From a strong start, to a stalled market due to COVID, to record-smashing months through summer, fall, and winter, Canmore real estate has experienced a wild ride. Read my 2020 Canmore Real Estate Market Year in Review for details on the best year for sales in the Canmore real estate market in the last twenty years.
While January is normally a quiet month for sales, the Canmore real estate market bucked that trend this year in a big way with over 80 sales in Canmore and the surrounding communities. Those sales boast an over 220% increase from January 2020 and not only mark the best January on record but also the sixth best month ever for sales in the Canmore market. It is probable that January would have climbed the ranks of one of the best months for sales had more inventory been available.
Active listings have been declining since September of last year and inventory is now hovering near a record low with a little over 120 active residential listings between Canmore, Dead Man’s Flats, Exshaw, Lac des Arcs, and Harvie Heights. This is less than two months of inventory as compared to four to six months which is considered a balanced inventory.
Pent up demand, low inventory and interest rates, continued demand for recreational properties, and the effects of COVID-19, continue to fuel the market. Multiple offers, quick sales, or sales complete before a property reaches the market are common. This is resulting in price increases, particularly in the entry to mid-range level.
If you are at all considering buying or selling in Canmore or the surrounding communities, please contact Barry and Jack. Our top producing team has a wealth of knowledge and experience and is on the front lines of real estate and development.