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Residential real estate: Canmore leading the way in Alberta

There is one municipality in Wild Rose Country to which people are turning for rest, relaxation and recreation. Residential real estate sales in Canmore have continued on an upswing despite the recent downturn in overall provincial sales. When it comes to recreational home sales, Canmore is leading the pack. Recent statistics show that the average price of a home in Alberta is expected to rise to more than $838,000 -- an increase of more than 10% and that hike is largely attributed to expected sales in the mountain community.

Buyers to Canmore are coming from all areas -- from around the country and internationally. The Alberta Real Estate Association (AREA) says things are starting to turn around when it comes to real estate sales, albeit slowly. With lower prices and the general belief that the economy is rebounding, the province is seeing more demand and growth in the market.

Experts believe prices will start to rise over the next year -- about a 2.4% increase. AREA said real estate sales are down about 3% from the same time last year, but the situation is improving. Things are looking even brighter for recreational real estate sales. Activity in Canmore remained consistent even in the recent economic downturn.

Residential real estate sales in all areas of the province need to adhere to the letter of the law. A lawyer is able to assist his or her client in all contractual deals and assist in other areas such as title searches, transfers of deeds and other issues prior to closing. Having a lawyer review any contracts may ensure all the i's are dotted and the t's crossed. 

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