ideal to sell your home first. The last thing any homeowner wants is to pay interest costs on two mortgages, or have their equity eaten up because they cannot sell their home.

However, in a seller’s market, buying first may be the best option, as your property should be sold quite quickly. As a seller, you have to remain objective and view your property from a prospective buyer’s viewpoint.

When you are selling your existing home and buying your new one, you’ll need to watch movements in the market to ensure you match the timing of your sale with the purchase of your new home.

Selling your home first
The logical order is to sell your home first and buy second. This way you know exactly how much money you have to spend. There is a long history of homeowners who overestimated the worth of their current homes and purchased from an optimistic position only to find themselves in dire financial straits. Selling first means you may be less likely to get caught short by over-extending yourself on your new home.

However, by selling first you may be forced to rent while you look for a suitable new home. This can mean two moves, two lots of utility connection costs and two packing and unpacking efforts.
Alternatively, you could live out of a suitcase in a hotel (or with family) and put your furniture in storage. This may be costly (emotionally as well as financially) if it takes a substantial period of time to find the perfect new home. One way around this is to request a lengthy settlement period to allow you ample time to find a new property.

One of the biggest risks you may have to face, if there is an extended gap between sale and purchase, is that rising property prices will mean you get less for your money as time goes by. If you can invest the equity you receive from your sale, you may be able to earn a return for the interim period, but this is generally only advantageous for owners who have built up a significant amount of equity.

Buying your home first
For those who are financially capable, buying your home first has its advantages. It may dispense with the hassle of renting in the interim period. This is often a major concern for the elderly, owners with young families and those with furniture requiring storage.

Many buyers may also find their dream home prior to selling, or even prior to contemplating selling their home. Purchasing before you sell may be the only way to ensure you don’t miss out on that special property. But there are several disadvantages to buying before you sell:

• There is often pressure to sell the existing property quickly when a new home has already been purchased. This may result in a lower than anticipated price being accepted and leaves the seller vulnerable to unexpected fluctuations in the property market
• In a slow market, it may take more time than you had estimated to sell your first house
• If you have bridging finance, you are effectively committed to paying off a loan over two properties until such time that your existing home sells, which can prove costly
• Loans touted as ‘bridge loans’ have various guises. It’s important to understand how these loans operate so you can determine whether they will be suitable for your particular financial situation

Bridge loans
A bridge loan is a temporary loan option designed to assist homeowners “bridge” the gap between the time their current dwelling is sold and their new home is purchased. This loan type enables homeowners to use their current home’s equity to pay the down payment for their next house while waiting for their existing home to sell. Bridge loans are short-term loans, usually six-months in length.

While bridge loans may help you buy a house before you sell your old one and use your current house’s equity for a down payment, there are still obvious dangers you have to be aware of.

Interest can be more costly in a bridge loan than traditional financing. Your existing property may also take longer than expected to sell and you may be forced into effectively paying mortgage repayments on two loans.

The home loan landscape is littered with stories of bridging finance disasters – mostly involving extended periods of repayment due to unforeseen delays in settlement or the inability to sell the first home. Not only is this expensive, but you may also find yourself selling for less than you hoped for in order to extinguish the bridging finance, leaving you with greater net debt and less equity than anticipated. Had you not been under pressure to sell, you may have been able to hold out for a better price.

Be very careful. In most cases, bridging finance will not be the glorious financial ‘knight in shining armour’ people expect. However, if you choose to buy your new home before selling your old property, there are other options for bridging the financial gap between purchase and sale.

Rent or Sell?
If you have the option, buying a second home as an investment property, or to enable you to rent out your first home and move into your second, could be an alternative worth looking at. It depends on how the numbers stack up.

The decision to keep your existing property should be made in conjunction with an accountant to ensure you have the right tax advice.

Here are three scenarios that may help clarify the rent-or-sell dilemma:

 - Scenario 1: A growing family decides to upsize
While this can be a fantastic decision that demonstrates they are planning for the future, these homeowners need to ensure that any new purchase will not overextend their existing budget.

If the young couple has the ability to service the new property while maintaining the old property as an investment, they should get the right tax advice to take them down that path. But if they believe doing so would stretch them beyond their means, then their best option is to watch the real estate market, sell their existing place at a higher price (factoring in a longer s period, perhaps) and then purchase their new house as the market falls a little.

 - Scenario 2: Older empty nesters downsize
If an older couple is able to afford a new house while maintaining an existing property, it is something they should definitely consider. The benefit to an older couple is that they may be looking to retire in the next few years, and the income they can gain from renting the property out may make it cash-flow positive for them.

They will still need to ensure that they can afford the repayments on their new mortgage if they have had to borrow the funds to purchase the new property.

 - Scenario 3: An owner struggling with current mortgage repayments needs to downsize
This owner needs a plan of action before making any substantial decisions. Seeking financial advice may be a good place to start, as is letting their existing lender know that they are having difficulty making repayments. This will allow the lender to provide some grace as the owner has shown a modicum of responsibility by notifying the lender in the first place.

Hopefully, this owner will sit down with a financial advisor and look at the options of extending the term on the existing loan in the interim period, vacating the property and renting instead while putting a tenant into his property.

The owner should also consider consolidating any other debts that may be hindering their ability to repay the mortgage. After looking at these options and the owner has decided that they have no choice but to sell, they should try to sell in a stable market to achieve the best sale price.

Your mortgage: take it with you or leave it behind?
One more major consideration for homeowners looking to make a move is what to do with the mortgage attached to their current home. Whether you take your mortgage with you or leave it behind, the path you choose shouldn’t be too daunting, but it may cost you money.

Take it with you
If you like the loan you already have, one option is to take it with you. Portability is the loan feature that allows you to substitute a new property as security for an existing loan. The loan essentially remains the same, but the underlying security becomes your new home, not your old one.

This may be a very simple and cost-effective solution, but not all loans are portable.

Keeping your loan is often the most convenient choice. You won’t have to worry about early termination charges if the loan was set at a fixed interest rate and you won’t be required to go through another loan hunt or have to pay a fresh set of establishment fees.

Limitations
Before you get excited about the potential savings associated with portable home loans, it’s also important to realise their limitations.

Lenders may specify that the loan amount must remain the same with the new home. If you are thinking of upgrading your home, you may require a larger loan. In many cases, this means you will need a completely new mortgage.

Leaving it behind
Borrowers who can’t retain their existing loan because of restrictions, or those who want to take the opportunity of finding a better deal, must look for a completely new home loan, but not necessarily a new lender.

When a home loan is established, many people find themselves using other products and services provided by the same lender. You may also either receive a discount or avoid certain fees by doing so. Having to reorganize all of these products and services with a new lender is an unnecessary hassle. But considering a move to a different lender can be beneficial.

The best way to tug at your lender’s heart-strings is to ask them to calculate the total cost of paying out your loan because you are buying a new home and are going to switch lenders. Most customer support staff are instructed to ask why you are considering switching, and may even provide some ideas of the discounts available should you stay.

Take notes, thank them for their time and await their answer – which should ideally only take a few days, be broken down into specific costs and forwarded to you in writing. This is where the negotiation really begins.

It may be a good idea to sit down with your mortgage broker and discuss what your choices are before deciding whether to take your mortgage with you or not. Don’t have a mortgage broker yet? Find one near you.

Let’s go shopping
Armed with the best deal your current lender can provide, it’s time to revisit the world of home loans and see how the landscape differs from the last time you signed a mortgage.

You are sure to run across some new products not widely available when you applied for your current home loan– the choices can be overwhelming.

To make sense of your options, you need to compare like with like. The basic variable home loan that you may have had cannot seriously be compared to a ‘bells and whistles’ loan that does everything except make you breakfast in the morning.

Determine the loan that meets your needs and only then begin to make cost comparisons. Once you have determined the best loan type for your needs, determine the cheapest possible loan available. Make a note of the key features of this loan and then compare them to the list of discounts that your current lender says they will make if you stay.

Head back to your original lender and see where you stand. Explain that you have gone rate shopping and that you have found a fabulous loan you are prepared to sign. Tell them that your key concerns are ongoing fees and the interest rate and that these aspects are what you would like to negotiate.

Topping up
If the thought of shopping for a new loan or lender doesn’t appeal to you, it is possible to stay with your existing lender and either increase the original loan principal or take out a newer, larger loan.

Borrowing an increased amount, regardless of the method chosen, will increase your loan to value ratio (LVR). If you are borrowing more than 80% of the value of the new home, you can generally expect to be saddled with CMHC mortgage loan insurance.

Regardless of your family and financial situation, taking the time to properly evaluate your options and investigate the pros and cons before buying your second home will save you time, money and major drama. It’s also vital to be aware of any pitfalls that might lie along the way.

Article by: Which Mortgage

Plan to double tourism revenues must go beyond Banff, Jasper: Minister

The Alberta government's plan to double the province's tourism revenues by 2030 is achievable without putting excess pressure on already crowded visitor hot spots like Banff and Lake Louise, Tourism Minister Tanya Fir said Wednesday.

The Alberta government’s plan to double the province’s tourism revenues by 2030 is achievable without putting excess pressure on already crowded visitor hot spots such as Banff and Lake Louise, Tourism Minister Tanya Fir said Wednesday.

In an interview, Fir said the UCP’s ambitious goal to grow tourism revenues to $20 billion in just 10 years (up from $8.9 billion in 2017, the most recent year for which statistics are available) will take into account the ecological concerns related to ever-increasing traffic and congestion at some of the province’s most popular attractions. She said while world-renowned sites such as Banff and Jasper will always draw visitors, Alberta’s 10-year tourism plan will focus on ways to move visitors to other parts of the province.

“We’re interested in creating tourist opportunities in brand-new areas, areas that don’t have a lot of environmental pressure on them — whether it’s the Badlands or rural areas or Indigenous areas or the North,” Fir said. “Areas that can welcome guests because they’ve never been tourist destinations before.”

Fir, who has been meeting with MLAs and community leaders from across the province to talk about how to boost tourism in far-flung corners of the province, said part of the government’s goal is to develop more partnerships with private-sector tourism operators. She added the government is open to proposals for commercial developments that could boost the tourism sector, “providing we do the proper consultations and make sure we’re still protecting and preserving our environment and parks.”

This week in Calgary and Edmonton, Travel Alberta has been holding consultation sessions with tourism stakeholders as part of the process of developing a new 10-year tourism strategy for Alberta. The agency is expected to present its report to the minister this spring.

Travel Alberta CEO Royce Chwin acknowledged the government’s goal of doubling tourism revenues by 2030 is ambitious and said if the province continues to do exactly what it has done in the past, it “won’t even get close.”

“We can’t just rely on our major developed centres like Edmonton, Calgary, Banff, Jasper and Lake Louise,” he said. “How do we spread the tourism dollar around?”

While there is a real desire on the part of the government and private sector operators for more development, Chwin said, that doesn’t mean there’s a desire to “pave everything over and put up amusement parks everywhere.”

“It’s not just about jamming more people into the province,” he said. “We’re thinking about, what is the right kind of responsible development that would really respect the land but still bring visitors here?”

Grace Wark, a conservation specialist with the Alberta Wilderness Association, said an expanded tourism industry in the province cannot come at the expense of ecological integrity. She cautioned that even some of Alberta’s most pristine areas, such as the Kananaskis and Crowsnest Pass regions, have come under pressure from increased tourism in recent years.

“If we’re going to be seeing tourism expand into areas, that should be happening in places where a development footprint already exists, and where it isn’t going to interfere with species at risk or headwaters,” Wark said.

Article by: Calgary Herald

Mountain Meals: Where to eat in Banff and Canmore

Photo: Sky Bistro Instagram 

Most visitors to Banff and Canmore know about the attractions that await in the mountains, be it the hiking trails and ski hills or the famous Banff Hot Springs, but the Bow Valley is also a great place to eat. There are so many restaurants calling out to visitors it can be hard to make a choice, but these spots offer some of the best meals in the mountains:

Chuck’s Steakhouse 
101 Banff Ave, Banff

Photo: Chuck's Steakhouse Website 

Unless they happen to be vegetarians, visitors to Alberta usually want to try some local steak. Chuck’s is definitely one of the best places in Banff to sample a local cut. The room has a relaxed Western vibe to it, but everyone takes the steaks very seriously — servers are trained to walk diners through the differences in the menu’s vast selection of ranch specific beef. For those who can’t decide between wagyu, prime, or grass-fed, Chuck’s also offers platters so you can try a bit of everything.

Instagram: Chuck's Steakhouse 

Crazyweed Kitchen 
1600 Railway Ave, Canmore

Photo: Crazyweed Website 

One of Canmore’s most beloved and long-running restaurants, Crazyweed has been a favourite of locals and out-of-towners for over 20 years. The food is innovative and always skillfully prepared, but the room itself is small and homey, making for what the restaurant itself calls a “fancy not-so-fancy” dining experience. Expect fresh and plates of seafood, pasta, steaks and salad, all drawing on seasonal ingredients and globally-inspired flavours.

Instagram: Crazyweed Kitchen 

Eden 
300 Mountain Ave, Banff

Photo: Eden Restaurant Instagram 

Many of Banff’s restaurants are fancy, but none quite so much as Eden, the Rimrock Resort’s premier restaurant. The holder of the rare AAA/CAA 5-Diamond award, Eden offers the very best in white table cloth-style fine dining — this is the kind of place that is worth getting dressed up for. The house specialties are the multi-course tasting menus; for a once-in-a-lifetime culinary experience, go for the 10-course Grand Degustation with wine pairings.

Instagram: Eden Restaurant 

Fairmont Banff Springs Hotel 
405 Spray Ave, Banff

The Banff Springs isn’t a restaurant — it’s a hotel that is home to nearly a dozen different culinary experiences, all of which live up to Fairmont’s famously high standards. The restaurants include fine dining at the 1888 Chop House, charcuterie and wine at Grapes, the Vermillion Room French brasserie and Bavarian bar food at the Walhaus Pub. Executive Chef Robert Ash runs a unique program that emphasizes doing everything in house, from butchery and sausage making to chocolates and other sweets.

Instagram: Fairmont Banff Springs

Park Distillery 
219 Banff Ave, Banff

Photo: Park Distillery Instagram 

As the only distillery in a national park, Park Distillery already has a lot going for it, but in addition to its award-winning spirits, Park also operates one of Banff’s best casual restaurants. The campfire-themed menu is full of bar appropriate appetizers, charcuterie, burgers and ranch-style entrées, all of which wash down nicely with a cocktail made with one of Park’s signature products.

Instagram: Park Distillery

Ramen Arashi 
3rd floor #213 Sundance Mall, 215 Banff Ave, Banff 

It’s a relatively well-kept secret, but Banff is home to what just may be the best little ramen place in all of Alberta. Ramen Arashi is in a cramped space in a mall, but even if it’s busy, it’s worth waiting in line for this incredibly flavourful Japanese noodle soup. The ramen is all made with hand-crafted slow-cooked broth, with different toppings and proteins available to suit the tastes of any ramen lover. The restaurant also serves a tasty selection of Japanese rice bowls and appetizers.

Instagram: Ramen Arashi

Sage Bistro

1712 Bow Valley Trail, Canmore

Photo: Sage Bistro Website

This cozy restaurant is a Canmore classic: it’s located in a little log cabin, but the eclectic French-inspired food is hardly rustic. The room is nice and cozy and the food exceeds expectations with dishes like a fragrant Thai red curry seafood bowl and a red wine and rosemary-braised lamb shank. Upstairs Sage runs a wine lounge (open Wednesday through Sunday) with a separate small plates menu and a list of hard-to-find wines offered by the glass or the flight.

Instagram: Sage Bistro

Sky Bistro
100 Mountain Ave, Banff

Photo: Sky Bistro Instagram

It’s not often to find a restaurant that sits at 7,510 feet and it’s even rarer to find an excellent restaurant tied to a major tourist attraction, but the Sky Bistro at the top of the Banff Gondola manages to tick both those boxes. Chef Scott Hergott’s food is informed by local ingredients: he likes to call it “farm to summit” cooking. The restaurant also serves Canadian wines and beers and, of course, offers the best view in the entire Bow Valley.

Instagram: Sky Bistro

The Bison
211 Bear St # 213, Banff

Photo: The Bison Instagram

With a name like the Bison, it’s not surprising that this downtown Banff restaurant specializes in refined Canadiana cuisine. The Bison works closely with local farms to create regional farm-to-table dishes. Bison and beef both figure heavily on the menu, alongside carefully prepared sides and salads.

Instagram: The Bison

The Sensory
101-300 Old Canmore Rd, Canmore

Photo: The Sensory Instagram

One of Canmore’s newer spots to eat, the dishes at this restaurant reflect the flavours of the mountains, with ingredients like wild game, birch syrup, and saskatoon berries. Upstairs, you’ll find a fine dining restaurant, while the ground floor is home to the Wit Bar, a more relaxed version of the Sensory that serves sandwiches, bar snacks, and casual meals. Both halves of the business offer a thoughtful wine list and a selection of incredibly creative cocktails.

Instagram: The Sensory

Three Ravens
107 Tunnel Mountain Dr, Banff

Photo: Banff Centre Website

The Banff Centre is known for its events and artist programs, but many people don’t realize that it also has a top-notch onsite restaurant. Three Ravens Restaurant and Wine Bar is a modern fine-dining space that offers dishes worthy of the Centre that it’s a part of. Like many Banff restaurants, local proteins (including game) is on the menu, along with a good selection of Ocean Wise seafood.

Instagram: Banff Centre

Article by: Calgary Herald

Canmore is Alberta's top recreational property market

The recently released Royal LePage Winter Recreational Property Survey 2019 once again identifies Canmore as Alberta’s go-to recreation and retirement community.

The town, about 45 minutes west of Calgary city limits, is nestled in the Bow Valley, in the shadows of the Three Sisters mountain range and has added affordability to its attractiveness. According to Royal LePage, the single-family median price declined two percent year over year, while the median condominium price dipped 2.8 percent to $479,000.

“The modest decline in median price reflects more sales of smaller condo units as builders seek to meet buyer demand for relatively more affordable properties. This shift in the inventory mix offers new opportunities for buyers who thought they were priced out of the market,” said Brad Hawker, managing broker, Royal LePage Rocky Mountain Realty.

In the heart of Canmore is Spring Creek, a growing, village-inspired community with a variety of home styles, as well as a hotel, local pub, liquor store and more retail outlets planned in the future.

The Tamarack is the fourth condominium building introduced in Spring Creek in the last three years and has been well-received since its launch in October, with 75 percent of the homes now sold.

The four-storey building features 80 homes, in a unique layout and the opportunity to lease units to visitors.

“The community layout sets this building apart with a uniquely grand entrance. A broad, scenic road that leads to the Tamarack is designed to feel like approaching a luxury hotel,” says Ross Jansen, director of sales, Spring Creek Real Estate. “Tamarack is split into two distinct wings: The Lofts at Tamarack and the Residences at Tamarack. As a nod to its picturesque surroundings, textures and finishes offered within these homes are nature-inspired.”

The new lodge has a Tourist Home permitted use, one of few developments that currently possess this designation in Canmore.

“With this zoning, condominiums are permitted to be used as either a permanent residence or for short-term stays,” says Jansen. “Homes without this designation and rented for terms shorter than 30 days may face a fine starting at $2,500.”

Floorplans range from 720 sq. ft. to 2,331 sq. ft., in single- and two-storey formats, with one, two and three bedrooms.

“The Tamarack will also include ground-floor commercial development and amenities such as a fitness space steps away the jacuzzi hot tub and spa area,” says Jansen. “Occupancy is slated to start in late 2021.”

For those not keen on vacation rentals, Jack Pine Lodge is an option.

“It will be completed in 2020,” says Jansen. “Homes have a spa-inspired ensuite, rock fireplace, oversized gourmet kitchen with granite countertops, upgraded finishings and hardwood floors in all living spaces. Amenities include a garden hot tub, underground heated parking and geothermal heating and cooling.”

When the Tamarack is completed, Spring Creek will be about 50 percent complete, an important milestone, says Frank Kernick, president, Spring Creek.
“The thoughtful planning that went into this community is taking shape and it’s exciting to see,” says Kernick. “Demand continues to be high for the enriching lifestyle and gorgeous, expertly-appointed homes we offer at Spring Creek. Our residents love the sweeping views of the Rockies, and close proximity to downtown Canmore and all of its terrific places to shop and dine.”

Article by: Calgary Sun