January 2025

Canmore Market Update January 2025

What is happening in the market?

• Buyer activity just starting to gain traction after minor slowdown in 2024
• Inventory still on the low side

Interest rates 

• Interest rates have eased to a level that’s sparking renewed buyers activity.

Are Prices Going Up or Down?

• There was a healthy 8.5% average market price increase in the past year.  
• In 2025, Days on Market is slightly longer at 52 days to sell a home vs 43 in 2024

Balanced Market

It is still a balanced market for now.

For Sellers – There is low competition and buyers momentum is building. Now is a good time to sell.

For Buyers – Limited options for sale, though the buyers market isn’t in full swing yet. May be worth moving forward sooner than later.

Expectations into 2025.

It is expected that the pent up demand from buyers delay in purchasing last year, paired with lower listing inventory, will create stronger competition, higher prices and likley more multiple offer situations.

Unknowns

Where do I start? We don’t know what is happening with our Canadian leadership at this point. We are unsure how the new US government will affect the Canadian economy. We can only guess if Alberta’s oil and gas industry will be impacted and how that might result in economic changes in the province. Despite these unknows that could affect the Canmore market, there are still equally strong factors specific to Alberta that

Factors pointing to strong Alberta economy in 2025

• Population Growth- From 2021 to 2024, Alberta sawnet positive inter-provincial migration. More people are moving to Alberta from other provinces.
• Calgary and Edmonton’s growing tech and diversified economy
• Lower interest rates
• Continued uban to small town trends
• Alberta’s potential passenger rail plan continue to advance through preliminary phases
• Several extensive new data centers are beyond the site selection stage in Alberta are at various levels of proposal, planning and permitting.