A year-round chalet outside of Banff, Alberta
$ 2.9 MILLION (3,795 MILLION CANADIAN DOLLARS)
This five-bedroom wooden-frame house is located in Canmore, a valley town in the Canadian Rockies, near the southeast boundary of Banff National Park, in the province of Alberta.
Built in 2004 on a third of an acre, the 4,802 square foot home is located inside Silvertip Resort, a planned golf community located on the lower banks of Mount Lady Macdonald.
Potential buyers do not need to be golfers, said Christopher Vincent, senior vice president of sales for Sotheby’s International Canada, which has the list. "One of the good things about this is that our golf season is so short that the course creates a lot of privacy the rest of the year," he said. "Wildlife comes wandering around, and you can go and walk the carriage trails."
A slab walkway leads to the main door, which opens to a small hallway that overlooks the wooden staircase. On the left is the large room, an open concept extension that contains a living room, dining room and kitchen. At one end there is a stone fireplace that rises along the wall to meet the vaulted ceiling. At the other end is the kitchen, which has an island that seats five, polished granite counters, dark wood cabinets, two sinks and open shelves.
The room is lined with glass doors and windows, one side of which opens to a large stone patio with a gas fireplace overlooking Canmore and the mountains to the west.
The master suite, on the ground floor, has a stone fireplace and access to the patio. The bathroom has a shower with a seat and a double vanity with table basins.
There are three bedrooms upstairs, one of which is directly above the master bedroom in the house tower, with vaulted ceiling and fireplace. The two rooms at the opposite end of the hall share a bathroom with a large bathtub.
The fifth bedroom is on the lower level, along with a full bathroom, a 1,300-bottle cellar and a multimedia room with a retractable cinema screen over the fireplace. The attached garage for two cars has space to store skis and bicycles, as well as a pantry.
The city of Canmore, with around 14,000 residents throughout the year, caters to the multitude of tourists who come to the Rocky Mountains to walk, climb, ski, kayak, fly fishing and cycling. "We have about 100 restaurants, large grocery stores and food boutiques, many wine shops," said Vincent. "It is definitely not your typical small town."
Banff National Park, the oldest national park in Canada, is about five miles from Silvertip and covers 1.6 million acres. The many attractions include abundant wildlife, glacier-fed lakes, skiing on Mount Norquay, fishing on the Bow River and a 16.6-mile paved bike path between the city of Banff and Canmore.
The nearest international airport is in Calgary, the largest city in Alberta, about 65 miles east. Private planes can land at the Springbank airport, just outside the western border of Calgary.
Canmore has just completed a record year in home sales, said Brad Hawker, the broker and owner of local firm Royal LePage Rocky Mountain Realty. The 562 total sales in 2019 represented a 13.7 percent increase over 2018, he said.
The average selling price also increased, ending 2019 at $ 607,740 Canadians ($ 465,000), a 5.6 percent increase over 2018, Hawker said, noting that rising sales are a reflection of the constant demand from buyers of Second home and active retirees, too. as a healthy local market
"The local segment of the housing market is driven by tourism, and that has been strong, so the local economy is strong," he said.
Market conditions are dramatically different in Calgary, where 1.2 million residents constitute the third most populous municipality in Canada. The city's economy depends heavily on the oil and gas industry, so when the price of oil collapsed worldwide in 2014, strong layoffs and loss of income caused the real estate market to plummet said Ann-Marie Lurie, chief economist at Real Calgary. Assets Board (CREB). Unemployment is currently around 7 percent.
"We have seen a price adjustment of 11 percent since 2014," Lurie said about the fall in the values of the city's housing. "The most affected were the products of apartments and condominiums, where the adjustment was more than 17 percent."
In 2019, the average price of a home in Calgary was $ 410,000 Canadians ($ 314,000), a 2.4 percent drop from $ 420,000 Canadians ($ 322,000) in 2018, according to CREB. The average price of an apartment decreased approximately 4 percent year-over-year, from $ 252,500 to $ 242,000 Canadian ($ 193,000 to $ 185,000), as did the average price of a single-family home, from $ 484,000 to $ 465,000 Canadian ( $ 370,000 to $ 356,000).
While Calgary buyers represent a significant portion of the Canmore market, the city's economic decline has not had much impact on sales in Canmore, except at the high end, Vincent said.
"When the oil collapsed, it seemed that our market would stagnate, but the opposite happened," he said. "Many people retired early, left the city and came here."
Canmore homes and condos, which are popular with second-home buyers, start at around $ 600,000 Canadians ($ 460,000) for a three-bedroom apartment without a garage, and $ 700,000 Canadians ($ 535,000) with a garage, Hawker said.
The city of Banff, located within the national park with a population of approximately 7,800, is practically closed to second home buyers because home purchases are restricted to people who work there, Hawker said. Buyers must own their own business or work for an existing business.
Who buys in Canmore
Most buyers tend to come from the Calgary, Edmonton or Toronto areas, but among foreign buyers, the largest group is the American, Vincent said.
"We used to have a lot of people outside of Texas, many of them in the oil and gas industry had been published in Calgary," he said. "Now we are seeing a lot more people from the East Coast and California, mainly because we offer good value in relation to Vail or another resort market in the United States."
Hawker said foreign buyers also come from the United Kingdom, Australia and, to a lesser extent, Asia.
Basics of purchase
There are no restrictions for foreign buyers in Alberta. And unlike other Canadian provinces, Alberta does not tax home purchases by non-residents.
A lawyer handles the transaction. Legal fees average around $ 2,000 Canadians ($ 1,500), agents said. The seller pays the agent commission.
When non-residents sell their property, the Canadian government imposes a tax on any capital gain made from the sale, said Todd Stokowski, an accountant in Canmore who specializes in tax matters for non-residents. The tax applies to 50 percent of the profit, and is calculated at a gradual rate that ranges from 22.2 to 49 percent, he said.
At the time of closing, the buyer's lawyer must withhold at least 25 percent of the sale price to ensure that taxes owed are paid, he said. But he noted that there is a process that sellers can follow to reduce the amount withheld.
Languages and currency
English; Canadian dollars (1 Canadian dollar = $ 0.77)
Taxes and fees
The annual property taxes for this home are $ 14,611 ($ 11,200), said Vincent. Monthly owners association fees are $ 90 Canadian ($ 69).
Christopher Vincent, Sotheby’s International Realty Canada, 403-707-8048, www.sothebysrealty.ca
To receive weekly email updates on residential real estate news, register here. Follow us on twitter: @nytrealestate.