Canmore, AB

This past month saw the median single family house prices almost remain the same as March, but

down over 8% from the same time last year. Non single family house prices have slipped a little

since last year and down 5.5% from last month. The number of sales in each category has

remained almost the same as last year, but down from 2007.

As I have said in past newsletters, Canmore real estate will continue to be a good investment. We

are only experiencing a slight adjustment, something we have not seen over the past several

years. If you are considering purchasing a property in Canmore, then this might be the perfect

time.

If you would like to be kept up to date on the value of your Canmore

Going into our fourth month of the 2008 year, we all start to get a more certain felling as to how this year will "play out" for us. What I mean is, we should be getting over the "winter blues" and any preconceived ideas or notions we might have had.

Our provincial election came and past in mid March. The ruling party was elected again for the 36^th year. Some people have said, "It is better to sleep with the devil you know, rather than the devil you do not know." No surprises here.

The Canadian dollar has levelled out in the high 90 cent range compared to the US dollar. We all knew it could not keep up close to the $1.10 mark. We are have adjusted to the lower 5% GST by now. So where am I going with these thoughts.

I strongly believe that a real estate asset will outperform a lot of other "conventional" and secure investments. I am seeing some of our larger and respected builders adjusting their offering prices for newly constructed units. With possession dates sometimes being 18 months "down the road," this might be a good time to look at some of the options offered by these local builders. Please contact me if you would like more information on any products offered by our local builders. I do my best to keep up to date with new products, new developments in the area and changing styles.

Here are a few quick links for you:

The second link is My Real Estate Choices for this Month. This month I have chosen two homes that will appeal to different buyer profiles.

Home #1 Home #2

For more information on these or any other Canmore Real Estate email me at Bob@BobAishford.com or visit my website at www.BobAishford.com .

SINGLE FAMILY HOME SALE PRICES STILL DOWN - NON SINGLE FAMILY SHOWING GOOD SIGNS

March showed that while the number of single family home sales was double that of February, the median selling price is almost 12% lower than a year ago. The lower number of sales for homes above a million dollars is what is contributing most to this lower median price. There have only been four properties sell above a million dollars in the past four months, and two of these were just barley above the million dollar mark.

Again I remind you that I don't believe this upper end market is "crashing." The buyer's for these more expensive homes are just being more cautious than in the past. We all know that a lot of stock portfolios have not performed quite as good lately. The lower prime rate could and should have an influence on some of these upper end buyers taking equity from their principal residences to invest in recreation real estate. This market is still a very large part of our Canmore economy.

The non single market showed a strong positive increase this past month. We see the number of days on the market reduced from last month and the selling price and number of units sold are both up. The most significant number is the 25% increase in median sale price over February and still a nice gain of 7.21% over a year ago. Activity in this market segment is a good sign for our local market.

If you would like to be kept up to date on the value of your Canmore investment, or just wanting to know what is happening in a particular area of town - just send me an email or give me a call.

Median price is deemed to be a more accurate market indicator than average price because of steep price fluctuations that sometime exist within market segments and thus can distort calculated averages.

For More Information Contact Bob Aishford

Bob@BobAishford.com

www.BobAishford.com

Winter Recreational Property Prices Remain Red Hot During Canada’s Coldest Months Canadians are committed to their winter retreats despite rising prices

TORONTO, January 31, 2008 –

While sunshine states such as Florida and Arizona have long enticed Canadians to purchase their winter retreats in warmer-weathered American cities, the uncertainty clouding the U.S. housing market has many Canadians favouring properties north of the border. In fact, 36 per cent of Canadians who own a winter recreational property or who are considering purchasing one cite they are more inclined to buy a property in Canada than in the U.S. because of the economic uncertainty plaguing our southern neighbours, according to the 2008 Royal LePage Winter Recreational Property Report released today. The 2008 Royal LePage Winter Recreational Property Report comprises a nationwide research poll of Canadians’ attitudes on the market (conducted by Angus Reid) and an analysis of recreational property prices, trends and activity in selected winter leisure markets across the country.

Sky’s the limit when it comes to buying mountainside For those looking to enjoy their own winter wonderland, Quebec, Ontario, Alberta and British Columbia offer the greatest selection of recreational areas, with real estate prices increasing from east to west. Strong demand combined with limited mountain-based properties has prices ranging from $180,000 to $850,000 in Quebec, $400,000 to $1 million in Collingwood, and $450,000 to $2 million in British Columbia for a standard detached, mountainside, three-bedroom chalet. A shortage of listings in areas of high demand, such as Whistler and Fernie, has led to property prices appreciating by as much as 10 and six per cent, respectively, in the past year. “High levels of demand combined with limited inventory have pressured winter recreational property prices upward – a trend expected to continue well into the future,” said Lisa da Rocha, vice president, marketing communications, Royal LePage Real Estate Services. “Local buyers and foreign investors alike are taking advantage of Canada’s iconic snowy winters, and realizing winter recreational properties are a sound long-term investment.”

Winter Recreational Property Price Range Summary and Comparison Chart Region Winter Rec Property Price Range – Standard Chalet Mountain Base Winter Rec Property Price Range – Standard Chalet 30 Minutes from Mountain Standard 2-Storey House Average Price Quebec $180,000 - $850,000 $200,000 - $350,000 $342,491 Collingwood $405,000 - $1,000,000 $325,000-$350,000 $406,700 Canmore N/A $660,000 - $725,000 $415,906 British Columbia $450,000 - $2,000,000 $180,000 - $10,000,000 $675,500 Let it snow, let it snow, let it snow – or not While snowfall levels in North America have decreased over the past few decades; when asked, “Are you less likely to purchase a winter recreational property if a reduced level of snowfall continues?” 66 per cent of Canadians who own a recreational property or are considering purchasing one are clearly committed to the cold climate and answered that regardless of snow, a winter recreational property would still be their winter retreat.

Not so little cabin in the woods While everyone’s idea of a winter retreat may differ, there are a variety of property types available across Canada from rustic chalets to grand lodges to maintenance-free condominiums to satisfy every need. Canadians list their top three features as a traditional chalet structure with a rustic charm, extra rooms for guests and grand fireplaces. Buyers in areas including Whistler, Vernon and Big White, are demanding luxury properties with features including granite countertops, heated floors and stainless steel appliances.

TOP SEVEN WINTER RECREATIONAL PROPERTY FEATURES* Rank Winter Recreational Property Features 1 Traditional Structure with Rustic Charm 2 Extra Bedrooms for Guests 3 Grand Fireplaces 4 A Large, Open Great Room 5 Outdoor Hot Tub 6 Office with Internet Access 7 Professional Kitchen

*Among Canadians who own or are in market to buy Added da Rocha: “Now more than ever, Canadians are placing greater emphasis on their living spaces. We are seeing huge demand for chalets to be outfitted with the highest grade of granite and marble, exotic wood flooring and other high-end features. Real estate is as much about style and comfort as it is bricks and mortar.”

Additional report findings: More than four-in-ten (43%) respondents find the idea of owning a condo over a chalet attractive. Canadians aged 55 + (46%) find condos more appealing than standard chalets compared to those 35-54 years (38%), presumably for their maintenance-free lifestyle. However, in some markets such as Collingwood, there is an increased pressure on detached residences, versus the traditionally popular condominium. Eight per cent of Canadians own a winter recreational property or are considering purchasing one in the next three to five years, with residents of British Columbia representing the largest purchaser population (13%) and Atlantic residents making up the smallest (4%). Quebec and Ontario residents comprise nine per cent and seven per cent of winter recreational owners and future buyers, respectively. Winter recreational markets including Mont Tremblant, Canmore, Whistler and Fernie are increasingly attracting European buyers.

The data above shows a very interesting past month for real estate sales in Canmore. Actually this is the first time I can remember where we see negative percentages all over the chart.

While activity is picking up this past week, as a whole the month of February had a total of 31 fewer sales than the same month a year ago. Single family sales are down from 11 sales to 5 and non single family dropped dramatically from 40 sales a year ago to just 15 this February.

In the single family market we also see that the higher priced homes were not selling in February as was the case in January as the median selling price dropped from $925,000 to just under $640,000. The non single family market was not nearly as evident, but we still see a drop of almost 10% compared to January.

The number of properties on the market or for sale has almost doubled compared to the same time last year. This allows the buyer to have more choices, and the need to make a quick decision is taken away. The US real estate market in several "resort" areas has been hit hard by the sub prime mortgage recalls.

All in all we have a buyer's market. Sellers need not panic about the value of their Canmore assets; however they will have to price their properties very competitively if they truly want to sell in these current market conditions. This is a great time to give me a call and come to Canmore and find your new property.

If you would like to be kept up to date on the value of your Canmore investment, or just wanting to know what is happening in a particular area of town - just send me an email or give me a call.

Median price is deemed to be a more accurate market indicator than average price because of steep price fluctuations that sometime exist within market segments and thus can distort calculated averages.

For More Information Regarding The Market In Canmore Contact Bob at Bob@BobAishford.com or visit www.BobAishford.com