Find Your Place In Canmore Alberta


June 2018-Canmore Real Estate Market Report

The Canmore Real estate market is very active with high buyers demand. Inventory is still on
the low side, though there is a healthy amount of sales taking place. Desirable and
appropriately priced properties tend to sell in the first week on the market, sometimes with
multiple offers, which is not uncommon.
Buyers tend to be quite knowledge about current real estate in the area, and understand
market pricing when considering a purchase. Over priced properties can still remain on the
market for some time, even in this active market with strong buyers demand.
The following factors are affecting the market in Canmore at this time:
1. We have a lot of future retirees buying now. They do not want to wait the 5-7 or so years
to retirement, as they know prices in Canmore are going up and there is a very limited
amount of development in the area.
2. We have increasing tourism, so the tourism and hospitality businesses are growing and
there is an escalating requirement for housing for their staff and employees. (Both to buy
and rent)
3. Increased demand in rentals is encouraging investor buyers.
4. Two new taxes in BC that target both out-of-country buyers, and out-of-province buyers,
as well as new laws that remove some landlord protections, have encouraged investors and
recreational buyers to purchase in Alberta instead of BC. As Canmore is a desirable location
for both recreation and investors, we are seeing an increase in buyers that would otherwise
have purchased in BC.
5. The possibility of hosting the Olympics is attracting a small contingent of speculators, that
think Canmore’s values will increase, if we get the Olympics, or even if we just bid, due
increased international exposure of our stunning scenery.
There is some new construction in Three Sisters and Spring Creek Mountain Village, which
helps satisfy some of the increase in buyers demand, though is not enough to create a
balanced market inventory.
The woes in the oil and gas industry that has affected other real estate markets in Alberta for
the past few years, has not affected the Canmore market. The activity here remains buoyant
and growing.

Prices and Stats 

Current Inventory : 168 listings. (Below healthy, balanced inventory levels)
52- Single Family Homes
10- Half Duplexes
35- Townhouses
36- Apartment Units
19- Hotel Condos
16- Lots
Sale prices  Jan-June 2018:
31 Sales- Single Family Homes
Avg $- Single Family Home   $1,074,000
39 Sales- Townhouses
Avg $ – Townhouse $688,000
62 Sales – Apartments
Avg $ -$475,000
Sale prices: Jan – June 2017:
35 Sales- Single Family Homes
Avg $ – Single Family Home  $1,168,000
61 Sales- Townhouses
Avg $ – Townhouse $684,000
55 Sales- Apartments
Avg $ 463,000

2013 Canmore Condo Report


Condo Market Overview

Canmore, AB

June 13, 2013

The previous couple of years in Canmore has seen steady sales and prices. This last 12 months continues to see steady pricing, however, with a much increased volume of sales.   For the first time in 5 years, we are seeing a shortage of inventory, and multiple offers are not wholly unusual for prime or well priced properties.

Stats: (For apartment style condominiums in Canmore*)

June 2010-June 2011

-64 Sales

-Average sale price $361,000

-Average Days on Market 119


June 2011-June 2012

-68 Sales

-Average sale price $358,000

-Average Days on Market 146


June 2012-June 2013

-118 Sales

-Average sale price $365,000

-Average Days on Market 131


*Hotel condos, that do not allow full-time living (VA Zoned) are excluded from these stats


Hotel Condo Market Overview
Canmore and Surrounding area, June 14, 2013
(Hotel condos are for properties that are zoned VA, that does not allow fulltime

The hotel condo market in the past 12 months has increased in sales volume significantly. This is likely due to a visible drop in pricing by the sellers, urging buyers to move forward with pent up purchase demand.

The hotel condo market has several challenges.

First the zoning that does not allow full time living, reduces the potential buyers market to only recreational buyers. Recreational buyers however, are not limited to hotel condos, but look at all of the potential listings as possible purchases.

The hotel condos also have more difficulty with financing, as lenders tend to shy away from any property with a front desk. If lenders do lend on these types of properties, they tend to require 3040% down.

Lastly, the tax rate is higher on these types of properties which is a detriment.

Currently the inventory of hotel condos is quite high, with far more sellers than buyers. Sellers who price at
current market value have seen successful sales. There are many more sellers currently listed, or waiting for
the market to recover before listing. It is likely to be several years before the inventory is absorbed and the
hotel condo market in the Canmore area is once again balanced.

Currently : 60 Hotel Condos Listed

Sold June 2012 to June 2013: 37
Average sale price: $187,000

Sold June 2011 to June 2012: 12
Average sale price: $244,000