Canmore Real Estate Newsletter July 2020

Our Market is Seeing an Increase in BOTH Supply and Demand! 

Canmore and Banff are continuing to be a target destination with the plethora of activities at our doorstep and we have seen both towns working hard to make the experience as safe as possible by closing down blocks of Main Street and Banff Avenue to vehicles to allow more space for visitors to enjoy while maintaining social distancing.

We are seeing unprecedented times in Canmore with many sellers that had planned to sell their homes in the Spring bringing their homes to market now, which is increasing our inventory. There is a significant increase in new buyers coming to Canmore for the lifestyle along with the ability to work from a home as it becomes an option for more and more people.
For the second quarter of the year, we are understandably considerably down in the number of sales. We saw the number of sales drop by more than half in Quarter 2 of last year. While the drop in sales in April and May was dramatic, June saw the number of sales only 11% adjusted from June 2019. As of mid month July, it is looking to match or be stronger for the number of sales than any July in the last 5 years!

As the title inferred, our listing inventory has been on the rise and currently sits 17% higher than both July 2019 and June 2020. Our months of inventory has come down almost as quickly as it rose and I would expect to see it slowly coming closer to the previous years although we may see it stay a little higher with the increase in the listing inventory.

While we saw prices staying somewhat stable with increases in many segments it is still a challenging statistic to use with the sample size being small. You will see what looks to be a big decrease in the Hotel Condo market average and median sale price, but this was caused by multiple quarter share units that sold in June.

We hope to see you this summer, it is a fantastic time to be in Canmore and Banff!

Monthly Market Statistics