Buying real estate in Canmore is a big decision. We are often asked questions about how and what to buy in Canmore. We cover some of those real estate buyer questions here in this post.
1. When is the best time of year to buying real estate in Canmore?
We love this question! The truth is when you are ready and see the home or condo you want. Assuming you have your financing in line and can purchase without delay, buy when you fall in love with the property. Please leave it to us to help navigate the value and negotiation. We have had buyers buy the first home they saw because it was the right home for them. The Spring market is the busiest market with the most listings (and buyers), and the Fall market is the second most active real estate market. Summers are much quieter.
2. Why should I choose one real estate agent to work with?
Some buyers like the idea of working with many realtors. This is not an effective buying strategy. The most successful buyers work with one real estate agent, someone they believe they can trust and who will always work hard for them. We pride ourselves on knowing all the properties that are coming to market (through our flyers and strong relationships with the top real estate agents in Canmore. Our buyers don’t miss out. There is no point in having several realtors running around looking for the same home or condo, and the overlap is a waste of time – giving feedback to every agent will not get you a home faster.
3. Why work with Re/Max Alpine Realty?
Re/max Alpine Realty is the top real estate brokerage in Canmore. We do the most deals of any other brokerage in town, meaning our buyers are introduced to more homes and condos than any other buyers. Our buyers know of properties before they come to market, giving them a chance to buy before they hit the marketplace. We do nearly half of all the deals in Canmore every month.
➤ For more information on Canmore real estate, check out:
- Canmore Neighbourhood Guide
- Investing In Canmore Real Estate
- 8 Tips When Buying An Investment Condo In Canmore
- Why You Should Buy A Vacation Home In Canmore
- Buying An Investment Condo In Canmore
- Looking To Buy In Canmore?
4. What questions do I ask when buying a home?
When buying a home, a great question to ask your realtor is, ‘what do I need to know about this house and the process?’ Listen to the response, then ask yourself what additional questions arise – ask every question you have. Do not get too caught up in the rush of the process. Perhaps these questions will arise: 1) What is an irrevocable time; 2) Can I back out of the deal?; 3) Is this offer conditional? 4) How much of a downpayment do I need; 5) How much of a deposit do I require; 6) After the deal is agreed upon, now what?
Canmore Vacation Rentals and Tourist Homes Defined
5. Should I buy or rent a home?
Should I rent or buy? This is the eternal question. Many subjective factors go into an answer. We can assure you that most people have developed their wealth through real estate. Those who buy and hold long-term have made a great deal of money. Here are some questions to have you think through the best answer for you: 1) What kind of lifestyle do I want?; 2) Do I have enough money for a downpayment?; 3) Do I want the responsibility of repairs?
6. What do I look for when buying a condo?
The most important three aspects to look for when buying a condo are 1) Location, 2) Quality of construction, and 3) Layout more so than square footage. Curious why the layout trumps square footage. You purchase a condo at a cost per square foot – wasted square feet are useless, perhaps it’s too much hallway that you are paying for without a large enough living area, or the second bedroom is more like a den. The net effect is a poor ROI on your square footage; you would be paying for a builder’s poor use of space.
7. How do conditional home offers work?
A conditional offer on a home is when an agreement of purchase and sale has a condition of one or more aspects that are to be reviewed and clarified by the buyer before they waive or fulfill the condition, which then means that the agreement is ‘firm and binding.’ During the conditional period, the buyer or seller may have the option to get out of the deal without consequence.
8. What is a home inspection?
A home inspection is a service provided by a licensed home inspector. This home inspector reviews the structure, exterior envelope, wiring, plumbing, heating and cooling systems, signs of interior damage, etc. They are looking for latent and non-latent issues. A good home inspector is essential for buyers; their job helps to educate the buyer about what problems may arise in the short and long term. Note that home inspectors do not have x-ray vision; they are not permitted to cut open drywall and damage the property in any other way to find issues that may be lurking.
9. What is a condo investment?
Condo investment is a relatively new concept – this was not something that residents in Canada were particularly aware of 20 years ago. Condo real estate investors may purchase pre-construction or resale condos. Note that pre-construction condo investors may sell the legal paperwork before completion, during occupancy or upon registration. Other condo investors rent out their condo units to gain long-term capital appreciation. Now that populations have increased, there is a need for more condos; many successful condo investors have made a great deal of money from these investments over time.
10. Is it better to buy in Canmore or Banff, Alberta?
Buying in Canmore versus Banff is a big decision. Here is the truth: about 99% of buyers fall in love with Banff but buy in Canmore. Why? The reason people buy in Canmore (not in Banff) is that they fall in love with the Canadian Rocky Mountains, but if the buyer does not have a “need to reside” (have a job in Banff National Park), they cannot buy and vacation in the home or live full-time (for that matter.) They can buy and rent out to someone who has the need to reside in Banff. Canmore doesn’t have the same restrictions. You can buy a home in Canmore and use the home as a vacation home or reside full-time without local employment.
