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.