Canmore had fewer listings than in August of 2021. This is interesting as it suggests that the real estate market could be shifting into a buyer’s market; however, our housing market remains in a seller’s market, even if it’s “just” there with 3.8 months of inventory. It is important to note that summer is not an ideal time to list a house or condo in Canmore as many people travel throughout the summer months; it’s simply not top of mind until the school year begins. We have seen a slight uptick in activity in recent weeks, even though we are in summer. It is also worth noting that we have seen several price changes as the current buyer pool is managing sellers’ expectations. This shows that Canmore has somewhat let off the gas – a slight correction due to the federal interest rate hikes.
For those of you who follow our market reports closely every month, you may have noticed that there can be some volatility from one month to another. The up and down values from month to month (versus year over year) is that Canmore doesn’t have a lot of units to sell – leaving lower-priced properties to pull down averages (or higher-priced homes and condos to drive up values.)
Note: Time is running out for foreign buyers to purchase in Canmore – read our updated foreign buyer ban and underutilized tax blog post here.
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 $1,879,400, a solid 38% higher than in August 2021. There weren’t many detached sales in August. Note that last month’s detached home value was higher thanks to the Cairns landing (high-end) property sale price. Townhomes saw a significant jump in value: $959,200, 21% higher than August 2021. Duplexes sold for $819,000 (a single sale this month), down 31% from August 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 real estate segment is where we see a little bit more of the market shift. The values are more erratic than the housing market due to the vast differences in price points and the number of monthly units sold. Condo apartments sold for $656,900, 3% down from August 2021. (a great time to purchase an apartment condo in Canmore!) Hotel condos sold for $663,000, up 20% from year to year. Tourist homes sold for an average of $1,219,900, up by 122%. We continue to expect hotel condos and tourist home prices to begin to lower as interest rates increase; this market segment is mortgage rate sensitive.
Canmore Sales & Days On Market
We saw an uptick in available homes for sale in Canmore. 33 listings sold with an average of 42 days on the market (which is 18% less than August of 2021.) Note that the number of sales was down 39% from August of 2021 (remember, it’s summer which equals slower.) With the increase in listings, Canmore’s real estate market has been balanced this summer.
