Canmore has a great real estate future ahead. Canmore remains one of the most tourist accessible and undervalued resort towns in North America. There is a lot of real estate development on the horizon within the Three Sisters neighbourhood, Stewart Creek, and Silvertip among other areas. We expect to see a near doubling of Canmore’s population. Canmore will see nearly 12,000 new livings units in the decade to come. We dive into the benefits of buying pre-construction here in Canmore.
Should You Purchase Pre-Construction Home or Resale?
When purchasing or investing in pre-construction real estate in Canmore, there are many key advantages to purchasing pre-construction over resale homes and condos.
Longer Deposit Structure
It’s not uncommon for a pre-construction development to take 2-5 years to build. You are required to pay a deposit structure; however, there are no mortgage payments during that time. The mortgage begins only on the closing of the home. This can be an excellent decision for first-time buyers and investors as the deposit structure can be advantageous. The time it takes for the construction to be completed gives the buyer time to save up. Many of these purchasers view this as forced savings or investment strategy.
Neighbourhoods Growth
When the development project is being built, there will be homes and condos completed allowing for growth in neighbourhood real estate value. In the case of the Three Sisters and Stweart Creek developments, there are considerable opportunities to invest in Canmore real estate. Both neighbourhoods are in the early days of development, and many buyers are very excited about the opportunities ahead.
➤ For more information on Canmore real estate, check out:
- Canmore Neighbourhood Guide
- Investing In Canmore Real Estate
- Buying An Investment Condo In Canmore
- Looking To Buy In Canmore?
Hands Off Strategy
Real estate values have gone up historically speaking. Yes, there can be a dip or a slow down here and there, but this is how most people become wealthy over the long term. The appreciation in their homes is the wealth they possess. Those with elite wealth typically own multiple properties. The lower purchase price can also benefit as the surrounding area rises in cost.
More Time To Make An Educated Decision
Typically pre-construction developments have several homes, properties and condos for sale. Unlike a hot resale housing market, when you have to decide within a day or two and be in a bidding war, you have some time to decide on which home you prefer, and you have additional time to review the purchase in a cooling-off period.
Newer Can Be Better
Older developments become dated over time. Today’s buyers prefer a modern mountain design to their homes. Thankfully many developers get this and build and style accordingly. This can further boost your future resale value compared to more dated homes and condos. Consider that most Canmore’s homes were built in the 1990s and the condos in the last 20 years. Modern designs leap out when they hit the resale real estate market.
