The spring real estate market in Canmore started early this year and has been incredibly hot. While January and February are normally quiet months for sales, those months boasted record sales year over year. March sales tripled year over year and is also the second best month on record for sales. The first quarter of this year is the second strongest sales quarter on record and only slightly below the strongest which was the fourth quarter of 2020.
Active listings have been declining since September of last year with inventory now at a record low. Currently there are less than 100 active residential listings between Canmore and the surrounding communities. This is approximately a little over a month of inventory as compared to four to six months which is considered a balanced inventory.
Multiple offers, quick sales, or sales complete before a property reached the market, started to occur in February. March and April are seeing this trend in full force. Most listings currently appearing on the market are selling quickly in multiple offers. Some sales are also complete before the property reaches the open market. The high demand for Canmore properties is resulting in price increases of varying degrees across all property types.
Check out my article on How to Buy a Home in a Seller’s Market for tips and resources on navigating the current market. If you are at all considering buying or selling in the Bow Valley, contact Barry and Jack. Our team has a wealth of knowledge and experience and are on the front lines of real estate and development.