Town Is Busy, While Real Estate Is Slower
It’s not uncommon for the Canmore real estate market to take a breather in the summer. This is common in nearly all Canadian real estate markets. We saw numerous new hotel condos hit the market in July, which shifted the overall balance. Note that the cost per square foot for the new construction hotel condo real estate is twice the cost of a resale hotel condo. So, keep your eyes peeled as an investor for resale. There is a lot of value to be had in the years to come!
Note that the number of sales drops in the summer, which can skew the average values. The market has slowed down, but many buyers are still looking for homes and condos south of $1,800,000 in Canmore.
If you have any questions about Canmore’s real estate, please don’t hesitate to contact us here.
Canmore Detached / Townhomes / Duplexes Values
The average detached home sold for $1,596,000, down 25% from July 2022. Townhomes sold for $1,030,300, down 21%. Duplexes sold for $1,655,000 in July of 2023, up 24% from July 2022.
➤ For more information on Canmore real estate, check out:
- Canmore Neighbourhood Guide
- Best Vacation Homes Within Driving Distance of Calgary & Edmonton
- Why Now Is A Great Time To Sell In Canmore
- Investing In Canmore Real Estate
- Looking To Buy In Canmore?
- Why People In Toronto Are Buying In Canmore
Canmore Condo Apartment / Hotel Condos / Tourist Home Values
The Canmore condo apartments sold for $528,600, down 31% from July 2022. Hotel condos sold for $715,000, up 16% from year to year. Tourist homes sold for an average of $874,700, down 5% from July 2022.
Canmore Sales & Days On Market
Relatively stable number of sales since a year ago this time. 39 listings sold with an average of 34 days on the market (down 3% from July 2022.) Note that the number of sales was down 6% from July 2022. With the increase in listings, there remains a slight advantage to sellers – in other words, Canmore’s real estate market is in a seller’s market.
