Alberta Community Reviews

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Alberta The aggregate price of a house in Alberta’s recreational regions is forecast to increase 6 per cent in 2021 to $942,881. In 2020, the aggregate price of a house in the province’s recreational markets increased 9.5 per cent year-over-year to $889,510 compared to 2019. As a large recreational market, Canmore impacts the median price of a single-family home in Alberta with its proximity to Banff National Park and luxury mountain properties. “Canmore is seeing unparalleled demand from people wanting to accelerate their life plans and focus on their physical and mental health,” said Brad Hawker, managing broker, Royal LePage Rocky Mountain Realty. “We’ve seen a growing segment of young and middle-aged buyers seeking primary residences in the area. If they can work remotely from anywhere, they want to live in a place that caters to their active and adventurous lifestyles.” According to a Royal LePage survey of recreational property experts, 44 per cent of respondents in Alberta reported an increase in the number of buyers from other provinces, compared to previous years. Demand and prices continue to grow in recreational regions easily accessible from Edmonton and Calgary. Experts in Alberta say 78 per cent of recreational markets have seen a decline in inventory compared to what is typical for their respective regions. “There simply is not enough inventory to satisfy the growing demand in this area,” said Tom Shearer, broker, Royal LePage Noralta Real Estate. “Wabamun Lake and Lac St. Anne are reasonably affordable recreational regions, and the short commute from the city makes these areas attractive to those looking to escape the urban centres. I expect the spring market to be a challenge for buyers, due to a lack of supply.” According to the Royal LePage 2021 Demographic Survey released last month, 32 per cent of those aged 25 to 35 in the province of Alberta say the pandemic has increased their desire to move to a less dense area, and 60 per cent say it is important to work for an employer that allows them to work remotely.