REAL ESTATE MARKET UPDATE

Although the Canmore real estate market frenzy has come to an end, May and the beginning of June still show strong sales and steady prices. Even with the solid volume and pace of sales, there has been a down shift in the Canmore market over the last month. This is due to buyer fatigue and the seasonal slow down that tends to occur at this time of year. The more balanced pace of sales has allowed for listings to come to and remain on the market. There are currently just over 90 active listings in Canmore which is up significantly from previous months but still remains well under what is considered a balanced market.

The further increases in interest rates has had little effect on the Bow Valley real estate market. The interest rate hikes returned percentages to pre-pandemic numbers and when compared to historical data reveals that interest rates still remain low. Most buyers purchasing in the Bow Valley are in a strong equity position thus the interest rate hikes has had little impact on sales. Those requiring a mortgage are still securing low interest rates.

Through summer we expect steady sales and prices with no signs of Canmore real estate moving from a seller’s market. Once the public returns from summer holidays come September, real estate transactions will be on the rise.

If you are considering selling your mountain home or property or would like to enter the Canmore 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.