REAL ESTATE MARKET UPDATE

Canmore’s housing market has been active this year with an increase in the number of properties sold as compared to 2018. Although upper end and older single family home sales and prices have shown a slight decrease, the number of full time living condominium sales has increased significantly, accounting for the spike in number of overall sales this year. One reason for the large surge in condominium sales, is the price increase of entry level townhomes resulting in buyers seeking lower priced, resale condominiums as well as attractively priced, brand new, presale condominiums. Hotel condos have continued to be popular with a consistent demand and price increase year over year. Land continues to be scarce and prices are expected to be on the rise heading into 2020. Overall, we have seen stability in our market and although Canmore has experienced about a 2% decrease in average sale prices, the contributing factor is mainly the number of sales of lower priced product. As we head into 2020, it is customary for the market to remain quiet until February with the majority of new listings coming to market throughout the spring. Overall, tourism remains strong, the Canmore market is thriving and the desire for people to own their dream home in Canmore endures.