Canmore’s real estate market has seen an increase in inventory; the total housing inventory has reached 3.6 months, which equates to a balanced marketplace – there is a slight favouring toward a seller’s market. It is important to note that summer is not an ideal time to list a house or condo in Canmore as many people travel throughout the summer months; it’s simply not top of mind until the school year begins.
There are some anomalies in the stats this month’s real estate stats. Because there have been few sales, there are higher average values than expected. It’s also worth noting that the days on the market have increased about 20% over June’s numbers. Many houses have remained on the market for longer than the recent stats will indicate because these have not sold; it will be worth watching what these sell for later in August and into Fall.
Fun fact: the average single-family Canmore home has doubled in value in the last three years!
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 $2,8116,000, a solid 22% higher than in July 2021. There weren’t many detached sales in July, and it’s worth noting that the highest ever sale occurred on Cairns Landing, which brings the average detached house value up for the month. Townhomes saw a significant jump in value: $1,296000, which is 82% higher than July 2021. Duplexes sold for $2,180,000 (only one sale skews the stat this month) were 122% higher than in July 2021.
➤ For more information on Canmore real estate, check out:
- Canmore Neighbourhood Guide
- Why Now Is A Great Time To Sell In Canmore
- Investing In Canmore Real Estate
- Looking To Buy In Canmore?
Canmore Condo Apartment / Hotel Condos / Tourist Home Values
The Canmore condo real estate segment is where we see a little bit more of the market shift. The values are more balanced, and in some cases, we are seeing sales prices that are lower than we expected. . Condo apartments sold for $763,000, 6% up from July 2021. (a great time to purchase an apartment condo in Canmore!) Hotel condos sold for $615,800, up 6% year to year. Tourist homes sold for an average of $916,000, up by 47%. We expect hotel condos and tourist home prices to begin to lower as interest rates increase; this market segment is mortgage rate sensitive.
Canmore Sales & Days On Market
We saw an uptick in available homes for sale in Canmore. 40 listings sold with an average of 36 days on the market (which is 20% more than June.) Note that the number of sales was down 34% from July of 2021 (remember, it’s summer which equals slower.) With the increase in listings, Canmore’s real estate market has been balanced this summer.
