Although real estate sales slowed in July and August, as everyone enjoyed the summer, sales were still approximately 20% higher than the five year average of the same months.
Active listings rose slightly through summer but good properties sold quickly and often in multiple offers. Currently, overall residential inventory sits just above 100 listings which is well below what is considered balanced.
The high demand for Canmore properties has resulted in price increases of varying degrees across all property types. Hotel condos, tourist zoned homes, and apartment/condos have experienced the largest price gains.
As everyone returns from summer vacation and settles into fall, we expect the Canmore market to become even more active. With low inventory, steady sales, and an increase in activity, Canmore real estate will remain planted in a seller’s market.
Check out my article, How to Buy a Home in a Seller’s Market, for tips 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.