REAL ESTATE MARKET UPDATE

As expected, real estate activity declined through July and particularly August which is typical of the seasonal slow down that tends to occur during the summer. September activity and sales are on par with what we normally see with the start of the fall market.

Although the Canmore real estate market frenzy has come to an end, there continues to be a solid volume and pace of sales. With under 120 active listings, inventory is still well below what is considered a balanced market. Listing activity will increase through the fall but will absorb quickly if sellers price their home accurately. With the market experiencing a more balanced pace of sales, skillful pricing of a listing will be key in attracting buyers and ensuring a quick sale.

Prices have softened in the odd area of the market since the frenzy earlier this year but overall are well above Canmore real estate prices prior to Covid. Short term rental market prices have softened to a degree due to buyer fatigue and rising interest rates. However, this may be brief due to the fact that revenues are increasing on these properties as tourism returns with a fury. In contrast, luxury property sales have not only risen but are also setting record sale prices.

Through autumn we expect steady sales and prices with no signs of Canmore real estate moving from a seller’s market.

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 the Canmore market.