REAL ESTATE MARKET UPDATE

October sales activity was sluggish due to low inventory and rising interest rates. With around 100 active listings, inventory is still well below what is considered a balanced market. With the market experiencing a more balanced pace of sales and fewer multiple offers, 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 the increase in interest rates. In contrast, luxury property sales have not only risen but continue to set record sale prices.

As we enter the winter real estate market, we expect a flurry of activity prior to Christmas. In the new year we predict a more balanced market in all segments with prices holding steady.

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.