Banff
Banff is a resort town of Alberta, situated in Banff National Park. Banff National Park is popular for its majestic mountains, endless outdoor adventures, and colored lakes. The total cost of living in Banff is about $2,011. The average rent in the city for a 1 bedroom apartment in the center of the city is almost $1,417 per month. The cost of utilities is around $147 while the other costs will be almost $741 including restaurants, sports, transportation, and markets. All these facts make Banff an affordable city to live in.
Statistic on Average Prices for Condos, Homes, and Townhouses:
This city didn’t experience a single boom of construction; constructions of the new buildings in this town of Alberta were spread throughout many decades in the 20th and 21st centuries. In Banff almost 45 percent of the dwellings are small size apartment buildings while the remaining are mainly townhomes and single detached homes. Banff mainly consists of 2 bedroom and 3 bedroom apartments.
Banff has Condos, detached, and townhomes for its customers within an affordable range. Condominiums are the most affordable among all with a price of $507K. The townhomes in the city are available at the price of $697K. Detached homes are of comparatively high price but they can still be in an affordable range. These are at the price of $1.2M.
How Many Numbers of Properties do Banff Offer?
According to Banff real estate market statistics, almost 08 homes have sold out in the city in the last 56 days. This city has 45 average days on the market to sell a house. Banff has a 98 percent selling to listing ratio.
Banff has a different number of houses available for sale with different construction styles and different numbers of beds. The active listings of detached houses in Banff are 10 including three 3 bedrooms, two 4 bedrooms, and one 5 bedrooms detached home. There are 8 townhomes available in the city including two 2 bedroom and two 3 bedroom townhouses. Almost 08 condos are available for sale in Banff including two 1 bedroom and 6 two-bedroom condos.
How Fast Is The Real Estate Market of Banff Moving?
Banff has an average sold price of $639K with 34.1 percent monthly change, 10 percent quarterly change, and 39.9 percent yearly change. Since last year the real estate market of Banff has actually been record-breaking.
There was a bit of a hold during the COVID-19 pandemic. The increase in housing prices during the past few years has represented a more average level because this market was transferred to more balanced sales. The home sales were home to 543 almost 5.4 percent while the total volume of the transactions also decreased to $366,732,660.
The number of Active Pre Construction Developments in Banff:
Banff is gearing up to construct a new affordable housing development considering the tourist town housing crunch. Banff officially says that either entry-level homeownership or rental development will help to enhance the housing shortfall which at present sits at just more than 300 units and is also projected to grow between 663 and 720 units by 2027.
