Canmore Market Update - April 2024

The Canmore market is maintaining a steady pace as we move through the beginning of the 
Spring market.

We've observed a slight increase in inventory, rising from 131 properties for sale to 141, marking an 8% uptick year over year. A welcomed statistic in our relatively small market, where the usually busy Spring market has felt sluggish. However, sales have remained steady, with 45 transactions recorded in April, reflecting a 15% increase year over year and a notable 23% increase year to date. Should this trend persist, we anticipate a strong month of May ahead.

In terms of pricing, the detached residential benchmark price has climbed by 11% to reach $1,537,000, while townhome properties have seen a 10% increase, with the benchmark price now standing at $1,076,000. Properties are selling at a relatively brisk pace, with days on market decreasing by 10% to 28 days for detached homes and a remarkable 45% to 33 days for townhomes.

In addition, the overall months' supply of inventory has decreased by 7% compared to last year, settling at just over 3 months indicating that we are still operating within a seller's market environment.

It’s as important as ever for buyers to work closely with their Realtor® on effective strategies for securing their desired property swiftly and efficiently, and for sellers to understand their pricing strategy to welcome multiple offers and have a smooth and successful sale.