Inventory has reached a record low with just over 50 active properties in the Canmore market. Month over month, there has been an over 25% decline in active listings. Residential homes have experienced the largest decline in active listings. The number of active listings for short term rental properties is similar to this time last year. Good properties that are priced well sell quickly. Often these properties sell 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. For the first time ever, townhome prices have reached an average sales price of over $1 million.
Over the coming months, it is quite possible that we will see a decrease in sales but it will only be due to the lack of inventory and not demand. While the market normally slows through the winter, we do not expect that to occur heading into the new year. The strong and consistent demand for the mountain lifestyle combined with low inventory, will hold the Canmore market in seller’s territory.
If you are considering selling your mountain home or property or would like to enter the market, please reach out to our team. Barry and Jack have a wealth of knowledge and experience and will assist you in formulating a smart plan to make your maneuver in this challenging market.