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Engel & Völkers’ Canadian Year-End Luxury Real Estate Report blends together market data, insights from local Engel & Völkers real estate experts and commentary from Bullpen Consulting. This year’s report includes an overview of the ski resort markets of Banff and Canmore.
Here’s what the experts have to say about the two markets just west of Calgary.
“In comparison to other parts of Alberta, the Banff and Canmore areas are buyers’ markets and are expected to remain relatively flat in 2020.
“Banff’s tourist-driven market is not experiencing the price declines seen in other areas of the province and attracts prospective buyers from around the globe, including the United States and Europe. Due to its mountain culture, Europeans from Austria and Switzerland were among the first to settle in Banff, and they have continued to seek out high-end chalet and apartment-style properties for part-time use in Canmore.
“Additionally, the 2019 market’s prices did not rise as quickly as in previous years due to fewer locals driving up property prices through multiple offers. Engel & Völkers anticipates Banff’s market prices could see a decline of one to five percent in 2020.”
Copyright Postmedia Network Inc., 2020