October set a record for sales with the assistance of a number of presales for a short term rental development on Bow Valley Trail. Regardless of the presales, the fall market has been very strong and active. The quick rate at which the new development units were sold, shows the appetite for mountain properties. As does the residential inventory numbers which have consistently hovered around or under 100 listings for much of the year. Good properties that are priced well sell quickly, and at times in multiple offers or before the listing reaches the open market. The quick sales and multiple offers are resulting in price increases of varying degrees across most property types. Hotel condos and detached homes are currently experiencing the largest price gains.
With low inventory, strong 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.