Canmore Market Update January 2025

Published January 21, 2025 | By Jessica Stoner

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.

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Canmore Market Update November 2024

Published October 30, 2024 | By Jessica Stoner

What is happening in the market?

Slower activity in 2024
Buyers delaying purchasing – waiting for additional interest-rate cuts

Interest rates

Two years leading up to 2024 saw steadily increasing interest rates.
In 2024 this trend reversed, with several interest rate cuts.
It was expected that declining rates would boost buyer activity in Canmore.
Contrary to expectations, many buyers chose to wait for further reductions before purchasing.

Are Prices Going Up or Down?

Despite slower buyer activity, the overall average market price has increased by 10% in 2024.
Due to slower buyer activity, combined with typical seller activity, lead to a longer listing period and higher inventory.

Balanced Market

Good news for Sellers – Price points generally continue to increase, enhancing owners investments.

Good news for Buyers – More properties to choose from and less time and competitive pressure when purchasing.

Who is Buying?

The leading Canmore Buyers are:

Albertans
Families with children seeking more space
Buyers of designated vacation rental properties
Future retirees acquiring vacation homes to transition into full-time residences upon retirement

Government Policies Affecting Canmore Real Estate

How are new Municipal, Provincial and Federal policies affecting Canmore Buyers and Sellers?

Federally

The Prohibition on the Purchase of Residential Property by Non-Canadians Act is currently in place restricting non-Canadians from purchasing residential property in Canmore. (and many areas of Canada)

Has had no little to no effect on the Canmore market.
The number of Non-Canadian purchasers in Canmore is typically low.
The majority of buyers in Canmore are Albertan, with few from out-of-province.

Provincially

There’s been an increase in land title registration fees in Alberta.
The cost to register a new Land Transfer or Mortgage has more than doubled.
Any increase in the cost to purchase real estate in Canmore can be painful for buyers

That being said:

Even with more than a twofold fee increase, Alberta’s land title registration fees are still the lowest in Canada
-In addition, Alberta continues to successfully resist a land transfer tax which can add up to several thousand dollars per transaction.
Albertans are still protected from this considerable financial burden to purchasers in other provinces.

Municipally

The Town of Canmore has passed a bylaw allowing the implementation of an additional tax tier to be charged to non-permanent home owners at a higher rate.

Has prompted an emotional response from part-time home owners, to the prospect of a two tier tax system for non-permanent homeowners in Canmore.
We are not aware of any second homeowners planning to sell their home to avoid a higher tax rate.

The Town of Canmore implemented a new policy that charges the higher Tourist Home tax rate for all Tourist Homes, even if utilised as a full time home. Owners may choose to remove their Tourist Home Designation permanently to avoid paying this higher tax rate, and lose the ability to rent the property short term.

The prevailing Tourist Home owner’s reaction to date leans towards embracing the grandfather clause and ensuring their homes remain Tourist Homes.
We have not heard of any owner willing to remove their Tourist Home designation to accomplish the lower tax rate, as market values for Tourist Homes are higher than an equivalent residential home.

What is Expected in the Near Future?

In 2024, the market has remained somewhat subdued. Now with three interest rate cuts this year—the most recent being a full half-point adjustment—an acceleration in activity is expected, likely later in 2024 and potentially in early 2025.

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Feature Listing-

Published April 11, 2024 | By Jessica Stoner

210-155 Crossbow Place, Canmore. $599,000

Bright and Open 2 Room 2 Bath Home with Mountain Views. Get ready to make your dream of owning and living in the Canadian Rocky Mountains a reality and embrace your brand new life here in Canmore. Whether you are looking to retire, or just have that perfect little mountain escape home, this bright and open space is move-in ready. The 1 bed plus den or 2nd bed with 2 full baths is all about the stunning, south facing mountain views and is looking for new lucky owners. You will fall in love with the gargantuas amenities building that includes an indoor pool, outdoor hot tub, gym, theatre, games room, chalet style lounge & library, board room, and event centre. Crossbow Point is a residential only 40+ owner building (see photos for details). There are 4 guest suites in the complex that owners can rent for your guests. The condo fee also includes all of your major utilities including electricity, gas, water/sewer, and heat. 1 titled parking spot, and 1 assigned storage. Now is the time to make it happen and make the move to Canmore!

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