Alberta Community Reviews

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During the first nine months of the year, the aggregate price of a single-family home in Alberta’s recreational property market decreased 7.6 per cent year-over-year to $724,921. The decline in aggregate price reflects a shift in Canmore’s buyer and construction activity, where a surge of smaller affordable homes were built and sold while demand for luxury properties softened until the beginning of the fourth quarter. The aggregate price of a waterfront property in Alberta increased by seven per cent year-over-year to $506,607. The increase was driven by popular lake regions within commuting distance to Edmonton. “Demand for recreational real estate in Alberta has never been this strong. Since the end of June, we have been seeing record high sales volume as remote work reshapes the market. In Canmore, Alberta-based buyers are increasingly competing against buyers from across Canada since the onset of the pandemic,” said Brad Hawker, managing broker, Royal LePage Rocky Mountain Realty. “Canmore is well-known for its charm, outdoor pursuits and access to Banff National Park. It’s the perfect place to reimagine your life when you can work from where you want to play.” Compared to 2019, both Canmore and Pigeon Lake reported significantly more buyers seeking recreational property as primary residences where they can work remotely. “People are looking for a change of scenery and some relief from the busyness of the city. That’s what is fueling sales right now,” said Tom Shearer, broker, Royal LePage Noralta Real Estate, in Edmonton. “Lake Wabamum is a perfect choice for buyers who want a safe environment where they can relax. And, it’s less than an hour away from Edmonton.”