Sellers vs. Buyers - Both Think They Have The Upper Hand
Sellers and buyers have conflicting perspectives on the current condition of the market and how it will unfold in the coming months.. With buyers citing the increased borrowing costs, stricter lending criteria, and reluctance to purchase should bring prices down. Meanwhile, sellers feel the impact of low inventory, with listing prices remaining high from last year, and the perception of “forever” high demand in Canmore that prices will remain steady.
Looking at the stats, in March 2023, the average year-over-year sale price of residential properties in Canmore has risen by nearly 3.5%, from $924,035 to $956,734, which is significantly higher than the five-year March average of $819,729. This indicates a consistent and steady growth in market values.
Although the months supply of inventory has increased to 2.45 months, which is higher than the extremely low 1.18 months recorded last March, it still favours the seller's market for specific properties.
Ultimately, as a buyer, it is important to feel confident about your purchase and choose a property that you will use and that you'll love. Trust that the market will take care of itself.