Canmore Market Update March 2023

Confidence in the Real Estate Market Continues

The Canmore real estate market remains highly sought after, with inventory continuing to be lower than historical standards. This has prevented a significant adjustment in prices since the Pandemic highs, maintaining a competitive market for buyers.

Recent data from the Calgary Real Estate Board (CREB) shows that in February 2023, the average home price in Canmore was $906,215, representing a 12.6% increase from the same month in 2022. However, the number of homes sold decreased by 33% year-over-year, and the number of new listings dropped by an even more significant 47%. The months' supply of inventory remains very low, at just under two months, despite being a 69% increase from February 2022.

Due to the high demand and limited inventory, buyers in Canmore may still encounter multiple offers and quick sales, potentially resulting in homes selling for above the asking price. This can make it challenging for first-time buyers or those with more modest budgets to enter the mountain market.

Canmore's natural beauty, recreational opportunities, and proximity to Banff National Park continue to drive the demand for housing in the area. The influx of out-of-town buyers, including those from other parts of Alberta and other provinces, and an increased supply of tourist-zoned investment properties slated for completion in the next couple of years will be continuing trends driving demand.