Demand continues to grow in the Canmore real estate market. Mostly for future retirement purchases. Many buyers have the intention of using it as a recreational home in the mean time, but the main driver to purchase is securing their future retirement home now before they are priced out of the market.
There is some increased new construction in the area that is helping ease the low inventory over the past few years.
The potential of an Olympic bid is on many peoples minds and though many realize it will likley increase market values in the area, it is not prompting buyers to purchase early. Buyers are still taking the time to find suitable homes before moving forward.
Multiple offers are still experienced in some sales. The number of sales as well as the average number of Days on Market before a sale is very similar in the first 3/4 of 2017 and 2018. The sale prices have increased for this time period in 2018 compared to the same time frame in 2017.
The market seems steady and a little more balanced now days.
Prices and Stats
Current Inventory : 185 listings. (Canmore, Harvie Heights and Deadmans Flats)
51- Single Family Homes
16- Half Duplexes
52- Apartment Units
12- Hotel Condos
The stats include Canmore and the two hamlets directly on each side of Canmore (Harvie Heights and Deadmans’s Flats)
First 3/4 of 2018
Single Family Homes Number of Sales 71, Average Sale Price $1,116,000
Townhomes & Half Duplexes Number of Sales 116, Average Sale Price $777,000
Apartments Number of Sales 109 , Average Sale Price $497,000
Hotel Condos Number of Sales 186, Average Sale Price $441,000
Average Days on Market 60
First 3/4 of 2017
Single Family Homes Number of Sales 72, Average Sale Price $1,107,000
Townhomes & Half Duplexes Number of Sales 152, Average Sale Price $729,000
Apartments Number of Sales 110 , Average Sale Price $462,000
Hotel Condos Number of Sales 185, Average Sale Price $406,000
Average Days on Market 58