Canmore Market Update April 2025

What is happening in the market?

1st Quarter 2024 vs 2025 (Residential – Canmore)

• High Buyer and Seller activity -similar to this time last year
• Number of Sales and Days on Market similar to this time last year.
• Currently -Inventory Balanced
• Average Sale Prices – significant increase from this time last year

Interest rates 

• Lower interest rates from this time last year, is creating increased buyer activity

Are Prices Going Up or Down?

• There was a noticable18% average sale price increase in the past year. (Canmore-residential)
• Avg sale price 1st Quarter 2024=$1,241,000
• Avg sale price 1st Quarter 2025=$1,475,000 
• Avg number of Days on Market 2024- 67
• Avg number of Days on Market 2025- 68

Balanced Market

Though the market is active, the buyers and sellers activity is balanced for now.

For Sellers – As there is a healthy number of new listings entering the market, accurate pricing is wise at this time. This is not a market to push the envelope with pricing.

For Buyers – The increased inventory entering the market is creating more choice for buyers. Buyers should still be aware that the lower price points, as well as the more desirable properties in all price points, are seeing strong buyer competition and swift sales.

Expectations into remainder of 2025.

The expectations is that Canmore real estate will remain in demand. Buyers and Sellers are expected to remain active.

Unknowns

The level of unknown remains high. The is prompting both Buyers and Sellers to action. Some Sellers are selling due to desire to limit financial responsibilities. Economic uncertainty is leading some Sellers, to take action now. Some are selling vacation homes, to limit over extending themselves. Others are selling in town and moving to more affordable towns.

The unknowns are spurring buyers into action as well. We are seeing buyers uncomfortable with stock market volatility, purchasing real estate as a more secure investment. The buyers taking this action tend to be be purchasing vacation homes or future retirement homes in the area.

Last Thoughts

The Livability Tax recently implemented in Canmore, (an additional property tax on non-full time home owners) has created some effect to date. Some 2nd home owners who can not afford the significant increase in their property taxes, and others who feel the tax is inappropriate, have decided to sell their homes. This may have added to the increase in inventory on the market at this time.

Despite the increase in inventory, prices continue to appreciate.