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Canmore Market News March 2024

March 2024 Market News | Canmore Real Estate

We are beginning to see the first signs of the spring real estate market in the Bow Valley. Active listings have increased month over month from 118 to 127 total active listings. The increase tends to be across the board with no surge in one particular segment of the market. Year over year, total listings have increased from 113, primarily within the short term rental use market. These levels of active listings remain well below what we would typically expect for this time of year. Overall, the majority of the market remains within a seller’s market. The one exception is that detached and semi-detached homes have moved to a balanced market this past month which we expect to be temporary. 

We continue to see a bottleneck with new listings as those looking to move within the market are waiting for the right home to come to market before listing their home. One the buyer side, while sales remain steady, if there is a change in the Bank of Canada rate this spring, there could be a surge of additional buyers in the market.

Prices are generally holding steady and there have been new listings with multiple offers in the past few weeks; particularly in the entry to mid-range of the market. The market is more reflective of a pre-COVID boom normal market in terms of sales. In February of of 2021 there were 103 sales, 2022 57 and this past February 37 total sales; sales volumes similar to 2017, 2018 and 2019. The standing inventory levels however are still more reflective of the low active listing levels that we experienced during the COVID boom.  

Over the next few weeks, we expect to see more new listings across all segments of the market. With the continued demand in the market, standing inventory levels likely won’t increase substantially. 

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