Canmore real estate sees growing interest from American buyers

As Calgary's real estate marketstruggles,Canmore is seeing growing interest from American buyers which is causingsome concern about the potential impacton locals.

Real estate agents are fielding more calls from south of the border each week, and a fewsales have closed.

"The exchange rate was definitely of interest to us," said Cecilia Padilla, a buyer from Texas.

"We feel that it's a small window of opportunity that the U.S. dollar gives us more buying power and it's not always going to stay like that."

• GO PUBLIC|Calgary homeowner says realtor who 'misrepresented' square footage on MLS cost her thousands
• Kootenay housing market heats up in part because of Alberta economy

She and her husband passed overTelluride, Vail, andAspenanddecided on aCanmoreproperty.

"We've always felt the CanadianRockiesare one of the most beautiful places in North America and we feel very lucky to be able to buy a home up there right now."

Developers are noticing as well.

"They're not necessarily Americans, they are Canadiansthat have properties in the States,"saidTeresa Mullen,marketing director for Spring Creek, a multi-facility housing development.

She said she's noticing those Canadians choosing to buy in places like Canmore rather than the U.S.

'Lock and leave vacationers'

Not everyone thinks there's a loomingproblem.

Christopher Vincent, SothebyRealty'svice presidentof sales, points outAmericans are "not coming by the bus-full."

Vincent said"lock-and-leave" vacationers make different types of purchases than locals.

"There's a decent amount of product out there right now that I think we can absorb any kind ofoutside buyer."

But there is some concern about a potential "push-pull" between locals looking to find an affordable place to live, and an increase in outside investment.

"There's a downward pressure then on the housing market in general, whetherthat'sstaffaccommodationor entry level rental or entry level purchase,"saidJoanna McCallum,a town councillor and the chair of Canmore Community Housing Corporation (CCHC).

• Canmorein a housing 'crisis' with average home price hovering near $998,000

No 'magic wand'

McCallumsaidCanmore's real estate market isalreadyin crisis for the low-to-medium range.

"It's just not something that can be solved with a magic wand, it [needs]an integrated approach,"McCallum said, adding that the group is trying to bring togetherbusinesses,the municipality, andthe provincial government to work onsolving the issue.

McCallum saidtheCCHChas a 48-unit apartment building in the works for the Three Sisters area, and there are 60 units in Palliser with a zero per cent vacancy rate.

Town council is also considering a proposed 90-unitbuilding downtown tobe rented at market rate.

The municipal development plan also includes measures tobring in secondarysuites, and that goes to public hearing later in March.