The Canmore real estate market continues to be hot and firmly planted in a seller’s market. Sales for each month this year have set records for the most amount of sales in that month year over year.
Although active listings bumped up to over 100, providing 1.5 months of inventory, this is still well below what is considered balanced inventory and is not indicative of the market reality. In the first week of June, 25 listings came to market with 21 new sales and 4 conditional sales. This is a prime example of the pace of the market and how quickly inventory is disappearing. Most listings appearing on the market are selling quickly and in some cases selling in multiple offers. Some sales are also complete before the property reaches the open market.
Most sales in May occurred in the $500,000 – $700,000 segment as well as the over $1M segment of the market. The high demand for Canmore properties is resulting in price increases of varying degrees across all property types. Hotel condos, tourist zoned homes, and apartment/condos are experiencing the largest price increases.
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.