Canmore sees growing demand for its high-cost housing
Canmore is increasingly one of Canada's worst kept secrets as a top recreational destination. That's helped drive real estate prices, making the Bow Valley community one of the most costly in Canada for many years.
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This year is no exception even amid economic uncertainty. Recent market data from the Calgary Real Estate Board shows Canmore's benchmark price was $1,116,500 at the end of April, up nearly 13 per cent from the same month last year.
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The 54 resales consisted mostly of row home and apartment resales with single-family detached homes making up less than 20 per cent of all sales — significantly less than in Calgary and other regional communities.
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One reason is the average higher price for a home, says Richard Greaves, Canmore realtor at Re/Max Alpine Realty. And it is likely to move higher this year as demand ramps up from a slower pace last year.
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'In 2024, the single-family home market in that $1.8 million to $2.8 million was actually fairly slow, and this year, it's flipped on its head with more sales.'
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This has not been unexpected, he adds.
'In the past, when stock markets got volatile, people invested in something safer.'
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Canmore real estate is indeed a safe bet, given its scarcity and high demand. In turn, Greaves suspects that high-net-worth buyers are looking to purchase in Canmore. That's maybe even more so today as more Canadians sour on American destinations, says Don Kottick, president of Re/Max Canada.
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'We know anecdotally the snowbirds are thinking about coming back,' Kottick says.
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Re/Max's recent 2025 Canadian Cabin and Cottage Trends Report forecasts tariffs are having an impact, but it's mostly a headwind for resales. The study notes demand growth paused this spring as prospective buyers held back on decisions.
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Still, the report also forecasts that prices could gain almost two per cent year over year across Canada in recreational markets by year's end. And resales could range from flat to as high as 10 per cent growth, depending on the region.
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Kottick further notes some buyers see the market as a good entry point with prices down from their peak in places like Ontario.
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Toronto Star
an hour ago
- Toronto Star
Bank of Canada head Tiff Macklem says mandate should evolve in a ‘shock-prone' world
OTTAWA — Tiff Macklem is wearing an Edmonton Oilers pin as he reflects on coming very close to beating big odds. It's a significant day for the governor of the Bank of Canada: he's just laid out his reasons to the entire country and a global audience for keeping the central bank's benchmark interest rate steady for a second straight time. That night is also Game 1 of the NHL's Stanley Cup finals; Macklem ends his press conference with a hearty 'Go Oilers!' ARTICLE CONTINUES BELOW It's a rematch from last year's heartbreak, when the Oilers came oh-so-close to mounting a seemingly impossible four-game comeback against the Florida Panthers, only to fall short by a single goal in Game 7. Macklem, too, was almost safe to declare victory last year. He had just about secured a coveted 'soft landing' for Canada's economy — a rare feat that sees restrictive monetary policy bring down surging levels of inflation without tipping the economy into a prolonged downturn. 'We got inflation down. We didn't cause a recession,' Macklem said in an interview with The Canadian Press after the rate announcement Wednesday. 'And, to be frank, until President (Donald) Trump started threatening the economy with new tariffs, we were actually seeing growth pick up.' Fresh out of one crisis, the central bank now must contend with another in U.S. tariffs. Five years into his tenure as head of the Bank of Canada, Macklem said he sees the central bank's role in stickhandling the economy — as well as Canada's role on the world stage — evolving. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW Many Canadians have become more familiar with the Bank of Canada in recent years. After the COVID-19 pandemic recovery ignited inflation, the central bank's rapid tightening cycle and subsequent rate cuts were top-line news for anxious Canadians stressed about rising prices and borrowing costs. That was all in pursuit of meeting the central bank's inflation target of two per cent, part of a mandate from the federal government that's up for review next year. Macklem said the past few years have led the Bank of Canada to scrutinize some of its metrics, like core inflation and how it responds to supply shocks in the economy. But he defends keeping the bank's inflation target, particularly at a time of global upheaval. 'Our flexible inflation targeting framework has just been through the biggest test it's ever had in the 30 years since we announced the inflation target,' he said. 'I'm not going to pretend it's been an easy few years for anybody. But I think the framework has performed well.' ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW Macklem said, however, that he sees room to build out the mandate to address other areas of concern from Canadians, such as housing affordability. Whether it's the high cost of rent or a mortgage, or surging prices for groceries and vehicles, Macklem said the past few years have been eye-opening to Canadians who weren't around the last time inflation hit double digits in the 1980s. 'Unfortunately, a whole new generation of Canadians now know what inflation feels like, and they didn't like it one bit,' he said. Monetary policy itself can't make homes more affordable, he noted — in a nutshell, high interest rates make mortgages more expensive while low rates can push up the price of housing itself because they stoke demand. But Macklem said one of the things he's reflecting on is that inflation can get worse when the economy isn't operating at its potential or when it's facing great disruption. 'There is a role for monetary policy to smooth out some of that adjustment — support the economy while ensuring that inflation is well-controlled.' ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW He didn't offer suggestions on how the mandate might expand to address housing affordability specifically, but said 'the work is ongoing' and will be settled in meetings with the federal government next year. Right now, he's trying to make sure that the economic impacts from Canada's tariff dispute with the United States don't result in prolonged inflation. The Bank of Canada is not alone in debating how monetary policy ought to respond in what Macklem called a more 'shock-prone' world. The G7 Finance Ministers' Summit in Kananaskis, Alta., last month also featured round tables with the bloc's central bankers. Conversations at the summit were 'candid,' Macklem said, and though the nations issued a joint statement at the close of the event, that doesn't mean they agreed on everything. 'International co-operation, to be honest, has never been easy. It is particularly difficult right now, but that doesn't make it less important. That makes it more important,' he said. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW 'I do think Canada, as the chair of the G7, has a leadership role to play.' The Bank of Canada is also changing the way it has conversations with Canadians and the kind of data it considers. A day after the June interest rate decision, deputy governor Sharon Kozicki told a Toronto business crowd how the central bank is using data more nimbly, relying heavily on surveys and more granular information to make monetary policy decisions in an uncertain time. These sources offer a faster way to see what's happening on the ground in the economy than traditional statistical models allow. Macklem said the central bank would previously have dismissed most supply shocks as transitory — likely to pass without the need for central bank adjustments, such as rising and falling oil prices. But he said the Bank of Canada needs to be running a more 'nuanced playbook' now to respond to some increasingly common shocks: supply chain disruptions, trade conflicts and extreme weather to name a few. An overheating economy running up against a supply disruption is the kind of inflationary fire Macklem is trying to avoid in this latest crisis. 'The economy does not work well when inflation is high,' he said. 'And the primary role of the Bank of Canada is to ensure that Canadians maintain confidence in price stability. That's all we can do for the Canadian economy. That's what we can do for Canadians. And that's what we're focused on.' ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW Later in the day on Wednesday, the Edmonton Oilers took Game 1 of the Stanley Cup finals. The Canadian team was down but roared back to win 4-3 in overtime. It's still early in the Bank of Canada's response to the latest global shock. But with any luck, Macklem's team might also get a leg up with lessons learned the last time they faced big odds. This report by The Canadian Press was first published June 7, 2025. Politics Headlines Newsletter Get the latest news and unmatched insights in your inbox every evening Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. Please enter a valid email address. Sign Up Yes, I'd also like to receive customized content suggestions and promotional messages from the Star. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy. This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Politics Headlines Newsletter You're signed up! You'll start getting Politics Headlines in your inbox soon. Want more of the latest from us? Sign up for more at our newsletter page.
Cision Canada
2 hours ago
- Cision Canada
Minister Lightbound visits Chantier Davie as part of the shipyard's 200th anniversary celebration Français
LÉVIS, QC, June 7, 2025 /CNW/ - Through the National Shipbuilding Strategy (NSS), the Government of Canada is committed to strengthening its sovereign shipbuilding capabilities in an increasingly complex global environment. Building vessels domestically creates strong supply chains that help safeguard Canadian naval capabilities and ensure that the Royal Canadian Navy (RCN), the Canadian Coast Guard (CCG) and Transport Canada (TC) are equipped to conduct operations at home and alongside allies. Today, the Honourable Joël Lightbound, Minister of Government Transformation, Public Works and Procurement, visited Chantier Davie Canada Inc. (CDCI) to celebrate the shipyard's 200th anniversary. He also took the opportunity to emphasize the importance of prioritizing Canadian supply chains and highlighted the role of the NSS in supporting domestic industry and innovation. As one of the 3 strategic partner shipyards under the NSS, CDCI plays a critical role in strengthening the country's maritime capabilities. The shipyard was recently awarded a major contract to build a polar icebreaker for the CCG. In addition, design work is currently underway at CDCI for 6 program icebreakers, which are essential for maintaining year-round access to Canada's Arctic and supporting northern communities. Beyond new ship construction, CDCI is a key contributor to the third pillar of the NSS: vessel repair, refit and maintenance. The shipyard is actively engaged in vessel life extension projects, refit and conversion work and sustainment operations across a wide range of fleet assets. These efforts ensure that Canada's maritime fleet remains resilient, mission-ready and capable of operating both domestically and alongside international allies. This year marks the 15th anniversary of the NSS. Since its inception, the strategy has revitalized Canada's marine industry, fostered innovation and created a skilled workforce. NSS contracts awarded between 2012 and the end of 2024 contributed close to $38.7 billion to Canada's gross domestic product and created or maintained approximately 21,400 jobs annually from 2012 to 2025. Looking ahead, the Government of Canada remains committed to advancing shipbuilding projects that equip the RCN, the CCG and TC with modern, capable vessels. The NSS will continue to evolve by incorporating lessons learned and working closely with industry partners to deliver long-term value for Canadians. Quotes "We are committed to building a resilient and sovereign marine industry. Through the National Shipbuilding Strategy, we are not only delivering world-class vessels for the Canadian Coast Guard and Royal Canadian Navy, we are also strengthening our economy, creating good jobs, including in the Québec-Chaudière-Appalaches region, and ensuring that Canadian innovation and expertise remain at the heart of our maritime future." The Honourable Joël Lightbound Minister of Government Transformation, Public Works and Procurement "With 200 years of expertise behind them, Chantier Davie's ongoing participation in the National Shipbuilding Strategy is vital to ensuring the Canadian Coast Guard has the vessels it needs to protect our waters and serve Canadians today and in the future. Canada's oceans are central to our economy, our sovereignty and the wellbeing of strong coastal and northern communities and economies." The Honourable Joanne Thompson Minister of Fisheries "Happy 200th anniversary to Davie shipyard! Two centuries of jobs, innovation and maritime leadership have helped build Canada into the country it is today. And I know that together with Davie, through its role in the National Shipbuilding Strategy, we will build an even stronger economy and better future for people in Lévis and Canada." The Honourable Mélanie Joly Minister of Industry and Minister responsible for Canada Economic Development for Quebec Regions "We are honoured to welcome the Honourable Joël Lightbound as we celebrate Davie's 200 th anniversary. His presence reaffirms the trust our partners in the Canadian government have placed in Davie and their strong support for Canadian supply chains. Since even before Canada became a nation, Davie people have been strengthening our maritime sovereignty from the banks of the St Lawrence. After two centuries of delivering icebreakers to defend our Arctic interests or maintaining Canada's national fleet, we're ready to write two more. " James Davies President and Chief Executive Officer, Davie Quick facts Shipyards and companies in Quebec are playing an important role in supporting the federal government's shipbuilding needs. Contracts issued under the NSS to Quebec-based companies are worth approximately $7.7 billion, which represents approximately 15% of the total value of NSS-issued contracts. In addition to contracts issued directly by the Government of Canada, Quebec-based companies have received close to $602.6 million in contracts from NSS shipyards to support their respective efforts. These contracts continue to provide meaningful, long-term opportunities for skilled workers across the province of Quebec. CDCI has played a critical role in supporting Canada's fleets, receiving over $7.25 billion in contracts from 2012 to April 2025 for various types of work on ships for the CCG, the RCN and TC. As part of its fleet renewal plan, the CCG is acquiring 2 polar icebreakers through the NSS. To deliver these vessels by the early 2030s, construction work is being done by 2 shipyards: Seaspan's Vancouver Shipyards and CDCI. This will ensure that the CCG's operations continue in Arctic waters for longer periods, while allowing its fleet to better support Indigenous Peoples, strengthen Arctic security, advance high Arctic science and better respond to maritime emergencies. On November 13, 2024, Canada signed the Icebreaker Collaboration Effort (ICE Pact) with the United States and Finland to deepen existing cooperation, strengthen their shipbuilding industries and allow new equipment and capabilities to be produced more quickly. These 3 key Arctic countries will work more closely together to engage allies and partners to help meet future global demand for Arctic and polar vessels. CDCI is also moving forward with an infrastructure modernization project that will help the shipyard better meet NSS requirements and respond to the ICE Pact opportunity. Associated links National Shipbuilding Strategy Repair, refit and maintenance projects Polar icebreaker projects Program icebreakers Industrial and technological benefits Canada signs new partnership agreement with United States and Finland to produce Arctic and polar icebreakers Our North, Strong and Free: A Renewed Vision for Canada's Defence
Globe and Mail
3 hours ago
- Globe and Mail
A Little Bad News for Rivian and Lucid
Rivian (NASDAQ: RIVN) and Lucid Motors (NASDAQ: LCID) entered 2025 in different gears. Rivian was entering a year with no major vehicle launch, stagnating deliveries, and a lack of any visible catalysts, while Lucid has strung together six consecutive quarters of record deliveries and is ramping the production of its new Gravity SUV. One thing they both have in common is a growing, albeit more slowly than hoped, electric vehicle (EV) market. Here's the bad news: Some recent data says that the EV market sentiment looks to be souring. Survey says Tesla changed the game when it made EVs "cool" for the first time. Since then, the hype surrounding EVs as the future of transportation has swept the globe, in some countries (like China) faster than in others. But according to a recent survey, that hype could be in decline in the U.S. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue » Interest in EVs spiraled to its lowest level since 2019, according to a consumer survey commissioned by AAA. Only 16% of respondents reported being "likely" or "very likely" to purchase an EV as their next vehicle, signaling consumer caution. The percentage of respondents who indicated they would be "unlikely" or "very unlikely" to purchase an EV as their next vehicle jumped from 51% to 63%, the highest mark since 2022. The percentage who believe that most cars will be electric within the next decade fell from 40% in 2022 to 23% this year. Not only is interest in EVs down, there's also the lingering pessimism surrounding battery repair costs, total costs, and charging infrastructure -- a story as old as EVs themselves. More specifically, 62% of respondents noted high battery repair costs as a main reason for avoiding going electric, while purchase price was cited by 59% of respondents. The hesitation when it comes to purchase price is understandable. The average transaction price for a new EV in March was $59,205, far higher than the overall average transaction price of $47,462, according to data from Cox Automotive. As far as consumer concerns go, 56% of respondents had the fear of running out of charge while driving, and 55% noted a lack of convenient public charging stations. Pulling support The waning consumer sentiment goes hand in hand with the Trump administration's effort to pull support from the EV industry. House Republicans passed a budget bill on May 22 that will reduce federal incentives for battery manufacturing, as well as other clean energy projects. If the Senate approves it, it would cut the section of the bill that provides the $7,500 EV tax credit. The administration took it a step further, as the bill also institutes a new tax of $250 for EV owners and $100 for hybrid owners. The tax contributes to the Highway Trust Fund to support infrastructure. What it all means Investors would be wise to temper growth expectations for the EV industry this year, especially with tariff uncertainty hanging over the automotive industry. That's especially true considering that first-quarter data could give a different impression. EV registrations grew 16%, according to S&P Global Mobility, and market share rose from 6.9% to 7.7%, year over year. There was a demand pull-ahead effect due to people predicting that the tax credit would soon disappear. Rivian, which is currently waiting anxiously for the R2 launch, lacks momentum in 2025 and could use broader industry strength to boost its stock price. Investors who believe in Rivian long-term should keep their eyes open for a buying opportunity this year. For Lucid investors, while this decline in consumer sentiment isn't ideal, the company has plenty of self-driven momentum thanks to quarters of record deliveries. The company is currently ramping up production and deliveries of the new Gravity SUV EV, which will continue driving total deliveries higher throughout the year. For these two young automakers, the broader industry's health is important. The simple truth is that people aren't taking to EVs in the U.S. as quickly as investors had hoped. Should you invest $1,000 in Rivian Automotive right now? Before you buy stock in Rivian Automotive, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Rivian Automotive wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $669,517!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $868,615!* Now, it's worth noting Stock Advisor 's total average return is792% — a market-crushing outperformance compared to171%for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of June 2, 2025 Daniel Miller has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Tesla. The Motley Fool has a disclosure policy.
