Your February 2022 Canmore Market Update

Your February 2022 Canmore Market Update

Going, going, gone.

Trend’s haven’t changed and Canmore’s strong seller’s market continues to tighten with continual low levels of inventory. Hotel condos, that is properties zoned for short-term rentals continue to see the strongest price appreciation year over year. Where the average sale price has now climbed 40 percent from a year earlier to $692,900.00. Apartments and townhomes follow closely behind with 36 and 37 percent increases year-over-year. Continued low inventory, strong demand, and a desire to own in Canmore create a perfect storm.

I’ve highlighted some of the most important statistics below, for I’ve long believed that knowledge is power, and given the complexity of Canmore’s real estate market, you need and deserve access to timely data.

Average Days on the Market

With tight inventory, the average DOM (Days on the Market) has also dropped.

Average Sold/Asked Ratio

A Market in Prospective

What to Expect Going Forward

Does the biggest question remain what to expect going forward? Absolutely. The easiest answer? More of the same, at least for now. Low-interest rates may not last forever, but at least for the Bow Valley, the other challenge remains land. We only have so much space by which to develop, build and inhabit. The rest, don’t forget, is protected space.

Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.