Many people fall in love with Canmore, Alberta. After all, how can you not swoon when you see the Canadian Rocky Mountains? The rugged and friendly faces in town are a major attraction for visitors. Setting roots in Canmore is a great move for lifestyle and investment purposes. Interestingly enough, roughly 1/3 of the homeowners in Canmore are vacationers who use their properties as secondary homes. The benefit for many residents in Canmore is that it keeps the town quieter and quaint throughout the years—less hustle and bustle.
If you are thinking of buying a home in Canmore from out of province, we suggest some key tips. We see many buyers from across Canada buying year-round. We have condensed our learning to share and guide you into purchasing a great Canmore home. Each province has a different approach to real estate, whether MLS access, rules and regulations and training. The key is to find a great real estate agent who will listen, ask questions, seek to understand and be a consummate professional while securing a great home in Canmore. After all, it’s a lot of money, and you may not fully understand the ins and outs of the Canmore real estate market. Trust is paramount.
How to Buy a Home in Canmore from Out of Province:
How To Choose A Real Estate Agent
Do your real estate agent research online. Does the realtor appear knowledgeable and approachable? Do they stay relevant with market updates, blogs and listings on their site? There are only 130 real estate agents in Canmore, and the ratio of agents to local population is one of the highest in Canada. Also, many of those real estate agents may be off skiing and unreachable for long stretches. You want someone who is accessible and has a team, whether that be an assistant or buyer agent, to support their search for their clients.
Contact The Agent
Contact the agent, detail what you are looking for and ask them how they can assist. What makes them different from the 130 real estate agents in Canmore? How many deals do they do a year? (The average Canmore real estate agent compeltes only four sales a year, which may not be enough experience and market understanding to serve your needs.) Have a conversation. How does it feel, and what do you believe of this real estate agent? Also, we recommend this one often and have a cup of coffee with them if you are in town. Do you like them? If not, don’t work with the agent. Seriously. Why do something that doesn’t feel good? You need to feel like trust can be built, and shouldn’t buying a home in Canmore be fun and exciting?!
➤ 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?
Financial Due Diligence
The next step when buying a home in Canmore is to understand your criteria. What can you afford? Do you require financing? If so, we have a great mortgage broker in town. (Note: lenders who underwrite outside of the Bow Valley do not understand some of the ins and outs of financing Canmore real estate, so we always suggest someone locally. I know this may differ from where you currently reside, but it’s better to know upfront versus a deal falling through at the last minute.) If you don’t require financing, which is more common in our luxury real estate market, then it’s a matter of clarifying your needs and wants and capping your budget for the real estate agent’s sake.
Viewing Canmore Homes
Viewing homes is much simpler today, thanks to technology. We have floor plans, virtual tours, photos, and the ever-helpful Google Street View to help us decide whether a property is worth viewing. Since Canmore is a weekend getaway/vacation spot for many Canadians, we find that weekends are pretty busy on our listings. Listings typically hit the market on a Thursday, just in time for the weekend rush. Whether a buyer is available or not, we offer a video call of the property. A tour that we provide gives a sense of what we like and have concerns about. We field our buyer’s questions and best ensure that they feel confident. If our buyers want the space, they decide on their next step, whether they would like to visit the property in person or if the video and our dialogue (or colour commentary) were sufficient to put an offer together. Needless to say, this requires a great deal of trust in the real estate agent and their experience and that they act with integrity to respect and protect their buyer’s investment. We are in this business for life and don’t take unnecessary risks with clients. We give them everything they need to make a wise investment. Our business is built on referrals. The only way that happens is with respect, integrity and professionalism.
Waterfall at a listing on Hospital Hill, Canmore, Alberta.
Making An Offer
If you like the property, the next step is to write an offer. This covers the offer price, closing date, conditions and clauses needed to ensure a smooth process and that no surprises occur before the deal’s completion. This is also when the real estate agent’s negotiation skills become essential. (Not many are trained in effective negotiation, so explore this with the agent early on.) Assuming the agent is highly competent, you have a very good chance of getting the home you love.
Key Takeaway
Buying a Canmore home from out of province can be challenging, but with the right real estate representation on the ground in Canmore, it can be incredibly smooth, efficient and fun! The most crucial step is choosing the best possible realtor who listens and respects your needs. Also, they will give you what you need to hear, which may not always be what you want to hear. But that is part of being a professional who is looking out for their client’s needs 100% of the time.
