NORMALIZING CANMORE MARKET
Canmore saw sky-rocketing price increases over the last year and a half. We had never seen anything like it. That being said, the real estate market has slowed down. There are fewer sales than we have seen in the past year. We can liken this to a more typical Fall market. Sales have returned to a more normalized level. There is no question that Canmore has far more stability than major cities in Canada, which bodes well for owners.
What Can We Expect This Fall?
We will likely see a continued slowdown in unit sales. The reason is that condos drive most of the transactions in town. Condos are more rate sensitive than houses here in Canmore (different than major cities.) With variable interest rates increasing, it will pinch some buyers. Note that every 1% increase equals $50,000 less affordability for a buyer. We believe that it is essential for you to know that 80% of mortgage holders in Canada have a fixed-rate mortgage. Fixed rates are stable (thanks to the bond market), and these rates are not seeing what the variable rates are seeing. What does this mean? Less long-term volatility in the housing market than the media would have you believe.
We are an Offical Sponsor of the Canadian National Ski Team & Frozen Thunder!
We’re excited to give back to the many Canmore athletes and our nation! We hope to see you at the Nordic Centre’s Frozen Thunder later this month!
If you have any questions about Canmore’s real estate, please don’t hesitate to contact us here.
Canmore Detached / Townhomes / Duplexes Values
The average detached home sold for $1,613,600, a solid 1% higher than in September 2021. Townhomes had some upward movement in value: $902,300, 11% higher than in September 2021. Duplexes sold for $1,399,800 down 2% from September 2021.
➤ For more information on Canmore real estate, check out:
- Canmore Neighbourhood Guide
- Why Now Is A Great Time To Sell In Canmore
- Investing In Canmore Real Estate
- Looking To Buy In Canmore?
Canmore Condo Apartment / Hotel Condos / Tourist Home Values
The Canmore condo apartments sold for $741,400, 24% down from September 2021. Hotel condos sold for $764,600, up 14% from year to year. Tourist homes sold for an average of $1,282,500, up 104%.
Canmore Sales & Days On Market
We saw an uptick in available homes for sale in Canmore. 42 listings sold with an average of 58 days on the market (12% less than in September of 2021.) Note that the number of sales was down 9% from September 2021. With the increase in listings, There remains a slight advantage to sellers – in other words, Canmore’s real estate market is in a seller’s market.
