April 2023 Canmore Real Estate Update
Now that we are in the spring real estate market in Canmore and the Bow Valley, we are finally starting to see rising levels of inventory and active listings. Total active listings are 17% below the five-year average and 28% below the 10-year average. Breaking out the residential properties, active listings are 21% below the five-year average; short term rental use are 21% above the five-year average. In both the residential and short-term rental market, there have been hundreds of units added to the market through new construction over the past few years. As a result of the continually low levels of active properties for sale, there have been multiple offers on several new well priced properties that have come to market.
When looking at year over year sales levels, overall sales levels are down significantly; remembering that spring of 2022 was the strongest market ever on record. Q1 2023 sales for residential properties decreased 35% from Q1 2022. The 10-year average for residential sales in Q1 is 102 sales; there were 69 this year. Year over year, Q1 sales of short-term rental use properties decreased 65% to 33 sales; the five year average is 51.
Because of the low sales volumes of our overall market, averages can change dramatically from year to year or month to month. When looking at long term trends, property values continue to rise for most types of real estate in the market. Detached and semi-detached average sale prices for Q1 2023 are up 42% over the past five years to $1,452,206. Townhouse properties have risen 32% during the same period to an average sale price of $1,018,942. Apartment condominium average prices have increased 50% from Q1 2019 to Q1 2023 to $780,835. Short term rental average values have increased 45% for Q1 over the past five years to $683,293. Year over year in Q1, the median sale price increased for townhomes, apartment condominiums and short-term rental use properties. The median price for detached and semi-detached properties fell from Q1 2022 to $1,382,500; the volume of sales dropped from 34 to 22 (a small sample size in both cases).
With the spring real estate market now well underway, we expect to see more properties coming to market. Overall active listing volumes will increase however much of the new product will be absorbed by the market. The demand for properties in Canmore and the Bow Valley remains strong. According to a national report released last week on Canada’s recreational property market, Alberta is the only province where recreational prices are expected to continue to rise in 2023.