Third quarter sales were 9% above the five-year average and the sales activity has continued, resulting in a robust fall market for Canmore real estate. Residential inventory has consistently hovered around 100 listings for much of the year. This is well below what is considered balanced inventory. In turn, this is generating quick sales, multiple offers, and price increases of varying degrees across most property types. Hotel condos and detached homes are currently experiencing the largest price gains.
With low inventory, steady sales, and the consistent demand for the mountain lifestyle, Canmore real estate will remain planted in a seller’s market through the remainder of the year.
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.