Canmore
Canmore is located in the Rocky Mountains of Alberta, British Columbia. This city is a home to the community whose vision is actually based on conviction that economic stability & environmental sensitivity can be reconciled. It is a minute away from the national park of Banff and Bow valley so you can enjoy your weekend at these amazing spots.
The person with an average monthly income can live an affordable life here. You need not to live in a rental house. You can even buy your own house on lease. Canadian houses are very well constructed and are available with all the basic facilities.
Affordable Housing Price in Canmore
Canmore is a quite affordable city to settle in. It is the second best place to live in Alberta and seventh best place to live in the whole country. Average rent of 2 bedroom apartments in the city has increased from $1667 to $1730, a rise of around 3.74 percent. The growth range rank of Canmore is fourth officially. The one bedroom apartment rent has the largest increase over the year. That’s why it is suggested to buy your own house in Canmore.
You can buy a nice house here for between $100k to $500k. Here you can find a number of examples in this range. A well constructed 2 bedroom and 2 bathroom apartment is available for sale at 301, 191 Kananaskis way 301, Alberta, Canada. This is a 866 square feet house that costs only $194,250. Another 2 bedroom and one bathroom apartment is available even at the rate less than $100k. It is available at 407K, 187 Kananaskis Way, Canmore, Alberta at the cost of $95,000.
Real Estate Market Outlook of 2023
Between May 2022 & May 2023, the real estate home prices in Canmore will rise to almost 9.7 percent. While this would make a significant decrease from 20.4 percent posted over the last year and this would hardly be a relief only for house buyers. The interest rate of the Fed has increased in an attempt to cool down the inflation that has led to an increase in the mortgage rates. Real estate experts say that they are likely to hover around 5 percent through the end of 2023.
Experts in the current Zillow research survey believe the inventory of real estate housing to return back to the pre-pandemic levels by the end of 2024. Despite rising mortgage rates insisting a decrease in the demand for home buyers, housing prices are still very high. House sales have started to decrease however, with some sellers even decreasing their asking price, leading suspect an impending real estate market to cool off.
While there are many signs that the demand for houses is decreasing, economists everywhere still continue to theorize that how long will it take to actually see the home prices cool-off. If you are planning to buy a house in Canmore, hurry up! This is the right time to have your own house in the city.
